This study examines the challenges and issues facing policymakers in highly dollarized economies. Focusing on Cambodia, which achieved almost complete dollarization during 1991-95, the authors review recent developments in the literature on dollarization and examine the costs and benefits of...

This 2007 Article IV Consultation highlights that the lengthy expansion brought the Australian economy to a position of near full employment. Inflation had eased in late 2006 and early 2007, but accelerated in the second quarter. The current account deficit was 5½ percent of GDP in 2006. The...

The macroeconomic environment is sound, with low inflation and a comfortable external position, although the fiscal position remains a concern for the medium term. The authorities have successfully privatized and liberalized the telecommunications, energy, and transportation sectors. Moreover,...

This 2008 Article IV Consultation highlights that Egypt's economic performance since 2004 has been generally impressive, underpinned by a supportive external environment and the structural reform program that has included the liberalization of foreign trade, investment, and the exchange market....

This 2008 Article IV Consultation highlights that South Africa’s economic performance has strengthened in the last several years, with real GDP growing by 5–5½ percent in 2005–07, inflation declining to mid-single digits until recently, and employment growing steadily....

This 2007 Article IV Consultation highlights that real GDP in South Africa grew by 5 percent in 2006 and continued to grow vigorously in early 2007. Growth was driven by strong domestic demand, with private consumption and investment spending supported by continuing robust consumer and business...

Australia’s 2004 Article IV Consultation reports that economic growth has rebounded, underpinned by continued buoyancy of domestic demand, an improvement in the external environment, and a gradual recovery from the drought. The main risk to the outlook relates to overheating in the...

This 2004 Article IV Consultation states that the strength of the Tunisian economy continued in 2003, and the short-term outlook is favorable. Favorable agricultural production and robust nonenergy exports contributed to high growth and a narrowing of the external current account deficit in...

This 2005 Article IV Consultation highlights that economic growth in Morocco has been volatile and insufficient to significantly reduce poverty and unemployment. Growth averaged 3 percent over the last decade. It has been volatile because of the dependency of agriculture on rainfalls. In 2004,...

This paper reviews economic developments in Lithuania during 1993–96. Economic growth resumed in 1994 and gained further momentum in 1995; real GDP increased by an estimated 3 percent in 1995. Growth in 1995 was driven by the industrial sector, while agriculture performed poorly. The...