Recognizing the important progress with structural reforms so far, on October 12, 2011, the European Commission recommended the opening of formal membership negotiations for Montenegro. Further, in December 2011, Montenegro was granted the membership in the World Trade Organization (WTO), and in...

Malaysia achieved unprecedented economic growth and dramatic poverty reduction in the two decades prior to 1997. As a result, pressure on public expenditures was alleviated and when the regional financial crisis hit in 1997, the budget was in surplus and public debt had fallen to around 30...