Ghana has experienced an extended period of robust growth since the early 2000s, supported by a favorable external environment and large investment inflows, particularly in the extractive industries. In 2011, as the start of oil production drove a surge in per capita income, Ghana graduated from...

Having implemented a substantial fiscal response to COVID-19, Thailand's government now faces the medium-term challenge of reducing elevated deficit and debt levels, and the structural challenge of meeting rising spending needs, including those associated with an aging population, while...

In 2007, Montenegro was one of the world's fastest growing non-oil economies. The country reaped the benefits from its comprehensive, pre-independence reform program. After the international recognition of statehood had removed the lingering uncertainty over Montenegro's political status,...

Economic growth has rebounded strongly in Georgia during 2010-12 and commendable fiscal consolidation has been implemented, although considerable medium-term macro-fiscal challenges remain. This public expenditure review (PER) considers possible sources of expenditure pressure that may affect...

The welfare and economic growth of Azerbaijan's development trajectory based on fossil fuel extraction has come at the expense of the environment, other non-oil industries, and human capital growth. Due to its lack of economic diversification, the country is highly vulnerable to transition...

Following an unprecedented tightening cycle that avoided deep recession and widespread job losses, the EU economy appears poised for a "soft landing" with inflation nearing target levels. In 2023, EU growth slowed to an average of 0.4 percent amid a significant decline in trade, while employment...

Market nervousness concerning the fiscal positions of several European high-income countries poses a new challenge for the world economy. This arises as the recovery is transitioning toward a more mature phase during which the influence of rebound factors (such as fiscal stimulus) fades, and...

This report brings together three budget notes that assess Kenya's fiscal capacity to respond to global crisis and deliver shared growth without compromising macroeconomic stability. The report is organized into three notes. The key messages from this analysis point to areas where Kenya's fiscal...

Although the State of Ceara, in Brazil, is a model of good economic, and fiscal performance given its poverty status, recent analysis show poverty remains severe, in spite of significant reductions over the last decade. The combination of good governance, and sound fiscal management, industrial...

This note assesses recent macroeconomic developments in Belarus and presents a medium-term economic outlook for 2013-2016 in three scenarios. These scenarios are sensitive to underlying assumptions and are provided to illustrate the main macroeconomic policy choices, available to Belarus. The...