COVID-19 severely hit the economy, causing a loss of tourism receipts and necessitating several strict lockdowns. Pre-pandemic tax cuts and the impact of COVID-19 led to fiscal deficits larger than 10 percent of GDP in 2020 and 2021 and a rapid increase in public debt to 119 percent of GDP in...

Following a deep recession in 2020 and further contraction in 2021Q1, the euro area economy recovered rapidly in the second and third quarters thanks to high vaccination levels, increasing household and business adaptability to the virus, and continued forceful policy support. Looking ahead,...

After contracting more than 5 percent in 2020, Kosovo's economy is projected to have recovered by 7.5 percent in 2021, thanks to mobility normalization, extraordinary diaspora inflows, and strengthened confidence. Improved vaccination rates supported these trends and mitigation and recovery...

While Barbados has been making good progress in implementing its Economic Recovery and Transformation (BERT) plan to restore fiscal and debt sustainability, rebuild reserves, and increase growth, it continues to face major challenges owing to the global pandemic. International reserves have...

This Selected Issues paper on Nepal measures the extent to which Nepal's households change their expenditure patterns and labor supply in response to remittances, using the Nepal Household Risk and Vulnerability Survey-2016 and employing a propensity score matching method. This study provides...

This Selected Issues paper examines the degree to which inflation co-moves between India and a panel of countries in Asia. The paper shows that the considerable co-movement in headline inflation rates between India and Nepal is driven almost exclusively by food-inflation co-movement. By...