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,...

Over the last few decades, the economy of Saudi Arabia has strengthened, as oil prices increased with the rebound in global economic activity. Despite this, vulnerabilities to a sustained decline in the oil price have increased. Executive Directors have commended the authorities for their...

Japan showed strong economic recovery from the crisis. Executive Directors welcomed the development and stressed the need for a strong monetary framework, well-designed fiscal consolidation, and structural reforms. Directors agreed that the Bank of Japan’s monetary framework is well...

India’s 2005 Article IV Consultation reports that the government’s medium-term fiscal strategy is broadly appropriate, and faster implementation is crucial for its economy. India’s growth spurt provides a golden opportunity to fast-forward the government’s structural...

Australia's economy has continued to perform remarkably well, despite encountering major adverse shocks. Fiscal policy, with an objective of maintaining a balanced budget, will help support the economy. Maintaining a sound and stable macroeconomic environment is essential. Reforms of the...

This 2005 Article IV Consultation highlights that Russia is in its seventh year of robust economic growth. This strong performance was ignited by the sharp depreciation in the wake of the 1998 crisis, and subsequently sustained by large terms-of-trade gains, in combination with increased...

This 2005 Article IV Consultation highlights that Australia has implemented wide-ranging structural reforms and strengthened the frameworks for monetary and fiscal policies over the past two decades. As a result, Australia’s economic expansion is now in its 14th year, with growth...

The Mauritian economy showed strong performance owing to its sound macroeconomic policies. Executive Directors emphasized the need to remain competitive and address the growing unemployment problem. They commended the efforts to support the developments in financial services, free port...