This paper quantifies the dynamic effects of fiscal policy using a structural model, the Global Integrated Monetary and Fiscal Model (GIMF). The analysis finds that success of fiscal policy in enhancing macroeconomic stability depends on the type of shock, the response of monetary policy, and...

This 2013 Article IV Consultation highlights that real GDP growth in Russia has slowed, amid weak investment and external demand. Yet, the economy remains close to full capacity, with unemployment at historic lows and capacity utilization at pre-crisis highs. Short-term indicators are mixed, but...

The analysis in this paper suggests that the large fiscal deficits that Pakistan has experienced over most of the period since 1970 led to some crowding out of private investment, resulting in slower output growth than would otherwise have been observed. Past fiscal deficits have also resulted...

This 2004 Article IV Consultation highlights that in 2003, the economy of Ireland rebounded with GNP growing by almost 3 percent. Recent indicators suggest that activity has continued to strengthen in 2004. During 2003, inflation decelerated and is now close to the euro area average. Most...

India’s economy has slowed substantially before and after the global financial crisis. The economy is in a weaker position than before the crisis. With investment particularly hard-hit, potential GDP is likely to be lower than estimated. Inflation is constraining the room for monetary...

This 2009 Article IV Consultation highlights that Ghana’s overall financial system remains stable. The regulatory and supervisory framework is strong, backed by a modern payment and settlement infrastructure. Financial soundness indicators point to a banking system that is liquid and with...

In this study, economic growth and development of Nigeria after the crisis is discussed. Nigeria’s economy is projected to grow by 7 percent in 2011. Near-term risks to growth mostly relate to domestic factors. Nigeria’s strong external position and low debt helped mitigate the...

Macroeconomic performance of Armenia in 2007 has been strong, with double-digit growth and single-digit inflation for the sixth consecutive year. Fiscal policy in 2007 remains prudent, with the central government deficit limited to the programmed level of 1.8 percent of GDP. Monetary growth has...