This Reference Note introduces guidance on preferential trade agreements (PTAs). In so doing, it responds to the request by the Executive Board in the context of the Independent Evaluation Office (IEO) Evaluation of IMF Involvement in Trade Policy Issues. Section II provides context for the...

We compile a historical dataset covering nearly 40 years of booms and busts in the commodity terms of trade of over 150 countries. We discuss the characteristics of these events and their effects on macroeconomic performance and, in particular, compare the most recent commodity-price cycle with...

The five Regional Economic Outlooks published biannually by the IMF cover Asia and Pacific, Europe, the Middle East and Central Asia, Sub-Saharan Africa, and the Western Hemisphere. In each volume, recent economic developments and prospects for the region are discussed as a whole, as well as for...

This paper provides an overview of the likely impact of the creation of the European Community (EC) internal market on the European Free Trade Association (EFTA) members. The focus is on the four freedoms and the institutional and legal changes required for increased economic cooperation between...

This paper explains different features of the MULTI-region econometric MODel (MULTIMOD). MULTIMOD is designed to examine the effects on that baseline of scenarios that involve changes in policies in major countries and other exogenous changes in the economic environment. The Mark II version...

The global recovery continues. Although it is not yet complete, the more favorable conjuncture offers an opportunity to tackle key policy challenges to stave off medium-term downside risks, rebuild buffers, and raise potential output. Countries should undertake well-sequenced reforms to increase...

The global economic outlook is improving, but the recovery is partial, uneven, and uncertain. Policies must restore confidence, support jobs, and boost growth. Now is the time to also build a more resilient future. We must work together to support the most vulnerable countries and people