This 2008 Article IV Consultation highlights that Lao People’s Democratic Republic’s (PDR) economy has performed well in recent years, owing to generally stable macroeconomic conditions and a rapidly expanding natural resource sector. Real GDP growth has averaged more than 7 percent since...

The Canadian economy bounced back strongly from the effects of the Asian financial crisis and the turmoil in world financial markets last year, reflecting a rebound in commodity prices, continued strong U.S. growth, and strengthening domestic demand, particularly investment spending. Executive...

Slovenia is among the most successful transition economies of central and eastern Europe. The authorities have consistently maintained conservative macroeconomic policies, which together with the relatively favorable starting point, allowed them the luxury of a gradual pace of reform. This...

This 2010 Article IV Consultation highlights that macroeconomic outcomes have weakened significantly for St. Lucia. Real GDP is estimated to have contracted by 5.2 percent in 2009, reflecting a sharp decline in visitor arrivals and construction activity related to foreign direct investment. For...

This 2010 Article IV Consultation highlights that growth in Peru decelerated sharply in 2009, owing to the global financial crisis, but remained positive at about 1 percent for the year, despite a few months in negative territory. Thanks to the strong buffers built in recent years, Peru was able...

The Asian crisis hit the Hong Kong Special Administrative Region (SAR) economy hard in 1998, despite its generally strong fundamentals. In response to the crisis, the authorities eased fiscal policy—within the framework of a medium plan to restore budget balance, and significantly strengthened...

Albania enjoyed strong growth with comparatively benign external vulnerabilities before the crisis. Monetary policy provided timely support, and the exchange rate functioned as a shock absorber. However, policy buffers are now exhausted and must be rebuilt. Fiscal tightening has to be quickly...

The Ethiopian authorities have been generally responsive to the policy recommendations from the 2008 Article IV Consultation. To help rebuild international reserves and improve external competitiveness, the authorities made another exchange rate adjustment (a 5 percent devaluation) on January...

This 2007 Article IV Consultation highlights that the implementation of the Poverty Reduction and Growth Facility (PRGF)-supported program was broadly satisfactory for Congo in 2004–05. However, expenditure overruns and delays in structural reforms pushed the program off track in 2006....

Lesotho is a small, landlocked, low-income country, with limited natural resources and a narrow production and export base. In recent Article IV consultations, IMF staff has emphasized the importance of ensuring that increases in outlays for poverty reduction are consistent with fiscal...