This Selected Issues paper on Portugal reviews the considerations regarding productivity slowdown. The favorable evolution of income growth from the 1970s to the mid-1990s in Portugal was associated with above-average productivity growth but also reflected a more moderate decline in the amount...

Belgium has effected a remarkable fiscal adjustment, best illustrated by the decline in its public debt. While benefiting from an appreciable decline in interest rates, most of the underlying consolidation reflected a considerable increase in the tax burden, one of the highest in the...

Real unit labor costs (RULC) growth differentials between euro area members have persisted since EMU began and even widened out in the run-up to the crisis. This paper focuses on the causes underlying such dispersion. According to our empirical findings, persistent RULC growth differentials can...

Based on the economic literature, various policy measures and institutions in the product and labor markets that increase growth and employment are studied. From a cross-country approach, this study finds a significant relationship between Vertical Fiscal Imbalances (VFIs) and fiscal performance...

In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.

This 2014 Cluster Consultation report examines common themes and challenges facing the three Baltic countries—Estonia, Latvia, and Lithuania. It identifies common features and common challenges, and discusses policies—both national and joint—that could help to address these...