Pakistan’s economy continued to perform strongly owing to sound macroeconomic management and structural reform. Executive Directors advised that tight fiscal and monetary policies are required to reduce inflation and the external current account deficit while lessening pressures on real...

This 2002 Article IV Consultation highlights that after four years of strong growth, economic activity in Cyprus has tailed off since late 2001, affected by the global economic slowdown. The authorities estimate growth for 2002 to have declined to 2.3 percent, with falling tourist arrivals and...

The United Arab Emirates (UAE) was adversely affected by a series of external and domestic shocks in 2009, including the global economic slowdown, the shutdown of international capital markets, and the impact of the bursting Dubai property bubble in mid-2008. Oil receipts plummeted, global trade...

This paper discusses key findings of the Second Review Under the Stand-By Arrangement for Peru. The economy continued to perform well in 2004. Real GDP grew by 5.1 percent, inflation was 3.5 percent at end-December, and the fiscal deficit of the combined public sector narrowed to 1.1 percent of...

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 Thai economy has demonstrated its strength in its rapid rebound from the global crisis. But the loss of its former dynamism has slowed trend growth and left it largely dependent on exports. Executive Directors encourage an infrastructure-led growth strategy to make a difference to...

This paper discusses key findings of the Fifth Review Under the Stand-By Arrangement for Hungary. All end-December 2009 quantitative performance criteria, the continuous performance criterion on nonaccumulation of external arrears, and the indicative target on central government debt were met....

This 2006 Article IV Consultation highlights that India’s economy has continued to grow above trend, with an average growth of 8 percent in the last three years. Growth is broad based, with robust consumption, investment, and exports. With manufacturing expanding at more than 10 percent...

This 2009 Article IV Consultation highlights that following a prolonged expansion, reflecting sound macroeconomic policies and favorable terms of trade, global events have slowed Australia’s economic growth well below trend. The turmoil sparked by the collapse of Lehman Brothers in...