The Slovak Republic’s 2005 Article IV Consultation reports that sound macroeconomic management and a wide range of fundamental structural reforms are supporting nominal convergence with European Union norms. Real GDP growth accelerated to 6 percent in 2005, driven by an improvement in the...

This 2013 Article IV Consultation highlights that the Turkish economy achieved a welcome reduction of imbalances in 2012. In 2013, growth has accelerated significantly on the back of a monetary and fiscal policy stimulus. The economy is projected to expand by 3.8 percent this year, with private...

This 2008 Article IV Consultation highlights that the United Kingdom’s economic growth was above trend in 2006 and 2007. In terms of expenditure, the expansion was largely driven by private consumption, on the heels of strong employment, steady real wage and living standards growth, and a...

This paper provides three policy lessons to take full advantage of the opportunity afforded by EU funds. The main features of the global integrated monetary and fiscal (GIMF) model and how it was modified to account for income convergence are discussed. The impact of EU funds as exhibited in the...

This Selected Issues paper for Indonesia uses a small structural macroeconomics model of the Indonesian economy to analyze the inflation outlook and monetary policy challenges. The Bank of Indonesia (BI) introduced its Inflation Targeting Framework in July 2005 with the goal to reduce inflation...

The global financial crisis had a much more pronounced impact on South Africa relative to some other large emerging markets. The overriding economic policy challenge is to reduce unemployment and inequality through higher economic growth. Unemployment is a key policy focus; and a wage subsidy...

This Selected Issues paper examines the acceleration of inflation over the past year in Chile, identifying domestic shocks to food and energy prices as main drivers. The paper uses the Jeanne-Rancière model to calculate Chile’s optimal ratio of international reserves to GDP. It analyzes the...

This Selected Issues paper discusses the policy response by a sample of central banks to the ongoing oil and food price shocks in South Africa, drawing some lessons, which can help put in context developments in the country. The paper discusses first- and second-round effects of “supply...

Uruguay’s inflation and inflation expectations exceed the inflation target, and the gap has been widening in recent years. To help bring it to the mid-point of the target, Banco Central del Uruguay (BCU) needs to maintain a tightening bias in addition to strengthening its communication....

The swift and decisive policy response of Korea has contributed to an impressive economic recovery from the financial turmoil. Executive Directors welcomed the well-calibrated and gradual exit strategy while aiming to achieve strong and sustainable long-term economic growth. Directors welcomed...