As a companion piece to the Board paper on Structural Reforms and Macroeconomic Performance: Initial Considerations for the Fund, this paper presents a selection of case studies on the structural reform experiences of member countries. These papers update the Board on work since the Triennial...

The main findings are as follows: (1) an increase in private national saving during 2001-03 was the key contributor to the turnaround in Pakistan''s external current account during this period; (2) while Pakistan''s growth was mainly export-led before 2003-04, it was largely led by domestic...

The global economy is at another highly uncertain moment: tentative signs of stabilization earlier this year have receded, and the outlook is increasingly risky and uncertain. At the same time, divisions within and across countries are deepening, exacerbated by rising fragmentation. Strong...

The outlook for Low-Income Countries (LICs) is gradually improving, but they face persistent macroeconomic vulnerabilities, including liquidity challenges due to high debt service. There is significant heterogeneity among LICs: the poorest and most fragile countries have faced deep scarring from...

This paper estimates potential growth in the Philippines using different methodologies, and discusses growth prospects for the medium term. Several approaches can be used to estimate potential growth. It also describes a forecasting and monetary policy analysis system (FPAS) model. Using the...

Burkina Faso's sustained adjustment effort has been supported by the IMF under successive programs since 1991. Macroeconomic performance was favorable in 1999. Monetary policy is conducted at the regional level by the Central Bank for West African States and remained prudent. In 1999 and early...

This paper discusses major macroeconomic issues confronting Cambodia. The report also discusses recent growth performance of the economy and presents recently updated national accounts estimates. Revenue mobilization remains a key objective since, despite recent significant improvements, revenue...

This Selected Issues paper on Ghana shows that as a small, open low-income economy, the country faces several major challenges in its conduct of disinflation policy. Ghana has historically experienced volatile and often high inflation rates. The paper also presents a model that recognizes...

The strategy adopted by Benin to strengthen its macroeconomic stability and promote private-investment-led growth has been detailed in the note. The statistical data on gross domestic product by sector of origin at current prices and at constant supply, production and producer prices of cotton,...

This paper examines the external sustainability and competitiveness of Benin’s economy. Balance of payments flows suggest Benin’s external position is sustainable. Large trade and current account deficits are comfortably financed by inflows through the capital and financial accounts, in...