The key findings of the Czech Republic’s 2010 Article IV Consultation are discussed. Large foreign direct investment inflows fostered trade integration, underpinning an export-led expansion. Higher initial standard of living contained consumption convergence pressures. An improved fiscal...

This Selected Issues paper quantifies the macroeconomic effects of fiscal policy in Spain, focusing on the external sector. It describes the stylized facts of the Spanish economy and presents an econometric analysis. It examines Spain’s growth and productivity performance in relation to a...

This paper discusses Bosnia and Herzegovina’s Third Review Under the Stand-By Arrangement and Request for Waiver of Applicability of a Performance Criterion. Financial sector indicators through end-March 2013 suggest that the banking system remains profitable and adequately capitalized at...

This 2013 Article IV Consultation highlights that on the back of new policy framework, growth in Japan accelerated sharply in early 2013. First quarter GDP growth rose to 4.1 percent (seasonally adjusted annual rate) after two quarters of stagnation. Rising equity values stimulated consumption,...

This Selected Issues paper analyzes the fiscal strength of the economy of the Czech Republic. Fiscal policy in the Czech Republic has shown a procyclical bias temporarily interrupted during the crisis years. The large stimulus implemented has been more than compensated by a frontloaded...

The first paper is on the oil boom in Azerbaijan, which presents a unique opportunity to speed up the development agenda, but at the same time poses challenges to the management of macroeconomic policy. A new fiscal framework to sustain macroeconomic stability and achieve fiscal sustainability...

This 2005 Article IV Consultation highlights that recent accession to the European Union and gains in growth performance reinforced the Czech Republic’s position as one of the most open and developed economies among the new member states. Thanks to substantial foreign direct investment,...

This paper describes the developments in the Australian labor market during the 1990s. In 1994, a number of new labor market programs were launched, directed especially at the long-term unemployed, and a further step was taken in the evolutionary reform of the industrial relations system. The...

The First Review Under the Poverty Reduction and Growth Facility, and Requests for Waiver of Performance Criteria for Senegal are discussed. Economic activity in the first half of 2003 has been weaker than envisaged under the program. The impact of softer domestic demand, reflecting mainly the...

This 2004 Article IV Consultation highlights that impressive growth continued unabated in Lithuania in 2004. GDP expanded by an estimated 6¾ percent in 2004, driven by vigorous private consumption and investment growth. The unemployment rate declined to 10½ percent of the labor force but...