This paper presents an overview of the different methodologies that can be used to measure the amount of available slack in an economy. A comparison of these alternatives reveals that the evolution of the Nairu is crucial for understanding recent cyclical developments in the French economy. A...

This paper examines the empirical evidence on the contribution that government and, in particular, capital expenditure make to the growth performance of a sample of developing countries. Using the Denison growth accounting approach, this study finds that social expenditures may have a...

This First Review Under the Policy Support Instrument (PSI) for Nigeria reports that structural reforms are proceeding in line with the National Economic Empowerment and Development Strategy. The authorities’ commitments under the PSI primary objectives of the economic reform program...

This Article IV Consultation highlights that Senegal is pursuing its macroeconomic policies within an economic program supported by the IMF’s Policy Support Instrument (PSI). Executive Directors noted that signs of a recovery have become visible, and emphasized that prudent domestic...

This paper presents key findings of the Annual Progress Report (APR) on the Poverty Reduction Strategy Paper (PRSP) for Guinea. Conditions for implementing the Poverty Reduction Strategy were particularly difficult in 2004, and were marked by: persistent insecurity in the subregion; low levels...

This paper discusses key findings of the Sixth Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF) for Tanzania. Economic growth, inflation, and the external position have evolved in a manner consistent with program objectives, and the program has...

This paper discusses key findings of the National Poverty Reduction Strategy (NPRS) Monitoring and Implementation Report 2005 for Chad. The strategy is based on the attainment of five core objectives: good governance, robust and sustained growth, the development of human capital, improved living...

Gabon continues to enjoy record high oil prices, buoying both exports and government revenues. The critical medium-term challenge facing Gabon is managing the transition from an economy highly dependent on oil to a diversified economy that harnesses private sector initiative, and makes decisive...

Madagascar is one of the poorest countries in sub-Saharan Africa, ranking 146 out of 177 on the United Nations Human Development Index. The country has one of the lowest tax revenue-to-GDP ratios in the world (10.1 percent in 2005). To address these challenges, the authorities are requesting a...

Senegal’s staff report for the 2008 Article IV Consultation highlights the rapidly rising energy and food prices, and the high inflation in 2007 that put pressure on the fiscal and external accounts. Senegal’s macroeconomic policies were being pursued under an economic program...