Indonesia’s growth in 2009 was four and a half percent, the third highest in the G-20 group of countries; and the pace is accelerating in 2010. Both push and pull factors have attracted large portfolio inflows, particularly into government bonds and Short-term Bank Indonesia certificates...

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 Eastern Caribbean Currency Union (ECCU) countries financial system has increasingly come under stress particularly through weakly supervised nonbank and offshore financial sectors with knock-on effects to domestic banks. The staff report focuses on ECCU’s 2009 discussion on common...

This 2007 Article IV Consultation highlights that real GDP in South Africa grew by 5 percent in 2006 and continued to grow vigorously in early 2007. Growth was driven by strong domestic demand, with private consumption and investment spending supported by continuing robust consumer and business...

South Africa’s 2005 Article IV Consultation reports that the short-term outlook is broadly favorable, with the main risks arising from a possible worsening of the external environment. The authorities plan to maintain a flexible exchange rate, and to intervene in the foreign exchange...

This paper discusses Peru’s economic performance in 2012. The impressive growth is owed to its strong fundamentals and sound policy management. However, the economy is vulnerable to short-term shocks. A low growth in China or in the United States could hamper Peru’s macroeconomic...

The Russian economy has improved after the recession, but recovery is fragile. Executive Directors appreciated the pre-crisis policy of taxing and saving oil revenues in a stabilization fund, which had created significant space for fiscal expansion, monetary easing, and extraordinary liquidity...

Despite security risks and some major natural disasters, Indonesia has continued to make steady economic progress in recent years. Recent sound macroeconomic management has calmed inflation pressures, though financial markets remain volatile. In the short term, activity should regain momentum...

Economic outcomes in Jamaica have fallen short of the authorities’ objectives in recent years. As the government looks to reinvigorate its growth and debt reduction strategy, it is instructive to examine how exogenous shocks and other unanticipated developments can affect economic...

Mexico’s policy stance has focused on balancing domestic and external conditions, supporting the recovery while rebuilding policy buffers through fiscal consolidation and reserve buildup. Growth has remained resilient during the first half of 2011 and is expected to continue into 2012,...