Iran has received much attention from a geopolitical and regional standpoint, but its economic challenges have not attracted a similar degree of interest. With a population of 69 million, considerable hydrocarbon resources, a dynamic and entrepreneurial middle class, and a relatively...

This paper analyzes the determinants of growth in 25 transition economies during 1990–97. The paper’s main finding is that macroeconomic stabilization, structural reform, and reduction of government expenditures are key to achieving sustainable growth. Although the initial effect of reforms...

This study, another in the series focusing on special issues in transition, reviews the experience of output decline and recovery in the 25 countries of eastern and central Europe and the Baltics, Russia, and other countries of the former Soviet Union. Although these countries began the process...

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...

This technical note on the Republic of Poland underlies the country’s credit, growth, and financial stability. A broad-based statistical and econometric analysis of financial and household balance sheet data implies that exchange rate-related credit risk and liquidity risk are currently...

This Selected Issues paper reviews trends in GDP and their impact on poverty reduction in Ghana. It highlights structural constraints that are believed to have affected output growth, along with potential sources of increases in output in future years. The paper analyzes trends in the main...

This Selected Issues paper reviews public service reform in Ghana. The paper highlights that a range of public service reform initiatives have been undertaken in Ghana since the early 1980s. The public service in Ghana is composed of centrally managed agencies, ministries, subvented agencies,...

This paper reviews trends in GDP and other macroeconomic variables since independence. It assesses the performance of the different sectors of the economy and expenditure categories. The paper identifies a number of products that could contribute to maintaining the high growth rate that...

This Selected Issues paper examines competitiveness and the equilibrium real exchange rate for Ghana. It estimates a behavioral equilibrium exchange rate model for Ghana to establish to what extent real effective exchange rate (REER) movements have been driven by an adjustment to its equilibrium...