The empirical study shows that the equilibrium real exchange rate in Mauritius has been affected by the terms of trade, as well as by other fundamental determinants. It assesses the challenges posed to Mauritius’s trade performance by the expiration of the preferential trade arrangements....

For more than a decade, growth in Germany has been subdued and uneven. This paper introduces the stylized facts pertaining to the strength in exports, the weakness in domestic demand, and the surge in the current account. It discusses the adjustment undertaken in the private sector and its...

This 2012 Article IV Consultation reports that the German economy’s performance has been remarkable despite facing considerable headwinds. Several conditions are now in place in Germany for a domestic demand-led recovery. Employment creation has been robust and unemployment at 5.3 percent...

The creation, in 1994, of the Central African Economic and Monetary Community (CEMAC) customs union was a major step in the regional integration process in central Africa. The implementation of the agreed regime by the member countries, however, has remained unsatisfactory. A 2002–03...

Over the last few decades, the economy of Saudi Arabia has strengthened, as oil prices increased with the rebound in global economic activity. Despite this, vulnerabilities to a sustained decline in the oil price have increased. Executive Directors have commended the authorities for their...

The Chinese authorities welcomed the spillover analysis, noting that their policies have important global spillover effects. The note also discusses China’s evolving role in global trade, impact of rebalancing on the supply chain, estimating China’s spillovers, elasticities...

This Selected Issues paper aims to present a medium-term reform strategy that could be pursued by Libya to accelerate its transition to a market economy. The paper reviews the main characteristics of the Libyan economy, and medium-term prospects under current policies. It examines the priority...

Germany’s economic growth and recovery from the global crisis are explained in this study. Tax, education, and innovation policies are specific measures supported by the authorities. External and financial shocks received by Germany and other outward spillovers are outlined. Germany has a...

This 2005 Article IV Consultation highlights that Singapore’s economy has recovered rapidly since mid-2003, having weathered a series of adverse shocks since the Asian crisis. This turnaround owes much to a favorable external environment, supportive macroeconomic policies, and continued...

This 2004 Article IV Consultation highlights that after a period of prolonged weakness in economic activity, persistent deflation and rising fiscal deficits, the macroeconomic outlook for Hong Kong Special Administrative Region has improved significantly since mid-2003. The recovery has gained...