This paper considers the merits of reducing or eliminating some specific tax expenditure measures currently in force in the United States with a view to reducing the federal fiscal deficit. The paper starts from the observation that savings decisions in the United States are distorted and that...

This 2004 Article IV Consultation highlights that with growth proceeding at a steady pace of 2.6 percent during 2004, the Spanish economy has weathered the slowdown in the European Union relatively well. The external current account is estimated to have widened to some 4¼ percent of GDP in...

This paper discusses key findings of the Second Review Under the Policy Support Instrument for Nigeria. All assessment criteria through end-September were met except for one civil service-related measure. Remedial measures have prevented the civil service reform program from being compromised....

This 2006 Article IV Consultation highlights that real GDP in the Federated States of Micronesia grew by only 1½ percent in FY2005 and declined by nearly 1 percent in FY2006. The underlying fiscal situation has deteriorated, despite a decline in the overall deficit. Executive Directors have...

This 2007 Article IV Consultation highlights that Japan’s external position remains strong. Boosted by investment income, the current account surplus widened in 2006 to nearly 4 percent of Japan’s GDP, despite a shrinking trade balance. Financial outflows also picked up, reflecting...

This 2004 Article IV Consultation highlights that real GDP growth of Mauritius is expected to rebound to about 4½ percent in 2003/04. This largely reflects the recovery of tourism and sugar production, and continued strong construction and transportation activity. The current account is...

The German economy has made major strides, helped by wide-ranging reforms. Greater transparency and stronger incentives for prudent action will support crisis prevention and management. The immediate priorities are preserving the integrity of the financial system and maintaining economic...

St. Lucia faces structural challenges that need to be addressed to raise growth durably and reduce poverty. Implementation of planned tax reforms is important to achieve fiscal sustainability. The government’s plans to accelerate tourism-related public investment carry significant risks....

The staff report for the Fourth and Fifth Reviews Under the Stand-By Arrangement and Request for Waiver of Applicability discusses Peru’s economic performance. Peru’s financial markets have only been marginally affected by recent developments in emerging markets. Although further...