This 2009 Article IV Consultation highlights that Malaysia has been hit hard by the global downturn. The economy is set to contract for the first time in 10 years. Global turbulence has spilled into the domestic financial markets. Executive Directors have commended the Malaysian authorities for...

Japan’s position is one of the largest and richest economies in the world. Tokyo as a financial marketplace is not a major intermediator of global capital flows. The current macroeconomic environment is conducive to spillovers being larger than captured by the empirical analysis. Apart...

This Selected Issues paper analyzes the properties of the fiscal surplus rule, a key pillar of Chile’s macroeconomic framework. The findings suggest that the rule is near the volatility-minimizing efficiency frontier. The paper assesses the vulnerability of the Chilean banking system to...

This 2007 Article IV Consultation highlights that following an extended boom led by strong domestic demand, the slowdown in the United States has largely reflected a drag from residential investment as the housing market has weakened substantially. Unexpected weakness in business investment and...

Strong fundamentals and countercyclical policies have helped Malaysia during the global financial crisis. Executive Directors welcomed the authorities' challenge to make progress toward economic growth and structural transformation. Directors welcomed the consolidation effort in the 2010 budget,...

This 2008 Article IV Consultation highlights that Malta has experienced a three-year-long expansion reflecting strong foreign direct investment, export diversification, and value-added upgrading. Financial soundness indicators held up in 2007 despite unfavorable international developments. The...

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 Selected Issues paper provides an overview of trends, performance export growth, value added, and employment, account of the structure and evolution of Lesotho's textiles during the decade through 2002, and discusses future prospects and key issues. It analyzes the implications of the...

This Poverty Reduction Strategy Paper for Nigeria highlights the National Economic Empowerment and Development Strategy (NEEDS). NEEDS gives special support to agriculture, industry, small and medium-scale enterprises, and oil and gas. Under the plan, the government will seek long-term capital...

This Selected Issues paper for the Netherlands highlights that Dutch cost competitiveness deteriorated significantly in the years prior to 2004. The relatively poor economic performance during the new millennium contributed to these concerns generally, as did restrained export performance more...