The Macedonian labor market exhibits a high unemployment rate, yet does not demonstrate obvious and large enough constraints on the demand or supply side. Considerable achievements can be made by maintaining macroeconomic stability, attracting FDI, and closing the educational gaps. The second...

This 2012 Article IV Consultation highlights that economic growth in Luxembourg slowed in 2011 amid the euro area sovereign debt crisis. Reflecting sluggish external demand, economic activity is expected to further weaken, with growth projected to decline to ½ percent in 2012. Executive...

This 2006 Article IV Consultation highlights that a broad-based economic upturn is under way in Sweden, spurred by strong global growth and supportive fiscal and monetary policies. Private consumption has served as the engine of expansion, supported by resurgence in investment and buoyant...

The paper discusses the flexicurity model, its key policy elements, and association with a low unemployment rate and a high standard of social security for the unemployed. It provides details of an empirical analysis of unemployment performance and the flexicurity model. It also presents...

Estonia has succeeded in reducing its macroeconomic imbalances and vulnerabilities, but faces the challenge of preserving its hard-earned fiscal and financial stability and enhancing long-term growth prospects. In this regard, adopting a fully fledged medium-term fiscal framework can help assess...

This paper discusses findings of the fourth review under an Extended Fund Facility Arrangement with Portugal. One year into the program, the authorities are making progress in reducing economic imbalances. The delicate balance between orderly deleveraging and improving competitiveness also...

Morocco has made substantial progress in increasing inclusive growth over the past decade, but additional efforts in terms of growth-enhancing structural reforms are needed. Preserving economic efficiency and fostering growth while strengthening inclusiveness remains a priority. This paper...

The Netherlands is an AAA euro area (EA) economy with significant private sector imbalances. The main policy challenge is to restore growth and manage downside risks while allowing for an orderly adjustment of private sector balance sheets. A focus on medium-term objectives will cement policy...