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 Selected Issues paper for Ireland highlights that fiscal consolidation resulted in a tremendous reduction in public debt from nearly 100 percent of GDP in 1991 to about 30 percent in 2004. This has reflected a combination of policy decisions and economic circumstances. Excluding 2001, when...

This Selected Issues paper on the Federated States of Micronesia (FSM) underlies economic development. Since independence, the FSM has been heavily dependent on assistance from the United States. With government expenditure of more than 60 percent of GDP, the private sector remains...

Owing to severe fiscal and external imbalances, the Maldives government adopted an IMF program in 2009. Despite some crucial initial actions, fiscal slippages and political polarization have undermined the restoration of sustainability. The key policy challenge is to prevent a fiscal crisis,...

The strategy underlying the Arusha agreement envisaged a three-year transition period, involving further national reconciliation steps, implementation of lasting power-sharing arrangements, and initiation of national reconstruction. To overcome poverty, Burundi should diversify its economy and...

This Selected Issues paper and Statistical Appendix examines the relationship between investment and long-term growth in Fiji. It reviews Fijian data, and indicates that the slowdown in the growth rate since independence has been associated with a decline in investment, particularly by the...