Kuwait’s 2005 Article IV Consultation reports that the economic and financial positions are projected to remain strong mainly on the expectation that world oil prices will decline only gradually. Reflecting sharply higher oil prices and production, economic conditions improved...

The 2011 Article IV Consultation reports that Panama’s economy has rebounded strongly from the 2009 slowdown, and is one of the fastest-growing in the region. Rapid growth and prudent fiscal policy have lowered public debt to less than 40 percent of GDP, and rating agencies have placed...

This staff report considers Georgia’s request for a Stand-By Arrangement and an arrangement under the Standby Credit Facility. Performance in 2011 has been stronger than originally envisaged, with growth of nearly 7 percent, inflation in the low single digits, public debt falling to 34...

This 2011 Article IV Consultation reports that Peru’s activity is expected to decelerate in 2011–12 to slightly below trend while inflation declines toward the target and the external current account deficit remains contained. Short-term risks are markedly to the downside given...

The current account deficit in Bulgaria, which doubled in 2005 to 11.8 percent of GDP, deteriorated further to 14.6 percent of GDP during the first four months of 2006. The current account deficit continues to be substantially financed by foreign direct investment (FDI) flows. Fiscal policy has...

The 2006 Article IV Consultation on the Philippines discusses stronger exports and reduced inflation, with the 12-month rate back within the inflation target. Remittances have continued to grow strongly, and the balance of payments received additional support in the second half of 2006 from...

This paper evaluates the 2003 Article IV Consultation and a Request for a Stand-By Arrangement (SBA) for the Former Yugoslav Republic of Macedonia (FYRM). The Article IV policy discussions focused on regaining a sustainable fiscal and external position, restarting economic growth and job...

This 2002 Article IV Consultation highlights that eight consecutive years of growth in Barbados ended in 2001 as real GDP contracted by 2¾ percent, owing mainly to the adverse impact on tourism of the global economic slowdown and the September 11 terrorist attacks, as well as continuing...

This Occasional Paper provides an overview of the main challenges facing Hong Kong SAR as it continues to become more closely integrated with the mainland of China. Section I provides an overview of recent macroeconomic developments and the main policy issues in Hong Kong SAR. Section II...

The staff report for the 2005 Article IV Consultation on the Philippines highlights managing short-term vulnerabilities and higher investment and growth. Power generation tariffs have been raised to substantially cut the losses of the National Power Corporation (NPC). A risk to the near-term...