This paper discusses structure, impact, costs, and efficiency of renewable energy supply in the eight largest advanced economies (the G-7 plus Spain), with focus on Germany. Renewables production costs are compared to benefits, defined as reductions in net carbon emissions; technological...

The oil price decline creates an opportunity to dismantle energy subsidies, which escalated with high oil prices. This paper assesses energy subsidies in Latin America and the Caribbean—about 1.8 percent of GDP in 2011–13 (approximately evenly split between fuel and electricity),...

This paper assesses the real effects of the energy reform in Mexico by looking at its impact on manufacturing output through changes in energy prices. Using sub-sector and state-level manufacturing output data, along with past variation in energy prices, we find electricity...

Since its independence in 1975, the Union of Comoros has been deeply affected by political and institutional crises. Resolution of the separatist crisis on the island of Anjouan and subsequent national consolidation has constituted a historic turning point. The government has begun a...

KEY ISSUES The 2014 Article IV consultation takes place when the authorities have started to address longstanding economic challenges. For a number of years Egypt has suffered from low and non-inclusive growth and from high unemployment. Since 2011 these problems have been compounded by large...

This Selected Issues paper presents an external stability assessment on Niger. Niger’s current account balance deteriorated in 2013, mostly on account of higher food and capital goods imports. The deficit is expected to widen further in 2014–15, mainly driven by large investment in...

This Selected Issues paper analyzes the unconventional energy boom in North America, and its macroeconomic implications and challenges for Canada. The unconventional energy boom has had significant positive effects on Canada’s economic activity and has the potential to contribute even...

This paper discusses Albania’s Second and Third Reviews Under the Extended Arrangement and Request for Waiver for the Nonobservance of Performance Criterion, Waiver of Applicability of PCs, and Rephasing of Future Disbursements. The program is on track. All end-June, end-September, and...

KEY ISSUES The economy is embarking on sustainable growth, but the main challenge will be to boost long-run growth by structural reforms and reorienting fiscal policy. Supply-side slowdowns in the energy sector are ending, while available evidence suggests non-energy growth is robust and...

This paper discusses Ukraine’s Request for a Stand-by Arrangement. Ukraine’s economy had been in recession since mid-2012. Inconsistent macroeconomic policies pursued in 2012–2013 aggravated deep-seated vulnerabilities and eventually generated a balance-of-payment crisis....