KEY ISSUES Context. The Republic of the Marshall Islands (RMI) is going through a period of output fluctuations. The economy expanded in FY2012 by 3.2 percent, supported by export growth, but in FY2013 is estimated to have slowed to 0.8 percent due to the postponement of infrastructure projects....

KEY ISSUES Context: The tightening of global liquidity has increased external pressures and heightened the focus on India’s macroeconomic imbalances (high inflation, large current account and fiscal deficits) and structural weaknesses (particularly supply bottlenecks in infrastructure, power...

KEY ISSUES Overview. Korea has experienced impressive growth since the 1970s, enabling it to escape the middle-income trap. However, this prosperity has been concentrated lately within the highly competitive export-oriented conglomerates, whereas household income growth and service sector...

This 2014 Article IV Consultation highlights that the GDP growth in Bhutan has slowed from about 10 percent in FY2011 (July 1-June 30) to 5 percent in FY2013. Slower growth reflects policy efforts to contain overheating pressures in the form of restrictions on credit for construction and...

KEY ISSUES Context. Growth remains strong driven by robust exports, tourism, and construction, despite the recent floods and some slowdown during the 2013 national election. The outlook is favorable with renewed reform momentum after the elections but slow growth in Europe, the U.S. tapering,...

KEY ISSUES Economic context. Growth was strong in 2012, and the economy is overheating from expansionary macroeconomic policies. The current account deficit has deteriorated significantly, a product of a currency appreciation in real effective terms, a growing fiscal deficit, and strong domestic...

KEY ISSUES Context: Growth in recent decades has been sluggish owing to persistent political turmoil, external shocks, and slow progress on structural reforms. Unemployment at nearly 9 percent continues to be stubbornly high, with youth and underemployment at significantly higher rates. The...

KEY ISSUES Context: A slowdown in growth in major emerging market economies (EMEs) and decline in commodity prices, and more recently, a reversal in push factors tied to a prospective exit from extraordinarily easy global monetary conditions, has put pressure on Indonesia’s balance of payments...

KEY ISSUES Context. After a decade of strong growth, Papua New Guinea (PNG) now faces a sharp slowdown in the nonmineral sector as construction winds down on a large liquefied natural gas (LNG) project. LNG revenue increases are expected to be modest and oneoff over the near to medium term,...

KEY ISSUES Context. Growth recovered and inflation declined sharply in 2013. Leverage has risen, with real estate a major beneficiary, but providing only a muted growth impulse. Intensive use of macroprudential measures recently stabilized house prices, which had grown rapidly. The financial...