EXECUTIVE SUMMARY The near-term outlook continues to improve and program implementation remains on track. Activity and employment have turned out better than expected, supported by reduced economic uncertainty and benign market conditions in the region. The authorities have scaled up their...

EXECUTIVE SUMMARY Discussions for the combined eighth and ninth reviews were delayed by a political crisis and marked by new adverse Constitutional Court rulings. Reflecting in part austerity and reform fatigue, tensions within the ruling coalition led to two prominent cabinet members tendering...

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...

This paper on Romania was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with the member country. It is based on the information available at the time it was completed on September 13, 2012. The views expressed in this...

Russia's invasion of Ukraine continues to have a devastating social and economic impact on the country. Civilian casualties are mounting, over a third of the population has been displaced, and access to basic needs such as electricity, water, and heating are at risk while winter is coming....

In the wake of the Covid pandemic, Serbia embarked on a well-paced consolidation path to rebuild buffers, supported by a program under the Policy Coordination Instrument (PCI). Given higher energy prices and domestic electricity production problems, high global inflation, weaker trading partner...

Past efforts to build policy buffers and a broadly appropriate macroeconomic policy mix during 2020-21 have helped Albania withstand the impact of consecutive shocks since 2019. Growth is expected to remain solid in 2022 before decelerating in 2023, and inflation is projected to return to the...

North Macedonia's economy has been hit by two large external shocks. While recovering from the pandemic, the outlook deteriorated again following Russia's invasion of Ukraine and sharply rising energy and food prices. Given high dependence on energy imports, the external financing need has...

The Russian invasion of Ukraine that started over seven months ago has caused large loss of life, large population displacement, and significant infrastructure damage. The impact on economic activity has been enormous: real GDP has severely contracted, inflation has risen sharply, trade has been...