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...

KEY ISSUES Context. Guatemala's economy has performed solidly since the 2008-09 crisis. Output has converged to potential, inflation is under control, and macroeconomic policies remain prudent. However, risks to the outlook are tilted downwards, while buffers are modest and space for...

This 2014 Article IV Consultation highlights that Suriname’s macroeconomic conditions weakened in 2013 as gold and oil prices declined. With those prices falling below recent peaks, the large fiscal and external sector exposures to the mineral sector continued their deterioration in 2013,...

EXECUTIVE SUMMARY Context: Mexico’s growth is recovering, supported by strong export demand, while inflation pressures remain contained. The implementation of wide-ranging structural reforms is expected to boost potential growth in the medium term. The current account deficit is projected to...

KEY ISSUES Outlook and risks: Growth is projected to reach 2.4 percent in 2014, while core inflation remains close to the target. Strong export demand has boosted manufacturing production and employment, and construction activity is starting to recover, supported by an expansion of public...

This paper discusses Jamaica’s Seventh Review Under the Extended Fund Facility and Request for Modification of Performance Criteria. Risks to the program are slowly waning but remain high. Notwithstanding the authorities’ demonstrated resolve in implementing the program, more tangible signs...

This 2014 Article IV Consultation highlights that the Uruguayan economy continues to decelerate gradually. Real GDP growth is estimated to have softened to a still robust 3.25 percent in 2014 from 4.5 percent in 2013, mostly reflecting the moderation in domestic demand growth amid a less...

This 2014 Article IV Consultation highlights that Brazil’s growth has decelerated in recent years. The boost from decade-old reforms, expanding labor income, and favorable external conditions, which enabled consumption and credit-led growth and underpinned sustained poverty reduction, has lost...

This paper discusses Mexico's Review Under the Flexible Credit Line (FCL) Arrangement. Mexico has navigated successfully a complex external environment, characterized by falling commodity prices, a sharp appreciation of the U.S. dollar, and heightened volatility in international financial...

This 2015 Article IV Consultation highlights that Bolivia has achieved strong economic performance and poverty reduction over the past decade. Real GDP growth has averaged about 5 percent since 2006, and the poverty ratio has declined by 16 percentage points. Real GDP growth is projected to stay...