EXECUTIVE SUMMARY Economic developments have been encouraging. The recession in 2014 was milder than expected and GDP growth was positive in the first quarter of 2015 for the first time in almost four years. The fiscal outturns have exceeded program projections by a large margin. Liquidity and...

KEY ISSUES Switzerland has once again had to contend with capital flow volatility. Following the exit from the exchange rate floor in mid-January 2015 and the subsequent appreciation of the franc, the Swiss economy faces exchange rate overvaluation, slower near-term growth, and deflation. Both...

KEY ISSUES Context. After several years of near-stagnation, France’s economy is recovering, supported by an accommodative external environment, in particular lower oil prices, a depreciated euro, and low interest rates. However, structural rigidities continue to weigh on France’s medium-term...

The Norwegian economy grew steadily in 2014 despite the sharp fall in oil prices. Nevertheless, the near term outlook has weakened, and the medium and longer term present challenges related to shifting away from a growth model dependent on oil- and gas-related demand

This 2015 Article IV Consultation highlights that the economic growth in Bosnia and Herzegovina is expected to rebound to more than 2 percent in 2015, as economic activity is picking up in Europe. Industrial activity and exports have been gathering momentum. Domestic political risks weigh...

This 2015 Article IV Consultation highlights that growth in Lithuania has remained resilient, despite challenges in the external environment. Strong domestic demand growth on the back of improving labor market conditions underpinned real GDP growth of 2.9 percent in 2014. Exports held up...