After a number of critical setbacks and delays in the 16 months since program approval, the authorities have taken important corrective actions to address shocks to program objectives. Early tension around the authorities' commitment to uphold the independence of the National Bank of Ukraine...

Economic performance has been much better than expected, in part due to the authorities' forceful policy response. Nevertheless, Brazil's long-standing challenges of low growth, high debt, and elevated levels of poverty and inequality have been exacerbated by the pandemic. Tragically, more than...

As other emerging economies reliant on tourism (about 25 percent total contribution of tourism-related industries in GDP and employment), Croatia has been hit hard by the pandemic and two devastating earthquakes, leading the economy to contract by 8.0 percent in 2020. Vaccinations have been...

Among EU countries, Romania suffered a relatively shallow recession in the COVID-19 crisis, aided by macroeconomic easing. A strong recovery is projected in 2021. The new government is committed to balance continued pandemic-related support with the start of a medium-term fiscal consolidation...

Belize has been hit hard by the COVID-19 pandemic, which led to a deep recession and worsened fiscal and external positions from already weak levels. The opposition People's United Party won the November 2020 elections by a wide margin, which gives the new government a unique opportunity to jump...

The Gambia is experiencing a second wave of COVID-19 cases. The vaccination campaign started in early March 2021, but the pace is slow, due to vaccine availability and hesitancy. Presidential and parliamentary elections are planned for December 2021 and April 2022, respectively

Peru's very strong macroeconomic policies and institutional policy frameworks have helped anchor strong growth and stability over the past several years and navigate the challenges posed by the COVID-19 pandemic. The confluence of a sound inflation-targeting regime, flexible exchange rate,...

The new administration's policies have put the U.S. economy on a strong footing. An effective vaccine rollout has put the number of new COVID-19 cases on a firmly downward path. At the same time, unprecedented fiscal support is quickly restoring the economy back to full employment and generating...

The economic and social impact of the COVID-19 pandemic over the past year has been well-managed by the authorities. Timely and prudent fiscal and monetary easing shielded the economy from the full brunt of the crisis, while alleviating the health and social impact of the shock. Sound economic...