The pandemic dealt a severe blow to the Italian people and their economy. GDP fell by nearly 9 percent in 2020, with much larger drops for contact-intensive services. Public and corporate debt increased strongly and preexisting vulnerabilities have likely worsened. The government is prioritizing...

This report reviews the discussions between the IMF and the regional institutions of the West African Economic and Monetary Union (WAEMU). It highlights that the economic activity in the WAEMU remains strong but vulnerabilities persist. Despite lower terms of trade, social tensions, and security...

Comoros is a small, fragile island state (population: 850,000) with persistently low and shock-prone growth. The last Article IV Consultation (completed in early 2020) assessed Comoros' fragility as arising from two vicious circles: economic fragility manifests in low fiscal revenue,...

Sao Tome and Principe has maintained macroeconomic stability in the period since the previous ECF review (February 2021). International support and the authorities' swift actions helped mitigate the impact of the pandemic so far. Growth is estimated at 3 percent in 2020, supported by...

The macroeconomic outlook has worsened amid a second wave of the COVID-19 pandemic, higher commodity prices and social unrest, rooted in widening inequality and a lack of opportunities for the youth. The COVID-19 vaccination campaign was launched in February but has so far covered less than 5...