This book describes the reforms needed to move small middle-income countries in sub-Saharan Africa to advanced-economy status. The result of intense discussions with public officials in the countries covered, the book blends rigorous theory, econometrics, and practitioners' insights to come up...

This 2017 Article IV Consultation highlights that the macroeconomic conditions have recently deteriorated in Swaziland. In 2016, two shocks-a prolonged drought and a sharp decline in South African Customs Union (SACU) receipts-severely hit the economy, while an expansionary fiscal policy...

This paper highlights that banks and nonbank financial institutions, businesses and households have large exposures to the government and, in some cases, their own vulnerabilities. In this context, a fiscal shock can rapidly propagate into the economy through the financial sector. The financial...

This paper reviews Morocco's economic performance under a program supported by a two-year Precautionary and Liquidity Line (PLL) arrangement. Macroeconomic conditions of Morocco have continued to improve, but challenges remain same. Continued reform implementation will be essential to strengthen...

Hong Kong SAR's economy is recovering strongly as ample policy space has allowed the enaction of swift and bold policy responses to address the unprecedented crisis emanating from multiple shocks, including notably the pandemic. But the recovery remains uneven, with private consumption lagging,...

Following a deep recession in 2020 and further contraction in 2021Q1, the euro area economy recovered rapidly in the second and third quarters thanks to high vaccination levels, increasing household and business adaptability to the virus, and continued forceful policy support. Looking ahead,...