The WAEMU has, so far, demonstrated strong resilience to the Covid crisis. The economic rebound that started in the second half of 2020 firmed up in 2021, while fiscal and monetary policies remained supportive. External reserves have risen to comfortable levels and the financial system appears...

The Spanish economy is recovering from the deep recession caused by the COVID pandemic and employment is already above its pre-pandemic level. A highly successful vaccination campaign helped limit the impact of the recent wave of infections on hospitalizations and economic activity. Output is...

South Africa's subpar economic performance over the last decade has weakened its macroeconomic fundamentals and social indicators. In response to formidable COVID-19-related challenges, government expenditure surged, and, amid declining revenue, the budget deficit widened significantly. The...

Thanks to a successful vaccination campaign, COVID19 cases have declined sharply in 2021, and the Moroccan economy is rebounding. Economic activity has recovered most of the ground lost with the severe recession of 2020 and is expected to grow at 6.3 percent in 2021. Among the factors propelling...

Uruguay entered the pandemic with solid institutions and social cohesion but growing macroeconomic imbalances-especially slow economic growth and weak public finances-as the end of the last commodity price boom in 2014 uncovered structural weaknesses. A new government came to power in March 2020...

Policies since 2018 have stabilized the economy in a very difficult environment. Yet many challenges remain for sustainable development, especially high debt and oil dependency. The authorities remain committed to continued reforms

On June 20, 2018, the Executive Board approved the largest stand-by arrangement in the Fund's history, in support of Argentina's 2018-21 economic program. After an augmentation in October 2018, access under the arrangement amounted to USD 57 billion (1,227 percent of Argentina's IMF quota). The...

Armenia has commenced a robust recovery from the deep 2020 recession, benefiting from strong policies and the lifting of the political uncertainty after the elections in June. A gradual but uneven improvement in the pandemic situation, pent-up demand, and the strengthening of public and private...