Bulgaria has traditionally adhered to fiscal discipline and prudent fiscal policy since the introduction of its currency board arrangement in mid-1997. After a gradual decline in the 2000s, public debt has remained among the lowest in the European Union (EU), hovering in a narrow band between 17...

This Public Expenditure and Financial Accountability (PEFA) performance assessment report evaluates the seven core pillars of the public financial management (PFM) system of the Government of the Philippines (Government) as set out in the summary assessment below. It evaluates how effectively...

Since the global economic and financial crisis of 2008, Serbia has struggled with a weak economy and a deteriorating fiscal position. Until 2008, fiscal deficits were moderate and public debt declined significantly. Since the start of the global economic and financial crisis in 2008, however,...

The national economy of Vietnam was affected by the April 2020 lockdown meant to contain the domestic spread of the COVID-19 (coronavirus) virus and subsequent outbreaks in Da Nang and Ho Chi Minh City. Nevertheless, the economy showed exceptional resilience. Gross domestic product (GDP) grew by...

Over the past twenty years, fiscal policy has become one of the three pillars of macroeconomic stability for Colombia, the other two being the flexible exchange rate and inflation targeting. The credibility and sustainability of fiscal policy is the result of strong institutions (in particular,...

The Guinea-Bissau Economic Update monitors significant recent economic developments in the country, highlighting the key structural challenges Guinea-Bissau faces in its pursuit of inclusive and sustained growth