This 2009 Article IV Consultation focuses on euro area policies. The euro area remains in recession, with signs of improvement yet to evolve into a recovery. The large drop in financial wealth, an associated increase in private savings, tight financing conditions, and the adjustment of global...

This 2005 Article IV Consultation for Ireland reports that economic performance has been impressive, owing in significant measure to sound policies. In line with the global cycle, growth picked up strongly in 2004. Rapid employment growth has been supported by immigration, so the unemployment...

This paper discusses Iraq’s request for Stand-By Arrangement for 15 months from December 2005 through March 2007, which they intend to treat as precautionary. The authorities’ policies have succeeded in promoting overall macroeconomic stability despite the extremely difficult...

This Selected Issues paper on Panama explores the current situation and trends of the Caja del Seguro Social (CSS) in Panama. The autonomy is embedded in its Organic Law, which also provides the agency with the right to have separate funds from the central government. The slowdown in economic...

This 2005 Article IV Consultation highlights that Norway’s real mainland GDP growth rebounded strongly in 2004, after a slowdown that began in late 2002. Very supportive monetary conditions, high oil prices, rising housing prices, strengthening consumer and business confidence, and an...

The global crisis left Albania fairly unscathed and ushered in the needed economic rebalancing. The policy framework has been challenged in the post-crisis environment significant headwinds. Despite improvement, external imbalances remain elevated. Fiscal consolidation in terms of a more...

Macroeconomic imbalances are large, and structural problems are deep-rooted in Portugal. The new government’s strong commitment to program implementation is encouraging. Fiscal performance so far demonstrates the need to refocus the fiscal strategy on strong expenditure control, as...

In this study, China’s economic developments and policies are discussed. Economic growth has been increased by expanding infrastructure and real estate construction. The policy measures outlined in the twelfth five-year plan and implementation of financial reform are important for...

The 2007 Article IV Consultation explains Romania’s fiscal and income policies and financial sector issues. The economic outlook is clouded by a widening current account imbalance and the risk of a resurgence of inflation pressures, as a result of strong domestic demand that is being...

Israel was mildly affected by the global recession: following a slowdown in 2009, output is projected to grow by some 4 percent in 2010, led by consumption and exports. Robust fundamentals—including sustained pre-crisis fiscal consolidation—and a swift monetary and fiscal policy...