The paper reviews the economic risks associated with regimes of high public debt through DSGE model simulations. The large public debt build-up following the 2009 global financial and economic crisis acted as a shock absorber for output, while in the recent and more severe COVID19-crisis, an...

This 2013 Article IV Consultation highlights that the Turkish economy achieved a welcome reduction of imbalances in 2012. In 2013, growth has accelerated significantly on the back of a monetary and fiscal policy stimulus. The economy is projected to expand by 3.8 percent this year, with private...

Significant progress has been made in macroeconomic stabilization under two successive SBAs but the economic recovery remains fragile. Growth is expected to remain subdued in the near term and to only gradually recover over the medium term, with risks to the outlook mostly on the downside. With...

Tanzania’s economic growth continues to be buoyant. The planned monetary policy tightening is aimed at entrenching gradual disinflation. Executive Directors recommend further enhancing the degree of exchange rate flexibility, and the fiscal deficit reduction envisaged in the draft budget...

Economic activity in Kenya has remained resilient to uncertainty surrounding the elections, the impact of the European crisis, and security-related concerns. Fiscal policy is in line with the program despite difficulties. International reserves are on the rise, and the deficit of the external...

This 2013 Article IV Consultation highlights that Suriname’s macroeconomic performance has strengthened markedly over the past decade. Since 2000, stronger policies and buoyant commodity prices, supported by political stability, have helped improve macroeconomic performance, enabling...

The staff reports for the 2013 Article IV Consultation on the Chile discuss the strong and inclusive growth over the medium term. Technocratic, rules-based, and transparent policy management; monetary policy under a floating exchange rate undertaken by a credible central bank; and prudent fiscal...