The three-point VAT increase is part of a package in which unemployment payroll taxes will be reduced. Risks to the recovery are balanced but the range of forecasts for 2007 is unusually wide. The priority for Germany is to transmit its external strength to the domestic economy, thus further...

The staff report for the 2004 Article IV Consultation on the Kingdom of the Netherlands—Netherlands highlights the economic developments and policies. The economy is beginning to emerge from an extended downturn. Meanwhile, against a background of soft labor market conditions and economic...

This paper discusses Bosnia and Herzegovina’s Third Review Under the Stand-By Arrangement and Request for Waiver of Applicability of a Performance Criterion. Financial sector indicators through end-March 2013 suggest that the banking system remains profitable and adequately capitalized at...

This staff report on Saudi Arabia’s 2013 Article IV Consultation discusses economic policies and development. As the largest crude oil exporter, and the only producer with significant spare capacity, Saudi Arabia plays a systemic and stabilizing role in the global oil market. In 2011,...

This Selected Issues paper analyzes the fiscal strength of the economy of the Czech Republic. Fiscal policy in the Czech Republic has shown a procyclical bias temporarily interrupted during the crisis years. The large stimulus implemented has been more than compensated by a frontloaded...

Kiribati is one of the poorest and most remote microstates in the Pacific. It is highly dependent on volatile fishing license fees, remittances, and donor assistance. The challenge is to implement fiscal and structural reforms to help ensure fiscal sustainability, promote private sector...

The staff report for the 2013 Article IV Consultation on Guinea-Bissau highlights the economic development and policies. Guinea-Bissau’s medium-term challenges are to diversify its economy, reduce widespread poverty, and generate employment opportunities. Recurrent internal conflicts have...

This staff report on the Republic of Kosovo’s Fourth Review under the Stand-By Arrangement discusses macroeconomic and financial policies. Banking-sector soundness indicators have remained largely unchanged. The revenue shortfall owed to a mix of lower than programmed customs receipts,...

This paper presents the Annual Progress Report (APR) 2004 on Senegal’s Poverty Reduction Strategy Paper (PRSP). The APR analyzes the 2004 macroeconomic framework for the purpose of comparing the forecasts under the various scenarios and the results obtained. Budgetary programming and...