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...

This Selected Issues paper analyzes pace of economic growth for Brazil. Moderating activity and stubbornly elevated inflation since 2010 have led to a reevaluation of Brazil’s long-term potential growth rate. Growth accounting suggests that potential growth is probably lower than was...

The Belgian economy showed considerable progress through 2011 in terms of both growth and employment. However, the 2013 Article IV Consultation underlines that the European recession has had a negative impact on its economy, giving rise to unemployment. The economy has entered its second year of...

The article is a review on Djibouti’s Extended Credit Facility (ECF) program and the performance of economic development in the program. The ECF program helped Djibouti to maintain macroeconomic stability, and the period underwent a transformation in the Djiboutian economy. The country...

The principal policy task in Hungary is to place public finances on a sound footing. For monetary policy, the challenge is to identify one-off inflationary influences, communicate these to the public and financial markets, and deal with second-round effects. From a risk-management perspective, a...

Malta weathered the global recession relatively well. Real estate prices and collateral values experienced some correction and appear to have stabilized more recently, but excess supply likely remains in segments of the market. Continued progress with structural reforms will also be important to...

St. Lucia faces structural challenges that need to be addressed to raise growth durably and reduce poverty. Implementation of planned tax reforms is important to achieve fiscal sustainability. The government’s plans to accelerate tourism-related public investment carry significant risks....

The performance of the Gambian economy has been strong in recent years. The authorities noted that in addition to providing financial resources, the program has helped to restore compliance with the rules on government borrowing from the Central Bank of The Gambia (CBG) following securitization...

KEY ISSUES Focus: The main themes centered on tackling macroeconomic vulnerabilities and improving the medium-term outlook by achieving an ambitious fiscal adjustment while protecting social spending, creating an environment for higher private sector-led growth, and building a robust financial...