The empirical study shows that the equilibrium real exchange rate in Mauritius has been affected by the terms of trade, as well as by other fundamental determinants. It assesses the challenges posed to Mauritius’s trade performance by the expiration of the preferential trade arrangements....

Macroeconomic developments benefited from oil windfalls, but structural problems still impede non-oil growth. Fiscal and external balances improved in the Central African Economic and Monetary Community (CEMAC) because of the surge in oil prices and better fiscal management. Oil-related reserve...

This Selected Issues paper examines competitiveness and the equilibrium real exchange rate for Ghana. It estimates a behavioral equilibrium exchange rate model for Ghana to establish to what extent real effective exchange rate (REER) movements have been driven by an adjustment to its equilibrium...

This Selected Issues and Statistical Appendix paper assesses Romania’s external competitiveness by reviewing recent developments in a range of standard indicators and estimating equilibrium real exchange rates. The results suggest that, although Romania’s historical cost advantage vis-à-vis...

Belarus’ economic growth has been impressive in the last few years. Belarus’ economic program is designed to facilitate adjustment to external shocks and reduce vulnerabilities. It includes a number of structural reforms on issues that are critical to the mitigation of...

This 2007 Article IV Consultation highlights that the lengthy expansion brought the Australian economy to a position of near full employment. Inflation had eased in late 2006 and early 2007, but accelerated in the second quarter. The current account deficit was 5½ percent of GDP in 2006. The...

The Islamic Republic of Iran’s 2009 Article IV Consultation highlights that real GDP growth has slowed following the decline in oil prices, the non-oil fiscal position has become tighter, and banks’ financial situation has weakened. The recent approval of an ambitious energy price...

An assessment is provided of The Gambia’s performance in meeting the requirements for reaching the completion point under the Enhanced Heavily Indebted Poor Countries (HIPC) Initiative is provided. Next, the paper reviews the status of creditor participation and presents an updated debt...

The staff report for the 2008 Article IV Consultation of the Former Yugoslav Republic of Macedonia discusses economic developments and policies. The new government’s economic program aims to raise growth further, but does not address these vulnerabilities. Plans to increase the central...

This 2005 Article IV Consultation underlies that in 2004, Libya’s macroeconomic performance was satisfactory, owing mainly to higher oil prices and increased oil output. Real GDP grew 4½ percent while consumer prices declined. The favorable developments in the oil market contributed to...