This paper estimates potential growth in the Philippines using different methodologies, and discusses growth prospects for the medium term. Several approaches can be used to estimate potential growth. It also describes a forecasting and monetary policy analysis system (FPAS) model. Using the...

This 2011 Article IV Consultation—Selected Issues paper focuses on estimating potential output and the output gap and spillovers from agriculture in the case of Uruguay. It introduces additional economic information and theory to estimate potential output, shedding some light on the...

Like most Sub-Saharan African countries, Kenya’s economic growth appears to have been primarily driven by factor accumulation. The Selected Issues paper and Statistical Appendix for Kenya examines economic developments and policies. During the last two decades, Kenya has been plagued by...

This Selected Issues paper presents an assessment of leveraging oil wealth for development in Kazakhstan. By saving most of the tax revenues collected from the oil sector in an off-budget oil fund Kazakhstan has been relatively successful in ensuring that government revenue volatility does not...

South Africa’s macroeconomic policies face a complicated task of balancing between supporting domestic demand and maintaining stability. The Selected Issues paper for South Africa discusses economic development and policies. Although the opening output gap and declining employment do call...

Although Sweden has recovered from the financial crisis, authorities have already initiated exit measures from crisis response policies. The Financial Sector Assessment Program (FSAP) Update undertook a financial stability analysis of the banking sector, including a comprehensive stress-testing...

This Selected Issues paper on Australia highlights the IMF’s new Global Integrated Monetary and Fiscal Model (GIMF), which is used to examine the macroeconomic implications of alternative fiscal responses to higher revenue. Lower labor and capital income taxes, along with higher public...

This Selected Issues paper focuses on financing constraints and productivity in Estonia. The paper examines two questions: (1) is there evidence of financing constraints among Estonian firms; and (2) have financing constraints reduced firm-level total factor productivity (TFP)? These questions...

Non-performing loans (NPLs) were found to respond to macroeconomic conditions, such as GDP growth, unemployment, and inflation; there are also strong feedback effects from the banking system to the real economy. This suggests that the high NPLs that many CESEE countries currently face adversely...