This Selected Issues paper assesses the Central Bank of Armenia's (CBA) monetary policy framework. It discusses the CBA's track record with inflation targeting; describes the risk-based approach to price stability, offering insights on its potential benefits, while cautioning of likely pitfalls...

This staff report on People’s Republic of China 2013 Article IV Consultation highlights macroeconomic developments and outlook. China has maintained robust growth since the global crisis, but the heavy reliance on credit and investment to sustain activity is raising vulnerabilities. The...

This 2013 Article IV Consultation highlights that recent economic developments in Myanmar have been positive. Growth is estimated to have risen to 6½ percent in FY2012/13 (April–May), driven by gas production, construction and services while inflation climbed to 4.7 percent in March...

Fiscal performance has been broadly in line with program targets. As a result, the current account deficit has narrowed, reserves have increased significantly, and headline inflation is under control. However, implementation of structural benchmarks has lagged, necessitating sharper focus and...

This staff report on Iraq’s 2013 Article IV Consultation highlights economic policies and development. Risks to the macroeconomic outlook remain high. The risks can translate into lower oil revenues, deterioration in the fiscal position, pressures to use Central Bank of Iraq reserves for...

Mongolia has made impressive progress in developing its economy over the past ten years. Medium-term prospects are promising as mining output is projected to expand by more than 20 percent per annum, on average, over the next five years. However, the prospects for sustained, rapid and inclusive...

The Burundian economy faced several adverse shocks. The government responded by allowing greater exchange rate flexibility and by tightening its monetary policy. The fiscal stance was in line with the program, and program implementation has been broadly satisfactory despite difficult...

This paper discusses Bangladesh’s Third Review Under the Extended Credit Facility and Request for Modification of Performance Criteria. Political uncertainty and nationwide strikes are taking a toll on economic activity, with private investment most affected. Real GDP growth moderated in...