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...

At the request of the Government of Liberia (GoL), the IMF Fiscal Affairs Department (FAD) led an external assessment of the central government’s public financial management (PFM) systems based on the Public Expenditure and Financial Accountability (PEFA) methodology. The assessment was...

Macroeconomic conditions deteriorated in 2012. Growth slowed to 2.7 percent from 5 percent in 2011. Both the external and fiscal deficits widened significantly, to 10 percent and 7.6 percent of GDP, respectively. The 2012 fiscal outcome entailed a significant slippage from the authorities’...

This paper examines Sudan’s 2005 Article IV Consultation and the Final Review of the 2004 and 2005 Staff-Monitored Program (SMP). Between 2001 and 2004, the economy of Sudan grew at an average rate of 6.4 percent per year, and the non-oil sector expanded at an annual rate of 5.3 percent. The...

Owing to the high dependence of its exports on countries and commodities, Finland experienced the worst recession in the euro area. Executive Directors encouraged authorities to focus on improving bank cost efficiency, preventing excessive risk taking, and limiting liquidity and funding risks....

This 2004 Article IV Consultation highlights that Morocco’s macroeconomic conditions remained strong in 2003. Growth increased to 5.5 percent because of an exceptionally good cereal production, while non-agricultural growth showed signs of revival. Inflation was below 2 percent and the...

Barbados has some of the highest social and competitiveness indicators in the region and enjoys investment-grade rating on its sovereign bonds. The staff report for Barbados’s 2009 Article IV Consultation highlights economic developments and policies. Balance-of-payments pressures have...

This 2002 Article IV Consultation highlights that a cyclical slowdown in domestic demand coupled with global economic weakness led to slower growth of Sweden in 2001. Private consumption stagnated despite rising disposable income, owing to adverse confidence and wealth effects from the continued...

The Russian economy has improved after the recession, but recovery is fragile. Executive Directors appreciated the pre-crisis policy of taxing and saving oil revenues in a stabilization fund, which had created significant space for fiscal expansion, monetary easing, and extraordinary liquidity...

The Chinese government’s macroeconomic policy response to the crisis has delivered positive results, and mitigated the impact of the global downturn on its economy. The challenge now is to sustain this strong growth performance while switching decisively to an economy that is powered by the...