India’s economy has slowed substantially before and after the global financial crisis. The economy is in a weaker position than before the crisis. With investment particularly hard-hit, potential GDP is likely to be lower than estimated. Inflation is constraining the room for monetary...

This Occasional Paper provides an overview of the main challenges facing Hong Kong SAR as it continues to become more closely integrated with the mainland of China. Section I provides an overview of recent macroeconomic developments and the main policy issues in Hong Kong SAR. Section II...

How to entrench hard-won gains, increase resilience to shocks, and improve growth performance to reduce poverty? As Central America moves forward in regaining macroeconomic stability, these are the challenges. This study analyzes Central America’s real, fiscal, monetary, and financial...

The Solomon Islands’s 2005 Article IV Consultation reports that the improvement in the economic performance registered after the arrival of the Australian-led intervention force in mid-2003 has continued. The projected deterioration in the external current account reflects...

Burkina Faso’s Second and Third Reviews Under the Poverty Reduction and Growth Facility and Requests for Waiver of Nonobservance of Performance Criteria are examined. Fiscal policy for 2005 aims at preserving social sector outlays while ensuring that the external debt burden falls....

This paper highlights Mozambique’s 2005 Article IV Consultation, Second Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF), Request for Waiver of Performance Criteria, and Modification of Performance Criteria. The performance under the program...

The staff report for the First Review Under the Stand-By Arrangement on the Republic of Croatia focuses on fiscal policy and monetary and financial sector policies. Financial soundness indicators show a continuation of the overall strengthening of the banking system, although foreign...

This Selected Issues and Statistical Appendix paper analyzes recent economic developments in Guinea-Bissau. The paper highlights the structural problems that will need to be addressed over the next few years if Guinea-Bissau is to break through the downward spiral of declining economic activity,...

The staff report for the 2005 Article IV Consultation for Cape Verde focuses on economic developments and fiscal policy. The fiscal deficit was lower than expected, and reserve accumulation exceeded the programmed level. Cape Verde appears well positioned to attract increasing external support,...

This paper discusses key findings of the Sixth Review Under the Extended Arrangement Under the Poverty Reduction and Growth Facility (PRGF) for Albania. The macroeconomic performance of the Albanian economy has been good overall, with sustained growth and low inflation. Weak infrastructure and...