China’s transformation into a dynamic private-sector-led economy and its integration into the world economy have been among the most dramatic global economic developments of recent decades. This paper provides an overview of some of the key aspects of recent developments in China’s...

After being hit by a severe recession in 2008–09, the Belgian economy is gradually recovering. When core inflation remained subdued in 2010, headline inflation jumped up due to the energy price hike. The growth of potential output is expected to revert to its declining trend over the...

The global crisis had a severe impact on the Italian economy despite elements of strength such as high private savings, low private indebtedness, and a resilient financial system. Executive Directors decided that the public sector wage bill should remain a key element of the consolidation...

Latin America has experienced a resurgence in growth in recent years. However, it is also a region that has been prone to crises while growth has not delivered a significant reduction in poverty and inequality. Maintaining a strong and stable macroeconomic performance in Latin America will...

This paper presents the first assessment report under the Staff-Monitored Program (SMP) for Kosovo. The policies under Kosovo’s SMP target decisive steps toward fiscal sustainability and stronger budget management and execution. Performance under the SMP has been largely satisfactory to...

Kosovo is still in the process of building key social and economic institutions. Economic performance over the past decade has been robust, but growth has been tilted toward domestic demand, fuelled by transfers and non-debt creating capital inflows. The adoption of the euro provides a strong...

This paper analyzes the impact of the global crisis on six South-Eastern European countries. The main objective is to compare macro-financial conditions and policies in the run-up to the crisis as well as to compare the policy responses to it, so as to highlight, inter alia, possible...

This paper presents key findings of the Ex Post Assessment of Longer-Term Program Engagement for Bolivia. Bolivia is a country that is perceived as having one of the best structural reform records in Latin America but experienced sluggish per capita growth, and made virtually no progress in...

This paper discusses a Request from Congo for a Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF) program. Growth in Congo in 2008 was strong, but weakened by the onset of the global financial crisis during the second half of the year that resulted in a deterioration...

Major political developments have taken place in Nepal since the Executive Board concluded the Article IV Consultation in January 2006. The Koirala government is keen on early resumption of the IMF-supported program to help maintain macroeconomic stability. The international community has...