This note reflects macroeconomic and fiscal forecasts presented with the April 2009 World Economic Outlook, as well as information on fiscal stimulus and financial and industrial sector support gathered through mid-May. It follows the request by G-20 leaders for the Fund to assess regularly the...

Despite the rise in public debt, Japanese Government Bond (JGB) yields have remained low and stable, supported by steady inflows from the household and corporate sectors, high domestic ownership of JGBs, and safe-haven flows from heightened sovereign risks in Europe. Over time, however, the...

Tonga’s growth is likely to be low in the near term as remittances remain constrained by global economic conditions. The staff report for Tonga’s 2009 Article IV Consultation highlights economic developments and policies. The reconstruction of the central business district and...

This 2008 Article IV Consultation highlights that Burundi is emerging slowly from more than a decade of civil conflict. GDP per capita is about US$139, and only 18 percent of the population is food secure. Economic growth slowed down while inflation increased in 2007. External developments were...

This 2011 Article IV Consultation reports that Malaysia’s economy is vulnerable to a prolonged downturn in advanced economies or a sharp escalation in global financial stress. Weaker exports and terms of trade would spillover into domestic demand. Financial spillovers could include a...

This Selected Issues paper evaluates the size of fiscal multipliers in Korea using the IMF’s Global Integrated Monetary and Fiscal model calibrated for Korea. The sensitivity of the results to a number of key factors is explored. Based on this, the impact of the recent fiscal stimulus...

The 2008-09 global economic crises have shown that no country is immune to external challenges. When policy controls are missing or not used efficiently, crises can reverse progress even in advanced economies. This unexpected outcome has increased concerns about the ability of governments in...

This 2005 Article IV Consultation highlights that economic activity in Austria gathered speed in 2004, supported mostly by strong export performance. Growth of real GDP rose to 2.2 percent in 2004. Consumption growth was modest, in view of small gains in employment and nominal wage growth barely...