This paper discusses key findings of the Second Review Under the Policy Support Instrument for Nigeria. All assessment criteria through end-September were met except for one civil service-related measure. Remedial measures have prevented the civil service reform program from being compromised....

The Slovak Republic’s 2005 Article IV Consultation reports that sound macroeconomic management and a wide range of fundamental structural reforms are supporting nominal convergence with European Union norms. Real GDP growth accelerated to 6 percent in 2005, driven by an improvement in the...

This paper reviews the Central African Republic’s three-year arrangement under the poverty reduction and growth facility. Concerns about the social impact of higher fuel prices have delayed implementation of an automatic pricing formula and caused serious fiscal losses. The new financing...

Strong economic fundamentals helped Panama contain the adverse impact of the global economic downturn and financial turmoil. The 2009 Article IV Consultation highlights that real GDP of Panama in 2008 grew by 9.2 percent. Panama’s large banking system has weathered the global financial...

Mexico’s policy stance has focused on balancing domestic and external conditions, supporting the recovery while rebuilding policy buffers through fiscal consolidation and reserve buildup. Growth has remained resilient during the first half of 2011 and is expected to continue into 2012,...

The economic slowdown as a result of the global crisis has been severe, and the recovery has not yet taken hold. Despite ample buffers, including large fiscal space and strong international reserves, the policy response to the crisis has been constrained. Inflation has resurfaced as a concern...

This 2013 Article IV Consultation highlights that the Turkish economy achieved a welcome reduction of imbalances in 2012. In 2013, growth has accelerated significantly on the back of a monetary and fiscal policy stimulus. The economy is projected to expand by 3.8 percent this year, with private...

This paper discusses key findings of the Fifth Review Under the Policy Support Instrument for Mozambique, and findings of the First Review Under the Exogenous Shocks Facility. The country’s track record of prudent policies has provided ample space for easing macroeconomic policies in...

This 2011 Article IV Consultation reports that the Philippines is being affected along with other countries in the region by the fragile global environment. The key challenge is to navigate through the period of global uncertainty to maintain macroeconomic stability while building the...

Significant progress has been made in macroeconomic stabilization under two successive SBAs but the economic recovery remains fragile. Growth is expected to remain subdued in the near term and to only gradually recover over the medium term, with risks to the outlook mostly on the downside. With...