This 2011 Article IV Consultation highlights that the Gambian economy has performed well in recent years, despite a difficult global environment. The external current account deficit has widened in recent years, owing to weak tourism receipts and remittances and high global commodity prices....

Serbia has undergone a significant transformation, going from post-conflict devastation to being a legitimate aspirant to EU accession status. An IMF-supported program helped the country navigate the global financial crisis, and recovery is in train. Economic institutions have improved, in...

This paper discusses key findings of the financial sector stability assessment for Romania. The assessment reveals that in recent years, Romania’s financial sector regulatory authorities have made significant progress in adopting international best practices, including through...

After several years of transition, major weaknesses in the banking and enterprise sectors remain the root cause of low growth. A large share of nonperforming assets in the portfolio of large banks, stemming from losses in the enterprise sector, has been a key impediment to financial sector...

In just over a decade after independence, the three Baltic countries, Estonia, Latvia, and Lithuania, have transformed themselves into fully functioning, small open-market economies that will be joining the European Union. Capital Markets and Financial Intermediation in The Baltics analyzes the...

This paper reviews economic developments in the Republic of Belarus during 1994–96. After several years of efforts at structural reform and stabilization during which little progress was made, following presidential elections in mid-1994, the authorities adopted a wide-ranging adjustment...

Belize’s economy is projected to decelerate in 2009 owing to the global downturn. Real GDP growth is projected at 1 percent, reflecting the impact of declining tourism, remittances, and foreign direct investment inflows. Executive Directors have welcomed the broadly favorable economic...

This 2009 Article IV Consultation highlights that Tunisia has weathered the impact of the current crisis relatively well. Real GDP growth slowed down from an average of 4.6 percent in 2008 to 0.5 percent in the first quarter of 2009, reflecting mainly a fall in exports of manufactured goods to...

New Zealand has experienced a decade-long robust economic expansion, owing to its sound macroeconomic policies and structural reforms, but resource constraints have emerged. Executive Directors welcomed the policy settings, supported by the anticipated evolution of external and global...