This report is focused on the impact of the financial crisis on the Austrian economy and the financial sector, the authorities’ policy responses, and macrofinancial linkages and spillovers. The financial sector has been expanding rapidly, mostly outside Austria. This has brought...

This paper analyzes Burundi’s Third Review Under the Extended Credit Facility Arrangement and Request for Modification of Performance Criteria. Policy discussions in the program focus on measures to strengthen fiscal performance, which have been reflected in a revised 2013 budget,...

Macroeconomic performance has been relatively strong, and the large fiscal adjustment and the VAT reform represent significant progress in strengthening the fiscal position. Progress with reforms sets the stage for resolving longstanding economic problems. Tax collections have grown strongly....

Spain’s 2007 Article IV Consultation underlies that immediate growth prospects are bright and the central scenario is for a smooth landing but with appreciable downside risks. The Spanish economy enjoyed another year of remarkable growth in 2006, further extending its prolonged expansion....

The article reviews Mauritius’ developments and its macroeconomic policies for the imminent years. Growth has been flexible in these years but the postglobal crisis period did not show any remarkable developments. The country was heavily dependent on European exports and vulnerable to...

This 2008 Article IV Consultation discusses that real GDP growth in Namibia is expected to moderate to about 3 percent in 2008 from 4.1 percent in 2007, reflecting a downturn in the mining sector owing to the global economic slowdown. Executive Directors have commended the authorities’...

Tajikistan’s growth potential is constrained by government interference in markets, and poor energy and transport infrastructure. The report focuses on Tajikistan’s combined 2009 Article IV Consultation, final review under the Staff-Monitored Program, and request for a Three-Year...

Cameroon showed incipient signs of recovery from the global financial crisis. Although growth performance remained constrained under the Poverty Reduction Growth Facility (PRGF), tax and customs administrations were strengthened, macroeconomic stability was preserved, and debt relief under the...

This Selected Issues Paper assesses Macedonia’s public debt markets and presents recommendations for their further development. Macedonia’s domestic debt market is in the early stages of development and is small by regional standards. The paper also analyzes the main causes of...

Iceland’s 2008 Article IV Consultation shows that the long expansion is coming to an end, exposing the economy’s overstretched private sector balance sheets, large macroeconomic imbalances, and high dependence on foreign financing. With external liquidity constraints binding,...