This 2005 Article IV Consultation highlights that economic growth in Morocco has been volatile and insufficient to significantly reduce poverty and unemployment. Growth averaged 3 percent over the last decade. It has been volatile because of the dependency of agriculture on rainfalls. In 2004,...

The staff report for the Second Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility highlights economic developments and fiscal policy. The political transition process has advanced significantly in 2005, and further progress has been made in securing peace....

This paper examines Tanzania’s 2004 Article IV Consultation and Second Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility. Tanzania has continued to maintain macroeconomic stability and to make substantial progress in structural reform. Real GDP growth has...

This 2009 Article IV Consultation highlights that Bhutan’s fiscal policy has been anchored by keeping current spending below domestic revenue. Bhutan’s large and volatile trade deficits have been offset by sizable foreign aid flows, resulting in a balance of payments (BOP) surplus and...

This 2009 Article IV Consultation highlights that the fiscal deficit in Georgia widened markedly in 2008. The composition of spending improved from high defense and election outlays in the first half of the year to infrastructure and social spending in the second half. Executive Directors have...

After several years of strong growth, the New Zealand economy entered a recession in early 2008. The 2009 Article IV Consultation highlights that the near-term outlook for New Zealand is weak. Executive Directors have noted that the significant fiscal stimulus under way will help cushion the...

India’s financial system compares favorably internationally, but rising credit risk and liquidity pressures are putting it under strain. The staff report for India’s 2008 Article IV Consultation discusses economic developments and policies. The authorities have already taken numerous welcome...

The 2006 Article IV consultation underlies policy issues, including fiscal policy, monetary policy, and structural issues of the Republic of Croatia. Although bank restructuring and privatization have strengthened the financial sector, strong credit expansion and foreign exchange-induced credit...

This 2007 Article IV Consultation highlights that Vietnam has recorded continued strong economic performance since the conclusion of the last Article IV Consultation. GDP growth rose to 8.2 percent in 2006, with non-oil exports remaining an important engine of growth. Private investment has also...

KEY ISSUES Context. Macroeconomic and financial stability has been maintained despite the difficult environment globally—especially in neighboring Greece—and recent domestic discord, but growth remains tepid and unemployment high. Ambitious (and politically challenging) reforms are needed to...