Sound monetary and fiscal policies have contributed to making the current U.S. economic expansion the longest on record. Executive Directors welcomed these developments, and congratulated the U.S. authorities on the adoption of the Gramm-Leach-Bliley Act, which represents a much needed overhaul...

The United Kingdom showed impressive economic performance and low inflation owing to its strong policy frameworks. Executive Directors commended this development, and stressed the need to tighten fiscal and monetary stances, and accelerate structural reforms. They appreciated the steps to...

Afghanistan has made substantial progress toward macroeconomic stability, but structural reforms need to be accelerated. The uncertainty affecting the fiscal outlook warrants a prudent expenditure policy. Monetary policy has been instrumental in reducing inflation and safeguarding external...

This 2007 Article IV Consultation highlights that Malta’s economic recovery is gaining traction, owing in large part to cyclical strength and some structural change. A public investment boom, financed largely by grants from the European Union, reignited growth in 2005. A modest recovery in...

The staff report for the 2006 Article IV Consultation on Antigua and Barbuda highlights the economic backdrop and outlook for restoring sound public finances. The government of Antigua and Barbuda has adopted an ambitious reform program in its endeavor to pull the economy from decades of fiscal...

The macroeconomic stability of Sri Lanka is analyzed. Reflecting high domestic inflation relative to trading partners, the real effective exchange rate appreciated by 2 percent. Infrastructure development is a central element of the government’s medium-term development strategy. Further...

The three-point VAT increase is part of a package in which unemployment payroll taxes will be reduced. Risks to the recovery are balanced but the range of forecasts for 2007 is unusually wide. The priority for Germany is to transmit its external strength to the domestic economy, thus further...

Lesotho is a small, landlocked, low-income country, with limited natural resources and a narrow production and export base. In recent Article IV consultations, IMF staff has emphasized the importance of ensuring that increases in outlays for poverty reduction are consistent with fiscal...

The World Economic Outlook, published twice a year in English, French, Spanish, and Arabic, presents IMF staff economists' analyses of global economic developments during the near and medium term. Chapters give an overview of the world economy; consider issues affecting industrial countries,...

Propelled by large terms-of-trade gains, GDP growth has accelerated and is running close to potential. The demand pressures associated with the large terms-of-trade gains are reflected in a fast real appreciation of the ruble, although more of this has come through nominal appreciation during...