The current high Southern African Customs Unions revenues should be used to implement fiscal measures to secure fiscal sustainability and support economic growth. The government should formulate a financial sector strategy that addresses Swaziland’s twin challenges of enhancing financial...

This 2006 Article IV Consultation highlights that Swaziland’s economic performance has remained weak with growth averaging only 2 percent since 2000, owing to a substantial real appreciation of the lilangeni during 2002–04, erosion of trade preferences, recurrent drought, and stagnant...

Economic growth in Swaziland has weakened over the past decade. This 2005 Article IV Consultation highlights that real GDP growth decelerated to 2.1 percent in 2004 and an estimated 1.8 percent in 2005. A prolonged drought affected agricultural output, particularly maize, the main staple crop,...

This Selected Issues paper describes recent economic developments in Swaziland and discusses some of the key issues that have a bearing on the economic outlook and policy debate. The paper examines developments with regard to output and inflation, fiscal policy, monetary policy and financial...

This 2002 Article IV Consultation highlights that real GDP growth for Swaziland fell from 73⁄4 percent annually during the 1980s to 33⁄4 percent during the 1990s. In 2001, growth declined further to 1.8 percent, reflecting a fall in export demand associated with the economic slowdown in...

In Swaziland, government tax revenue has remained broadly stable over the past decade at a level slightly below 30 percent of gross domestic product. The sources of tax revenue are heavily concentrated, with customs receipts based on a revenue-sharing arrangement under the Southern African...

This book describes the reforms needed to move small middle-income countries in sub-Saharan Africa to advanced-economy status. The result of intense discussions with public officials in the countries covered, the book blends rigorous theory, econometrics, and practitioners' insights to come up...

This 2015 Article IV Consultation highlights that Swaziland's growth has been recovering since the 2010-11 fiscal crisis, albeit at a slower pace recently. Growth recovery following the fiscal crisis was broadly supported by the manufacturing and service sectors. In 2015, however, growth is...

This Selected Issues paper assesses Swaziland's export diversification and quality. Swaziland's export structure has experienced sizable changes over the past 15 years. The share of textile exports has halved, and the expiration of trade benefits under Africa Growth Opportunity Act (AGOA)...

Swaziland has faced a significant fiscal crisis since 2010, in the wake of loss of transfers from the Southern African Customs Union (SACU). The fiscal crisis has led to increasing vulnerabilities, not only of public finances but also on commercial banks and the private sector. This paper...