The Bahamas showed strong performance owing to its prudent macroeconomic management. Executive Directors welcomed this step, and emphasized the need to strengthen fiscal and international reserve positions, and diversify the economic base to maintain confidence and reduce economic...

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...

Madagascar showed satisfactory performance under the Poverty Reduction and Growth Facility (PRGF) program. Executive Directors agreed that the crisis has undermined the timely achievement of the program, requiring the government to redouble its efforts. They welcomed the 2003 budget and stressed...

This 2003 Article IV Consultation highlights that Samoa’s GDP growth slowed to 1.9 percent in 2001/02. This slowdown reflected mainly a steep decline in agriculture and a sharp contraction in construction activity. Although underlying inflation has remained low, headline inflation accelerated...

This 2002 Article IV Consultation for the Islamic Republic of Iran states that the overall macroeconomic developments in 2001/02 were marked by sustained economic activity in the non-oil sector, improved fiscal and external positions, and declining inflation trends. Against a background of...

Georgia's medium-term economic goals are to reestablish fiscal and external sustainability and reduce poverty. The conduct of monetary policy has remained sound. Fiscal consolidation has been supported by important measures to strengthen public expenditure management and improve fiscal...

Benin’s economic and financial performance under the first-year program supported by the poverty reduction and growth facility was satisfactory. The resumption of structural reform implementation is essential for the authorities to improve resource allocation and meet their objective of...

The government embarked on a reform program in early 1999 to revive the momentum and policy measures that had been interrupted in 1997 and 1998 owing to the regional financial crisis and internal political turmoil. Monetary and exchange rate policies in 1999 were also supportive of improved...

This 2008 Article IV Consultation discusses that Bulgaria has been hit by the global financial crisis, with clear signs that the country’s capital inflows-driven boom has come to an end and that the real economy is slowing down. Executive Directors have commended the Bulgarian authorities for...

The United Arab Emirates (UAE) was adversely affected by a series of external and domestic shocks in 2009, including the global economic slowdown, the shutdown of international capital markets, and the impact of the bursting Dubai property bubble in mid-2008. Oil receipts plummeted, global trade...