KEY ISSUES Context: Over the past year, Mexico has maintained macroeconomic stability and has made significant progress in advancing growth-oriented structural reforms. The country’s close ties with the global economy, while a source of strength, heighten the economy’s exposure to external...

The West African Economic and Monetary Union (WAEMU), like other monetary unions, faces a number of challenges in dealing with macroeconomic shocks. The region experiences a large number of exogenous shocks: climate-related (e.g., droughts, floods), with a heavy toll on populations and...

KEY ISSUES Context. Growth recovered and inflation declined sharply in 2013. Leverage has risen, with real estate a major beneficiary, but providing only a muted growth impulse. Intensive use of macroprudential measures recently stabilized house prices, which had grown rapidly. The financial...

Structural budget-balance rules with countercyclical elements appear well suited to stabilize the macroeconomic volatility of oil-exporting countries and have been used successfully by other commodity exporters. Using a global DSGE model, the efficient design of such rules is found to depend on...

KEY ISSUES Context. Brazil is recovering gradually from the growth slowdown that started in mid- 2011, but the recovery remains uneven and inflation elevated. Output is estimated at potential with supply-side constraints, linked to tight labor market conditions and protracted weak investment...

The economy is reviving. Output is poised for a modest recovery in 2013 after again registering disappointing growth in 2012. Maintenance-related outages will continue to hamper the energy sector, but the non-energy sector should grow around 21⁄2 percent. Core inflation remains moderate and...

In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country

In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country

The economic model of Belarus is increasingly untenable, resulting in poor policy outcomes. Strong and predictable macroeconomic policies are essential to promote stability. A further reduction in directed and subsidized lending operations is needed. The National Bank of the Republic of Belarus...

The government has continued to pursue an unconventional strategy for economic recovery. Despite improved market sentiment which has eased financing constraints, the economic outlook remains difficult and large external and public financing needs leave Hungary exposed to risks. Maintaining...