Korea’s rapid recovery from the global downturn has transitioned into a full-fledged expansion. Policies to strengthen the resilience of the economy and pave the way for sustained and equitable growth is required. Greater two-way flexibility of the exchange rate is needed to support the...

This paper discusses key findings of the Third Review for Peru and Inflation Consultation Under the Stand-By Arrangement. All performance criteria for end-December 2007 and end-March 2008 were observed, but inflation in March exceeded the upper limit of the program’s consultation band...

Armenia’s economy continues to perform strongly. Prudent fiscal and monetary policies and ongoing structural reforms have contributed to double-digit growth in a low-inflation environment, a continued reduction in poverty, and a notable improvement in tax performance. The Poverty...

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...

India’s economy has slowed substantially before and after the global financial crisis. The economy is in a weaker position than before the crisis. With investment particularly hard-hit, potential GDP is likely to be lower than estimated. Inflation is constraining the room for monetary...

Although Turkey’s economic performance has been strong, growing external imbalances exposed the country to a reversal of sentiment. In the wake of recent market turbulence, the authorities have recommitted to strong policies and stepped up program implementation. The authorities’...

This paper discusses key findings of the Fourth Review Under the Stand-By Arrangement for Hungary. All end-September 2009 quantitative performance criteria, the continuous performance criterion on nonaccumulation of external arrears, the indicative target on central government debt, as well as...

Significant progress has been made in Haiti to safeguard macroeconomic stability after the January 2010 earthquake. However, the pace of the reconstruction has been slow and the business environment remains unattractive. Further development and strengthening social safety nets are essential. The...

This paper discusses Haiti’s Sixth Review Under the Extended Credit Facility Arrangement, and Request for Extension of the Arrangement and Rephasing of Disbursements. Growth continued to be modest, due largely to long-standing frail capacity, weather-related shocks, and structural...

The economy has performed strongly. The government has lowered the target for the combined public sector deficit. The prospects for sustained growth over the medium term are favorable, in view of the robust growth in nonresidential investment and exports. Fiscal policy will remain on a...