This 2013 Article IV Consultation highlights Nigeria’s poverty and income inequality that remain high and social and governance indicators that are below averages for sub-Saharan Africa. Growth is expected to remain strong, driven by agriculture, trade, and services. Inflation should...

This staff report on United Kingdom’s (UK) 2013 Article IV Consultation highlights economic policies and development. The UK economy grew by about ¼ percent in 2012. Net trade reduced growth by 0.6 percentage points of GDP, the biggest drag since 2005, and well above staff projections....

The major risk factors faced by the Isle of Man (IOM), which have been given prominence by the global financial crisis, relate to large exposures toward parent banks. The recent global financial markets turmoil has had a significant impact on the Manx financial system. The paper also presents a...

On the eve of the global financial crisis, the Turkish economy had just concluded a six-year growth surge, spurred by policy reforms and favorable external and domestic conditions. Turkish GDP was hit hard by the onset of the global financial crisis, but quickly retraced its losses. The...

The Joint Staff Note (JNS) reports that Welfare Improvement Strategy (WIS) showed a commendable effort under the Poverty Reduction Strategy Paper (PRSP) in Uzbekistan. They stressed that implementation capacity within the government would have to be strengthened. Executive Directors agreed that...

All end-June performance criteria and indicative targets under the ECF arrangement were met, and all structural benchmarks were completed, albeit with minor delays. However, there was a nonobservance of the continuous performance criterion on the ceiling on new nonconcessional external debt in...

This paper focuses on Madagascar’s Request for Disbursement Under the Rapid Credit Facility (RCF). The Malagasy authorities managed to avert a macroeconomic crisis during a difficult period of political transition and economic uncertainty since 2009. However, these disruptions have...

Focus. The 2014 Article IV Consultation focused on five broad themes to strengthen the recovery and improve the long-term outlook: raising productivity growth and labor force participation, confronting poverty, keeping public debt on a sustained downward path, smoothly managing the exit from...

KEY ISSUES Context. Over the past decade, Afghanistan has made enormous progress in reconstruction, development and lifting per capita income. Security and political uncertainties, and weak institutions have constrained growth and weighed on social outcomes. With significant reform efforts and...

This paper discusses Iceland’s Fourth Post-Program Monitoring Discussions. Iceland’s economy has grown strongly on the back of booming tourism. Real GDP grew 3.3 percent in 2013, despite a drop in investment spending. Net exports were the primary driver. High frequency indicators...