This Occasional Paper provides an overview of the main challenges facing Hong Kong SAR as it continues to become more closely integrated with the mainland of China. Section I provides an overview of recent macroeconomic developments and the main policy issues in Hong Kong SAR. Section II...

This paper on the Baltic countries analyzes medium-term fiscal issues related to European Union (EU) and NATO accession. The paper supports the Baltic authorities’ intention to aim at balancing their budgets over the economic cycle. The paper describes the Baltics’ current fiscal...

The economic restructuring and expansion after the crisis reflected a combination of private sector initiative, solid macroeconomic management, including the shift from large deficits to significant surpluses of the general government, and structural reforms. High unemployment is one indication...

Sao Tome and Principe stands at the threshold of the oil era. The government’s objective of stabilizing the non-oil primary fiscal deficit over the medium term is appropriate. Executive Directors support the government’s approach to monetary policy, which is consistent with the...

Austria’s 2004 Article IV Consultation reports that the economy has continued to perform relatively well, unemployment is among the lowest in the European Union, and competitiveness remains strong. Also, a gradual recovery is under way and short-term economic prospects are positive,...

Over the past decade, Ireland has experienced a sustained expansion in output and employment that has raised its per capita income above the ED average. The decline in interest rates, and increasing financial sector competition, rapidly rising disposable income, and high rates of household...

The staff report for the 2004 Article IV Consultation on Denmark focuses on economic developments and policies. Labor market reforms led to a sustained increase in structural employment, while careful fiscal policy in the context of a clear medium-term sustainability strategy delivered budget...

The Austrian economy performed well, but long-term problems were unaddressed. Austria has weathered the slump well. The government's economic policy priorities and recent achievements have been commendable. Tax reform will help improve the economy's long-term growth potential. Successful reform...

Following several years of expansion, the Dutch economy is in its third year of weak growth. Executive Directors commended the authorities on prudent economic policy, and advised for fiscal consolidation in view of population aging. They welcomed the multiyear fiscal framework, and underscored...