This paper discusses key findings of the Fifth Review Under the Extended Credit Facility (ECF) for Grenada. Four of the six quantitative performance criteria for end-November 2009 were met. The primary balance, excluding the grants target, was missed by 3.3 percent of GDP owing to...

Economic activity in Tajikistan continues to recover from the global crisis, but a range of vulnerabilities remain. Real GDP grew at an estimated 7.5 percent through the first nine months of 2011. The political environment appears broadly stable, but there are underlying tensions. The worst of...

The First Review Under the Three-Year Arrangement under the Poverty Reduction and Growth Facility of the Republic of Moldova analyzes macroeconomic and structural policy measures to support the adjustment and promote growth. Moldova is facing serious external shocks that will have long-lasting...

This staff report for Cambodia’s 2008 Article IV Consultation describes economic developments and policies. Growth is slowing, liquidity is tightening, and, as a result, banks’ balance sheets are coming under strain. Competitiveness has eroded given the recent sharp real...

This 2009 Article IV Consultation underlies that following a decade of high economic growth and significant poverty reduction, Cambodia’s economy has been hard hit by the global crisis. Real GDP is contracting as key sectors falter—export and tourism receipts have fallen off...

OPEC’s stated mission is to promote the economic development and growth of its member states while minimizing volatility in the oil markets. But after a promising beginning many member states’ economies have declined rather than prospered—a clear indication of OPEC’s failure to meet...

In recent years there has been a resurgence of interest in the impact of institutions on economic growth and development. Governance, both at the economy-wide and firm-specific level, has emerged as one of the central aspects of institutional structure and design. The paper argues that the...