This paper focuses on Moldova’s 2014 Article IV Consultation and First Post-Program Monitoring Discussions. Moldova largely achieved the main objectives of the economic program supported by a combined Extended Credit Facility/Extended Fund Facility (ECF/EFF). The country’s economic...

The economy is steadily recovering from a substantial slowdown in 2012–13, helped by improving conditions in main trading partners and a rebound in job creation and household consumption. Financial markets and the zloty have stayed relatively stable amidst renewed global financial market...

This 2014 Article IV Consultation highlights that the Russian Federation’s growth slowdown that began in 2011, reflecting structural constraints, continued in 2013 despite accommodative policies. Real GDP growth slowed to 1.3 percent owing to a contraction in investment while consumption...

This Selected Issues paper estimates potential output and the output gap in Russia. Estimating potential output in Russia is difficult because its economy is large and complex, in transition, and dependent on oil. First, Russia presents large territorial and sectoral heterogeneity. Second,...

This Selected Issues paper reviews business investment patterns in France during the crisis. The main motivation is to explore whether investment has recently evolved in line with established determinants or displayed somewhat unconventional dynamics. This paper addresses three distinct...

KEY ISSUES Context: Weak external demand and inconsistent macroeconomic policies have contributed to a prolonged economic recession. A combination of an effectively pegged exchange rate, loose fiscal policy, and sizable quasi-fiscal losses in the energy sector has pushed the fiscal and external...

This paper discusses Ukraine's Ex Post Evaluation of Exceptional Access Under the 2010 Stand-By Arrangement. For the most part, the 2010 program was appropriately designed given the ambitious agenda it had set out to accomplish. The macroeconomic strategy and program design correctly addressed...

KEY ISSUES Context. The economy is recovering gradually, helped by supportive macroeconomic policies, favorable external conditions, and improved market confidence. This, together with a welcome reduction in vulnerabilities, supported Hungary’s financial stability during bouts of volatility in...

KEY ISSUES The Irish economy is in the early stages of recovering from an exceptionally severe banking crisis. Following a smooth exit from the EU-IMF supported program, strong job creation and other indicators suggest Ireland’s economic recovery is broadening. Together with other European...

This paper discusses findings of Fourth Progress Report on Spain’s financial sector reform. Implementation of Spain’s financial sector program remains on track. Essentially all measures specified in the program have now been implemented, as envisaged under its front-loaded timetable....