This 2023 Article IV Consultation with Switzerland discusses that growth slowed in 2022, while inflation became a new challenge after a decade of ultra-low or negative inflation. Growth is expected to slow further in 2023-driven by the weak global outlook, tighter monetary policy, and cooling of...

This Selected Issues paper discusses the causes and implications of elevated inflation in Cyprus and describes recent inflation trends. The paper also analyses drivers of inflation in with an augmented Phillips Curve and investigates how wages adjust to inflation. Estimating a pass-through from...

This 2023 Article IV Consultation discusses that Cyprus's economy has been resilient to the fallout from Russia's invasion of Ukraine. The outlook is uncertain with risks from an escalation of the war and a possible recession in Europe. Should inflation expectations rise further and the...

This Selected Issues paper focuses on balancing decarbonization with energy security in Poland. The paper describes the evolution and challenges related to the energy security situation and greenhouse gas (GHG) emissions in Poland over the last decades in the context of EU climate agenda. It...

This 2023 Article IV Consultation analyses that the Polish economy has slowed significantly amid still-high inflation. The Polish economy in 2022 faced energy and food price shocks, which exacerbated inflationary pressures and slowed economic growth. With Russia's war in Ukraine, the authorities...

This Selected Issues paper summarizes the recent literature on the effects of automatic indexation of wages on the economy, including specifically in Luxembourg. It discusses potential pitfalls of the current system and explores some policy options to tackle them and make the system more...

This 2023 Article IV Consultation highlights that Luxembourg has shown resilience in the aftermath of the war in Ukraine and accelerated tightening of global financial conditions, partly helped by fiscal support. Although costly, the measures have helped temporarily keeping inflation below the...

This Selected Issues paper focuses determinants, risks, and expectations to study inflation in Guatemala. It analyses: (1) quantify the role of external and domestic factors on the dynamics of inflation in Guatemala. It identifies imported factors driving inflation dynamics and estimates their...

This 2023 Article IV Consultation highlights that Guatemala's solid record of accomplishment of prudent macroeconomic policies and large remittance inflows provided the country with large buffers to weather a challenging global environment and tightened global financial conditions. Inflationary...

This paper presents the Republic of Moldova's Third Reviews under the Extended Credit Facility and the Extended Fund Facility Arrangements, and Request for a Waiver for Nonobservance of Performance Criterion. As the outlook is subject to high uncertainty, near-term priorities should remain...