Domestic demand is expected to remain the engine of growth in France, with net exports playing a minor role in the near term. Risks to the outlook are tilted to the downside. Boosting potential growth requires a comprehensive strategy. The consolidation targets set out in France’s...

The Sixth and Seventh Reviews under the three-year arrangement of the Extended Credit Facility observed that te Ghanaian economy performed well in 2011, but risks to macroeconomic stability have risen recently. Even though debt management capacity and policies have been strengthened, progress...

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...

El Salvador’s 2008 Article IV Consultation examines the country's economic developments and policies. In 2007, the fiscal position improved, the public debt-to-GDP ratio declined, and economic growth reached its highest level in a decade. The rise in global commodity prices has also...

This 2014 Article IV Consultation highlights that the Dutch economy continues to improve, supported by exports, rising housing prices, and improving sentiment. Exports are rising on expanding global trade, but consumption remains sluggish as indebted households continue to save. The external...

The Welfare Improvement Strategy (WIS) of Uzbekistan has the objective of improving living standards of its people with the help of strong economic policies for all priority areas of development. The report reviews economic and social policies and assesses the living standards of its people. It...

Spain showed strong growth performance marked by robust job creation and a solid fiscal position. Executive Directors supported the National Reform Program (NRP), which focuses on improving productivity, market flexibility, and competitiveness. They commended the appreciable fiscal surplus,...

Since the intervention of the Regional Assistance Mission to the Solomon Islands, growth has rebounded, and financial stability has been maintained. Fiscal discipline should be sustained, and a medium-term strategy developed taking into account looming pressures. The central bank’s...

This 2009 Article IV Consultation highlights that the banking system of the Russian Federation is under increasing strain, and private sector credit is contracting. The authorities’ response to the crisis has been swift and substantial, driven by concerns that weaknesses in the banking...