This 2014 Article IV Consultation highlights that the Danish economy is recovering slowly and unevenly. The economy contracted slightly in 2013, but it looks likely to accelerate modestly in 2014. Growth is held down by a trend decline in North Sea oil and gas production as well as exports to...

The staff report for the 2007 Article IV Consultation on Bhutan explains the macroeconomic setting, economic developments, outlooks, risks, and challenges. Bhutan’s economic prospects are bright. Construction of two hydropower projects will help sustain real GDP growth over the medium...

This 2009 Article IV Consultation highlights that following a period of rapid growth, economic activity in the Slovak Republic tumbled in the first half of 2009 as a result of the global crisis. Slovakia’s banks have so far withstood the global crisis relatively well. Executive Directors...

Cameroonian monetary developments in the first half of 2007 continued to be driven by high oil prices while inflation declined. Fiscal performance in the first half of 2007 was broadly satisfactory, although concerns about investment execution remain. Performance under the Poverty Reduction and...

This 2007 Article IV Consultation highlights that the Chilean economy is enjoying a broad-based upswing, fueled by a strong global environment and buoyant domestic demand. Underpinned by supportive fiscal and monetary policies, GDP growth is expected to reach 5¾ percent in 2007, above the...

This Article IV Consultation reports that Malta’s economy continues to perform well amidst considerable turbulence in the euro area. While spillovers have remained contained to date, Malta’s large financial sector and highly open economy heighten contagion and financial stability...

This paper discusses the request from Gambian authorities for a three-year arrangement under the extended credit facility (ECF). The Gambian economy performed well during the previous IMF arrangement, which expired at the end of March 2011; however, there were slippages under the program. The...

This paper discusses key findings of the Sixth Review under the Policy Support Instrument (PSI) for Cape Verde. Policy implementation under the PSI-supported program continues to be strong; all PSIs quantitative targets except for one at end-December 2008 were met. In 2009, real GDP growth is...

The Russian economy has improved after the recession, but recovery is fragile. Executive Directors appreciated the pre-crisis policy of taxing and saving oil revenues in a stabilization fund, which had created significant space for fiscal expansion, monetary easing, and extraordinary liquidity...

This Selected Issues paper analyzes euro area policies and discusses the implications of the 2007–08 financial sector turbulence for real economic activity. It examines the linkages between the financial and real sectors in the euro area. The paper discusses the European Central...