This Selected Issues paper investigates the macroeconomic impact of the Syria crisis on Jordan. It is indicated that the crisis: (1) had an overall negative impact on measured output growth-although anecdotal evidence suggests possibly a positive impact on output in the informal sector; (2)...

KEY ISSUES Context Economic activity accelerated in 2013 as oil output stabilized while non-oil growth continued at close to 10 percent. Inflation remained low and the external position strengthened further. President Aliyev won a third term in the October election. Favorable economic prospects...

This Selected Issues paper uses a bank-level panel dataset to investigate the determinants of bank interest spreads in Azerbaijan over 2002-2013. The dealership model of Ho and Saunders is applied, supplemented by market structure and macroeconomic environment variables, to assess the extent to...

KEY ISSUES Context: Solid growth in recent years, supported by high oil prices and output, has boosted living standards. This year, the economy is slowing down, in large part because of weaker domestic and external demand, and regional tensions. Inflation is expected to accelerate temporarily...

This Selected Issues paper analyzes whether Kazakhstan has made progress in achieving a more equal income distribution, lower poverty, and a higher level of employment. Given the overarching structural challenges for Kazakhstan, the authorities are stepping up efforts to implement various...

KEY ISSUES Context: The economy is being severely tested by the Syria crisis. The refugee influx has reached one quarter of the population, fueling already high unemployment and poverty. The political impasse from the presidential elections—following months of negotiations over a new...

This Selected Issues paper analyzes the various transmission channels of the Syrian crisis-though quantification is hampered by the lack of reliable data-with focus on the impact on fiscal performance and labor markets; it also takes stock of international donor efforts to date. The paper also...

This paper discusses Kyrgyz Republic’s Sixth Review Under the Three-Year Arrangement Under the Extended Credit Facility. Following exceptionally strong performance in 2013, growth is moderating to a more sustainable pace. The program is broadly on track, with all end-December 2013 quantitative...

EXECUTIVE SUMMARY Context: Sudan is a fragile state mired in a heavy debt burden, international sanctions, and volatile domestic and regional political environments. These problems, together with limited revenue mobilization, are constraining Sudan’s growth prospects and poverty reduction...

KEY ISSUES Inflation subsided in 2013 but preexisting and emerging macro-financial vulnerabilities need to be tackled. After reaching a 15-year high in 2012, inflation is coming back within the central bank’s target thanks to tighter monetary policy and fiscal consolidation. However, a recent...