This Selected Issues paper reviews inflation in Portugal, recent trends, drivers and risks. While below average euro area (EA) levels, inflation has been strongly correlated with the rest of the EA. Inflation picked up slowly in 2022H1, reflecting delayed pass through from international...

This 2023 Article IV Consultation with Portugal discusses that the economy sustained its dynamic recovery from the pandemic into 2022. Growth is projected to soften for the rest of the year to average 2.6 percent in 2023 and 1.8 percent in 2024. Inflation is expected to continue to ease over...

This 2023 Article IV Consultation discusses that Israel's impressive economic performance continued in 2022. Economic activity is expected to decelerate in 2023, and thereafter converge toward its potential. IMF staff projects economic growth to slow to about 2.5 percent in 2023, as households'...

This paper presents Republic of Kosovo's Request for Stand-By Arrangement (SBA) and an Arrangement under the Resilience and Sustainability Facility (RSF). The SBA is expected to be precautionary and will provide liquidity in case downside risks materialize, including from Russia's war in...

This Selected Issues paper on Switzerland focuses on assessing Swiss National Bank (SNB) balance sheet changes in 2022. This paper clarifies the main underlying drivers, discusses potential implications, or lack thereof, on monetary and fiscal policies, and assesses the SNB's financial...

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...