Download or read book Germany written by and published by . This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Germany 2021 Article IV Consultation Press Release Staff Report and Statement by the Executive Director for Germany written by International Monetary and published by International Monetary Fund. This book was released on 2021-07-15 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt: Germany’s economy contracted by just under 5 percent in 2020, outperforming most European peers. But renewed waves of infections and associated lockdowns caused economic activity to plunge again in the first quarter of this year. While the pace of mass vaccination has picked up and the economy has started to reopen, the recovery path is beset with risks, particularly with respect to the progress of the pandemic and supply shortages in major industries. The authorities have maintained appropriately accommodative fiscal and financial policies, and most measures supporting households and firms have been extended through 2021.
Download or read book Italy 2021 Article IV Consultation Press Release Staff Report and Statement by the Executive Director for Italy written by International Monetary and published by International Monetary Fund. This book was released on 2021-06-02 with total page 83 pages. Available in PDF, EPUB and Kindle. Book excerpt: The pandemic dealt a severe blow to the Italian people and their economy. GDP fell by nearly 9 percent in 2020, with much larger drops for contact-intensive services. Public and corporate debt increased strongly and preexisting vulnerabilities have likely worsened. The government is prioritizing resolving the health emergency and transforming the economy to lift productivity, improve social outcomes and strengthen resilience to future shocks and structural change. The large National Recovery and Resilience Plan—partly financed by sizable Next Generation EU resources—will be used to increase physical and social infrastructure. Outlook. GDP is expected to recover strongly in 2021–22 and to grow well-above trend over the medium term, supported by investment spending. Nonetheless, economic scarring could be sizable. The two-sided risks relate to how the pandemic progresses, the efficiency of investment spending and the extent of savings drawdown, with large costs associated with the downside.
Download or read book Vietnam written by International Monetary Fund. Asia and Pacific Dept and published by International Monetary Fund. This book was released on 2021-03-01 with total page 95 pages. Available in PDF, EPUB and Kindle. Book excerpt: Successful containment of COVID-19 and strong policy support have helped contain the health and economic fallout, and a strong recovery is underway. Growth in 2020 reached 2.9 percent, among the highest in the world. However, labor market conditions remain weak. Corporate balance sheets have worsened, potentially hampering private investment and job prospects. Banks entered the crisis in a stronger position than in previous years, but weaknesses remain. Vietnam’s economy remains heavily reliant on external trade and is vulnerable to trade tensions.
Download or read book Luxembourg 2021 Article IV Consultation Press Release Staff Report and Statement by the Executive Director for Luxembourg written by International Monetary and published by International Monetary Fund. This book was released on 2021-05-25 with total page 79 pages. Available in PDF, EPUB and Kindle. Book excerpt: The economic impact of the pandemic has been much milder than initially foreseen, still the outlook remains challenging. The economy, dominated by financial services, adapted quickly to telework and benefited from unprecedented policy support, both domestically and globally. Uncertainty is unusually high, dominated by the virus dynamics in the short term, with downside risks relating to a sharp rise in global risk premia, deglobalization trends, and changes in international taxation.
Download or read book Republic of Slovenia 2021 Article IV Consultation Press Release Staff Report and Statement by the Executive Director for the Republic of Slovenia written by International Monetary and published by International Monetary Fund. This book was released on 2021-05-25 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: The pandemic is inflicting much suffering, which has been met with swift, substantial, and well-coordinated policy responses. The anti-crisis measures have helped preserve jobs, provide liquidity to companies and income support to the vulnerable groups. They averted a larger decline in output and kept unemployment under control. After contracting by 5.5 percent in 2020, real GDP is projected to grow by 3.9 percent in 2021 and 4.5 percent in 2022, as vaccinations help achieve herd immunity. However, risks to the outlook are large and tilted to the downside, given the epidemiological situation.
Download or read book Czech Republic 2021 Article IV Consultation Press Release Staff Report Supplementary Information and Statement by the Executive Director for the Czech Republic written by International Monetary and published by International Monetary Fund. This book was released on 2022-01-27 with total page 87 pages. Available in PDF, EPUB and Kindle. Book excerpt: 2021 Article IV Consultation-Press Release; Staff Report; Supplementary Information; and Statement by the Executive Director for the Czech Republic
Download or read book United Kingdom 2021 Article IV Consultation Press Release Staff Report and Statement by the Executive Director for the United Kingdom written by International Monetary and published by International Monetary Fund. This book was released on 2022-02-23 with total page 109 pages. Available in PDF, EPUB and Kindle. Book excerpt: The UK’s rapid vaccination campaign enabled it to start to reopen the economy in the Spring of 2021. With highly accommodative policies, the recovery has been faster than expected. However, capacity constraints and rising price pressures have emerged while new Covid-19 variants have raised new uncertainties. The government has allowed all initial pandemic support programs to sunset but has loosened near-term fiscal policy while specifying a back-loaded medium-term consolidation plan. With continued above-target inflation readings, the BoE made a first move to raise the policy rate in December. Macroprudential policies are returning to more standard risk settings. The near-term growth outlook remains strong, but so too are price pressures, while the financial cycle remains ahead of the economic cycle. The pandemic and Brexit have magnified structural challenges. Real GDP would remain below its pre-pandemic trend by about 2–21⁄4 percent in the medium term. Risks are considerable in the period ahead, centering on new Covid-19 waves and spillovers from tensions in Eastern Europe.
Download or read book Finland 2021 Article IV Consultation Press Release Staff Report and Statement by the Executive Director for Finland written by International Monetary and published by International Monetary Fund. This book was released on 2022-01-31 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: With strong policy support, Finland suffered a relatively mild economic contraction in 2020 followed by a swift recovery in 2021. Medium-term growth prospects are less strong, due to adverse demographics and low productivity growth—trends that precede the pandemic. Public debt has increased due to pandemic-related support and will remain on a rising trajectory in the medium term, largely reflecting permanent spending increases.
Download or read book Switzerland 2021 Article IV Consultation Press Release Staff Report Staff Statement and Statement by the Executive Director for Switzerland written by International Monetary and published by International Monetary Fund. This book was released on 2021-06-21 with total page 69 pages. Available in PDF, EPUB and Kindle. Book excerpt: Switzerland has navigated the COVID-19 pandemic well. The pandemic has had major social and economic impacts, but an early, strong, and sustained health and economic policy response helped contain the contraction of activity. Coordinated efforts targeting households and firms stemmed a loss of purchasing power and a rise of unemployment and bankruptcies. Recovery has commenced, but uncertainty and risks remain high, dominated by pandemic dynamics. The rebound should deepen, as vaccination proceeds, containment is eased, and domestic and global demand picks up. Fiscal support has been rightly extended in 2021, and monetary policy remains accommodative. Policies should remain supportive until there are clear signs of sustained recovery; the authorities should expand support if needed. Redirection to fostering green, digital transformation with attention to low-income earners will be needed, including to ensure that prolonged emergency support does not hinder structural changes in the economy.
Download or read book Spain 2021 Article IV Consultation Press Release Staff Report and Statement by the Executive Director for Spain written by International Monetary and published by International Monetary Fund. This book was released on 2022-02-16 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Spanish economy is recovering from the deep recession caused by the COVID pandemic and employment is already above its pre-pandemic level. A highly successful vaccination campaign helped limit the impact of the recent wave of infections on hospitalizations and economic activity. Output is expected to return to its pre-pandemic level by the end of 2022. However, there is significant uncertainty around the recovery path related to the evolution of the pandemic and the duration of global supply bottlenecks. The pace of absorption and the effectiveness of use of Next Generation EU (NGEU) funds will also affect growth in the coming years. In the near term, the key policy challenge is to continue to provide targeted pandemic support while facilitating resource reallocation and a transformation to a greener and more inclusive economy.
Download or read book Malta 2021 Article IV Consultation Press Release Staff Report and Statement by the Executive Director for Malta written by International Monetary and published by International Monetary Fund. This book was released on 2021-09-17 with total page 71 pages. Available in PDF, EPUB and Kindle. Book excerpt: The fallout from the COVID-19 crisis has hit the Maltese economy hard, particularly its large tourism sector. Using fiscal buffers accumulated prior to the pandemic, the authorities have taken swift actions to support households, businesses, and the healthcare system. With the rapid rollout of COVID-19 vaccine, the economy has reopened for the summer tourism season. While the outlook is surrounded by a high degree of uncertainty, the Maltese economy is expected to rebound by 53⁄4 percent this year, up from -73⁄4 percent in 2020. The financial system has remained stable. In late June 2021, the Financial Action Task Force (FATF) put Malta under increased monitoring due to concerns about effectiveness of its anti-money laundering and combatting the financing of terrorism (AML/CFT) framework.
Download or read book Germany written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2021-01-19 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: Germany managed the first wave of the COVID-19 epidemic relatively well thanks to an early and vigorous public health response. Nonetheless, unprecedented disruptions to economic and social activity caused a deep recession in the first half of 2020. The gradual easing of containment measures since late-April has led to a partial revival of growth, but in late-October a “lockdown light” was announced to counter a new wave of infections, and restrictions were further tightened in mid-December. Significant risks remain about the pace and extent of the recovery as the uncertain course of the epidemic continues to impact economic activity.
Download or read book El Salvador 2021 Article IV Consultation Press Release Staff Report and Statement by the Executive Director for El Salvador written by International Monetary and published by International Monetary Fund. This book was released on 2022-01-28 with total page 114 pages. Available in PDF, EPUB and Kindle. Book excerpt: The pandemic interrupted ten years of growth, but El Salvador is rebounding quickly. Robust external demand, resilient remittances, and a sound management of the pandemic—with the help of a disbursement under the Rapid Financing Instrument (RFI) (SDR287.2 million or US$389 million) approved in April 2020—are supporting a strong recovery. Persistent fiscal deficits and high debt service are leading to large and increasing gross fiscal financing needs.
Download or read book Ghana 2021 Article IV Consultation Press Release Staff Report and Statement by the Executive Director for Ghana written by International Monetary and published by International Monetary Fund. This book was released on 2021-07-23 with total page 91 pages. Available in PDF, EPUB and Kindle. Book excerpt: Ghana has been hit hard by the pandemic. The government’s proactive response helped contain the spread of COVID-19, protecting lives and limiting the impact on economic activity. However, partly because of the pandemic, the fiscal position worsened considerably last year, with a sharp increase in public sector debt.
Download or read book Belgium 2021 Article IV Consultation Press Release Staff Report and Statement by the Executive Director for Belgium written by International Monetary and published by International Monetary Fund. This book was released on 2021-09-15 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: Belgium was hit hard early by Covid-19, but a timely, strong, and sustained health and economic policy response helped cushion impacts. A coalition government took office in October 2020, giving greater policy clarity and rightly prioritizing the Covid-19 crisis. A highly-effective vaccine rollout has facilitated reopening and recovery.
Download or read book Republic of Croatia 2021 Article IV Consultation Press Release Staff Report and Statement by the Executive Director for Croatia written by International Monetary and published by International Monetary Fund. This book was released on 2021-09-10 with total page 73 pages. Available in PDF, EPUB and Kindle. Book excerpt: As other emerging economies reliant on tourism (about 25 percent total contribution of tourism-related industries in GDP and employment), Croatia has been hit hard by the pandemic and two devastating earthquakes, leading the economy to contract by 8.0 percent in 2020. Vaccinations have been rolled out to about 38 percent of the population (end-June 2021). Staff projects growth to bounce back to 5.4 percent in 2021, driven by a rebound in the services sector and investment, aided by fiscal and monetary policies, and bolstered by large EU grants over the medium-term.
