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.
Download or read book Republic of Croatia written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2023-06-29 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt: On January 1, 2023, Croatia became the 20th member of the eurozone. The country posted another strong growth year in 2022, among the highest in the eurozone. But the momentum started to slow in H2, while inflation rose to a multi-decade high, reflecting indirect impacts from Russia’s war in Ukraine. Staff expects growth to moderate to 2.4 percent in 2023 and recover to its potential over the medium term. Inflation is projected to average 71⁄2 percent in 2023 and gradually fall towards the 2 percent target. The outlook is subject to considerable uncertainty. Risks to growth are broadly balanced and risks to inflation are tilted to the upside.
Download or read book Republic of San Marino 2021 Article IV Consultation Press Release Staff Report and Statement by the Executive Director for the Republic of San Marino written by International Monetary and published by International Monetary Fund. This book was released on 2021-11-23 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: San Marino entered the pandemic with substantial vulnerabilities and still struggling from the consequences of the Global Financial Crisis (GFC). However, the economy has shown significant resilience supported by a timely and targeted policy response. Fiscal support was substantially scaled up after external borrowing was secured, including through a debut Eurobond. The banking system was rationalized, partly capitalized, its liquidity substantially improved, and a strategy is being adopted to address exceptionally high nonperforming loans (NPLs). Some of these measures, while effective, have increased official public debt substantially.
Download or read book Republic of Croatia written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2019-02-12 with total page 69 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Article IV Consultation highlights that the economic expansion continues, driven primarily by private consumption and exports of goods and services. Discussions primarily focused on increasing the economy’s flexibility and resilience. Fiscal performance has been strong, however, the materialization of contingent liabilities from government guarantees is likely to reduce the overall surplus. Low public and private investment, and continued emigration appear to weigh on medium-term growth prospects. Downside risks in the near-term stem could be due to possible changes in regional or global economic and financial conditions, and the further realization of contingent liabilities. The IMF staff advocated for a moderately faster fiscal adjustment. The report recommends accelerating the pace of debt reduction that would build fiscal space and help reduce downside risks. The Central Bank may need to address potentially tighter external conditions while continuing with strong bank supervision and macroprudential policies. Additional measures to prevent excessive household borrowing could be considered if needed.
Download or read book Thailand 2021 Article IV Consultation Press Release Staff Report and Statement by the Executive Director for Thailand written by International Monetary and published by International Monetary Fund. This book was released on 2021-06-03 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt: A nascent recovery is underway in Thailand following the COVID-19 downturn. Ample policy buffers, underpinned by judicious management of public finances, allowed the authorities to implement a multipronged package of fiscal, monetary, and financial policies to mitigate the COVID-19 impact on households, businesses, and the financial system. This, together with rigorous containment measures, led to a successful flattening of the infection curve during most of 2020. Nevertheless, the pandemic has taken a large toll on the economy, potentially inducing long-term scarring and increasing inequality.
Download or read book Republic of Serbia 2021 Article IV Consultation and Request for a 30 Month Policy Coordination Instrument Press Release Staff Report and Statement by the Executive Director for Republic of Serbia written by International Monetary and published by International Monetary Fund. This book was released on 2021-06-21 with total page 107 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent economic developments. Supported by a large policy package, Serbia’s economy rebounded quickly from the initial COVID-19 shock, recording a 1 percent contraction of real GDP in 2020. Job losses have mostly been contained to the informal sector, thanks to policy measures aimed at preserving formal employment. A supplementary budget for 2021 was adopted in April boosting capital expenditure and extending policy support to households and corporates, against the background of third and fourth waves of infections and related containment measures, as well as a weaker-than-expected economic recovery in key trading partners. Inflation remains low. After rising again in late February, infections tapered, helped by new containment measures and the rapid vaccine rollout.
Download or read book Peru 2022 Article IV Consultation Press Release Staff Report and Statement by the Executive Director for Peru written by International Monetary and published by International Monetary Fund. This book was released on 2022-05-11 with total page 93 pages. Available in PDF, EPUB and Kindle. Book excerpt: After being hit very hard by the pandemic in 2020, both in terms of health and economic outcomes, Peru experienced an equally strong economic rebound in 2021. A new administration was inaugurated in July 2021 with a program focused on reducing inequality and improving social conditions, but limited support from Congress and lack of cohesion heightened political uncertainty. While real GDP surpassed its pre-pandemic level by 2021, labor force participation and total employment have not fully recovered yet. Poverty increased significantly in 2020 and, despite some improvement in 2021, remains higher than in 2019. On May 27, 2021, the IMF Executive Board completed the mid-term review of Peru’s continued qualification under the Flexible Credit Line (FCL) arrangement.
Download or read book Malaysia 2022 Article IV Consultation Press Release Staff Report and Statement by the Executive Director for Malaysia written by International Monetary and published by International Monetary Fund. This book was released on 2022-04-28 with total page 135 pages. Available in PDF, EPUB and Kindle. Book excerpt: Malaysia’s economy is showing signs of a gradual yet steady recovery thanks to the authorities’ impressive vaccine rollout, swift and coordinated implementation of multi-pronged support measures. The recovery nevertheless remains uneven and the output gap sizeable, with significant downside risks. Going forward, the authorities should calibrate macroeconomic policies to the pace of the recovery, while preserving policy space given pandemic-related uncertainties, and simultaneously accelerate structural reforms.
Download or read book Israel written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2023-06-15 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt: Following a remarkable recovery from the pandemic anchored in strong fundamentals, the outlook is for growth to slow broadly in line with potential, as inflation falls within the targeted range by end-2024. However, the risk balance is tilted to the downside, reflecting, among other things, external risks and the continued uncertainty around the proposed judicial reform.
Download or read book Colombia written by International Monetary Fund. Western Hemisphere Dept. and published by International Monetary Fund. This book was released on 2021-03-23 with total page 73 pages. Available in PDF, EPUB and Kindle. Book excerpt: COVID-19 has taken a severe social and economic toll, including almost 60,000 deaths. With over 5 million jobs temporarily affected, Colombia recorded its largest recession on record. Since 2020H2, an uneven recovery with intermittent growth has been underway, led by private domestic demand. Staff expects only a gradual recovery in 2021 with economic activity not expected to return to pre-pandemic levels until the second half of 2022. Vaccinations began in February with plans to effectively cover the adult population. However, both external and domestic risks remain skewed to the downside.
Download or read book Republic of Lithuania written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2023-09-05 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: The strong post-pandemic recovery led to demand driven inflationary pressures. Supply side bottlenecks and large increases in commodity prices after Russia’s invasion of Ukraine compounded these pressures and resulted in high and persistent inflation. The negative impact on disposable income, higher interest rates and weaker external demand have led to a deterioration of economic activity. If high inflation becomes entrenched, it will erode competitiveness and slow the successful convergence process. The financial system has ample liquidity and capital buffers to address the weakening economic cycle. Higher interest rates have boosted banks’ profitability, but they also bring significant risks.
Download or read book Peru written by International Monetary Fund. Western Hemisphere Dept. and published by International Monetary Fund. This book was released on 2023-03-27 with total page 127 pages. Available in PDF, EPUB and Kindle. Book excerpt: Against the background of a strong economic performance over the last quarter of a century, Peru has been hit by multiple shocks in the last several years. Adequate policies and very strong policy frameworks have made the economy resilient. Following a steep decline in 2020 at the outset of the pandemic and a rapid recovery in 2021, growth slowed significantly in 2022 as the policy stimulus was withdrawn and external and financial conditions deteriorated. Recent political developments suggest that the new government needs to work across the political spectrum to create broader political consensus, reduce uncertainty, ease social tensions, and boost growth.
Download or read book Bulgaria written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2024-06-13 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: For two years in 2021–23, a political stalemate hampered policymaking as Bulgaria needed to stir the exit from the pandemic, cope with the global inflation shock and the fallout of Russia’s war in Ukraine, secure its energy supply, implement reforms to unlock EU Funds, and prepare for euro adoption. The government formed in June 2023 prioritized euro and Schengen areas accession, NGEU funds delivery, and judicial reforms. It fell in March 2024, increasing the risk of delays in key policy decisions. Despite the succession of international and domestic shocks, the economy showed resilience and can achieve a soft landing if inflation decelerates towards 2 percent as expected under the baseline. Moreover, longstanding intertwined challenges remain: convergence toward EU average income is lagging peers, investment is low, perception of corruption is large, inequality is high, poverty is widespread, the population is shrinking, and the growth model still relies largely on brown energy.
Download or read book Peru written by International Monetary Fund. Western Hemisphere Dept. and published by International Monetary Fund. This book was released on 2024-05-21 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt: The economy is recovering after consecutive climate-related shocks as well as social turmoil at the beginning of 2023. Inflation has receded due to the central bank’s decisive monetary policy tightening, while the fiscal position and financial system remain strong. The country is in a period of relative political stability, but lingering political uncertainty is denting the appetite for the reforms needed to boost potential growth.
Download or read book Republic of North Macedonia written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2024-01-26 with total page 133 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent Developments, Outlook and Risks. Staff project GDP growth of 2.3 percent in 2023, lower than at the time of PLL arrangement approval, driven by lower external demand and a slowdown in investment. Staff expect an investment recovery to be a key driver of the recovery in 2024, with projected GDP growth of 3.0 percent. Inflation is coming down, driven by monetary tightening and lower global commodity prices, and is projected to be at 4.5 percent average in 2024. The current account is benefitting from lower international energy prices, and international reserves are at an adequate level and projected to remain so. Risks are mainly related to geopolitical tensions, commodity price volatility, and unfunded promises ahead of the elections planned for the spring.
Download or read book Republic of Serbia written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2023-07-05 with total page 135 pages. Available in PDF, EPUB and Kindle. Book excerpt: Serbia has made impressive economic gains over much of the past decade: living standards improved, inflation fell, public finances were strengthened, and reserves increased, helped by ample foreign direct investment (FDI) inflows. But spillovers from the war in Ukraine—especially the sharp increase in international energy prices—and deep-rooted problems in Serbia’s energy sector that came to a head last year, led to large external and fiscal financing needs, prompting the authorities to request a Fund-supported Stand-By Arrangement (SBA). Fiscal and external outturns for 2022 were both better than expected, and unemployment remains low. Record FDI inflows continue to drive reserves higher. But inflation remains a pressing challenge. Led by high food and energy prices, headline inflation is now well above the National Bank of Serbia’s (NBS’s) target band and core inflation has also increased sharply. Fiscal policy is expected to remain relatively tight in 2023, despite additional mid-year spending measures. Deep structural problems persist in the energy sector and are a key focus of the SBA. Long-standing geopolitical challenges remain.
Download or read book Tunisia written by International Monetary Fund. Middle East and Central Asia Dept. and published by International Monetary Fund. This book was released on 2021-02-26 with total page 97 pages. Available in PDF, EPUB and Kindle. Book excerpt: The pandemic aggravated Tunisia’s long-standing vulnerabilities stemming from persistent fiscal and external imbalances, rising debt, and contingent liabilities from inefficient state-owned enterprises. The crisis is expected to induce the largest contraction in real GDP since independence. The authorities’ targeted response together with higher outlays on wages widened the fiscal deficit. A second Covid-19 wave is underway. The authorities are securing 500,000 doses to start a first campaign of vaccinations in February and are aiming to secure more doses to vaccinate half of the population starting in April–May. Staff expects GDP growth to rebound modestly in 2021, but it could take years before activity returns to pre-crisis levels, especially if large imbalances were not addressed and key reforms delayed. Downside risks dominate and recent protests highlight the level of social tensions, aggravated by Covid-19 restrictions, and particularly among the youth.
