Mozambique’s economy has slowed sharply since 2016 with two-thirds of the population below the poverty line. While over half a million young people enter the job market annually, job creation remains weak, as structural transformation has favored extractive industries (in particular,...

This study takes stock of recent developments on digital payments in Thailand and ASEAN more broadly, explores the drivers and the potential benefits, analyzes the factors underlying the frequency of digital payment usage, and discusses the relevant policy considerations. ASEAN countries have...

This paper reviews Thailand’s progress in structural transformation and its recent slowdown. It examines the empirical drivers of structural transformation and quantifies their contributions, with the objective of informing policies to reinvigorate the process

Australia’s labor market has remained resilient despite slower growth, with strong employment gains and low unemployment but limited wage pressure. This paper argues that recent dynamics reflect both cyclical and structural forces. First, headline indicators such as vacancies and unemployment...

Palau’s financial system faces structural challenges that inhibit effective financial intermediation, mobilization of domestic savings, and payment system efficiency. The authorities have been striving to address these challenges through digital initiatives. While these initiatives are...

State-owned enterprises (SOEs) remain a cornerstone of Kazakhstan’s economy and growth model. However, SOEs’ quasi-fiscal activities conducted outside the fiscal framework obscure the overall fiscal stance, complicating macroeconomic management. This paper finds that the balance sheet...

Since oil was discovered in the 1960s, Oman’s economy and living standards have improved significantly. Yet, it has also created a vulnerable economic structure, with economic growth and external and fiscal balances being highly sensitive to oil price swings. While current diversification...

Indonesia has been pursuing a broad push towards greater trade openness with regional and global partners, seeking to leverage external demand to reach high-income status by 2045. This welcome and timely effort comes amid ongoing trade policy shocks. Our analysis suggests that deeper trade...

Aside from horizontal structural reforms, raising public investment should be a key pillar of Indonesia’s pursuit of its Vision 2045. However, this must be complemented by policies aimed at enhancing the efficiency of public investment, thereby maximizing its impact. Mobilizing additional...

The Philippines is actively pursuing a renewable energy (RE) transition to meet its NDC targets and the COP28 pledge to triple global RE capacity. Under the Philippine Energy Plan 2023–2050, the government aims to raise the RE share to 50 percent by 2050, supporting energy security and the...