KEY ISSUES Setting: Swaziland has gradually recovered from the fiscal crisis of 2010-11, buoyed by the improved revenues from the Southern African Customs Union (SACU). Growth modestly recovered, and international reserves rebounded. Swaziland’s challenges, however, remain significant, in...

This 2013 Article IV Consultation highlights economic developments and policies in The Bahamas. The paper focuses on policies to secure fiscal, external, and the financial sector stability, and strengthen medium-term growth. It outlines that the authorities need to implement comprehensive...

KEY ISSUES Outlook and risks. Following an upturn in 2013, growth is expected to moderate somewhat during 2014-2015, narrowing the positive output gap. The impact of recovering demand in advanced economies is likely to be offset by the ongoing real appreciation of the currency and the gradual...

This 2014 Article IV Consultation highlights that economic rebound in Zimbabwe experienced since the end of hyperinflation in 2009 has now ended. After averaging 10 percent over 2009–2012, growth fell to an estimated 3.3 percent in 2013, reflecting tight liquidity conditions,...

This paper discusses Zimbabwe’s Third Review Under the Staff-Monitored Program (SMP) and the successor SMP. Zimbabwe has succeeded in keeping macroeconomic conditions relatively stable, despite difficult political and economic circumstances. In particular, the precarious external position...

This 2013 Article IV Consultation for Albania focuses on economic developments and policies that have led to weakening and imbalance of the economy. It highlights that high nonperforming loans (NPLs) are constraining credit growth, and weak external drivers are preventing a sustained reduction...

KEY ISSUES Background, outlook, and risks. Economic growth is projected to remain strong at 7 percent next year and in the medium term. Inflation is at 6 percent, gradually converging to the authorities’ 5 percent medium term objective. The external current account deficit remains among...

The 2014 Article IV Consultation discusses economic developments and policies in Belgium. It highlights that despite its resilience, the Belgium economy has been losing competitiveness due to higher labor cost and lower productivity growths than peer countries. The government has taken measures...

The staff report for the 2013 Article IV Consultation on Chad focuses on economic background and policy. The country continues to enjoy its longest period of domestic political stability since independence. Macroeconomic performance continued to be stable in 2013, with some deceleration in...

This 2014 Article IV Consultation highlights that Papua New Guinea’s economy is experiencing an important transition, as new liquefied natural gas (LNG) production and exports commence. With LNG production and exports now starting, resource sector growth is projected to surge in 2015, but...