This paper investigates the prospects for Ireland to grow its economy against the backdrop of high indebtedness. The paper uses vector autoregressive analysis to explore the interlinkages among competitiveness, exports, economic growth, and fiscal performance. The emerging conclusion is that...

Portugal’s economy is in deep recession, and the crisis has opened up a large output gap, with severe consequences for employment and government revenue. While the focus is on the medium- and long-term, this analysis also offers insights on how deep the output gap is. It also highlights...

Kosovo’s macroeconomic and financial policies have remained broadly on track. Progress continues to be made toward the key objectives, i.e., restoring a sustainable fiscal position and sufficient government cash buffers, anchoring fiscal policy, and enhancing the resilience of the...

This 2013 Article IV Consultation highlights that South Africa’s economy has underperformed other emerging markets and commodity exporters, exacerbating South Africa’s already-high levels of unemployment (25 percent) and inequality, and contributing to rising social tensions. At...

This Selected Issues paper examines the monetary policy framework in Sudan, and assesses the effectiveness of monetary transmission mechanism since the secession of South Sudan. The econometric analysis concludes that reserve money, the exchange rate, and private sector credit are the main...

This paper assesses the impact of high household debt on economic volatility in Canada. The debt per se may not necessarily be a risk for economic activity; it can amplify other shocks as well. A few studies have emphasized the link between the growth of household debt before 2007 and the...

This paper focuses on Norway’s 2013 Article IV Consultation on economic policies to enhance long-term competitiveness. The success of the oil sector has created new competitiveness challenges. The IMF report states that rapid increases in oil wealth are also adding further pressures on...

This Selected Issues paper presents Italy’s economic growth through innovation and reforms. It highlights that Italy’s future competitiveness depends on the institutional and macroeconomic conditions that allow productive firms to innovate, expand, and attract inward foreign direct...

This paper discusses the Poverty Reduction Strategy Paper and National Development Strategy (NDS) for the Republic of Moldova. The NDS “Moldova 2020†presents a vision of cohesive long-term sustainable economic development based on a diagnostic study of constraints to economic...

This Selected Issues paper analyzes the capital flows in Turkey. The empirical analysis in this paper uses exchange market pressure index to identify the determinants of capital flows to Turkey. It is observed that exchange market pressures in Turkey seem to a degree, larger than in other...