We first illustrate that emerging markets (EMs) face a shortage of financial assets, with financial assets not growing as rapidly as domestic savings. We then estimate the asset shortage in EMs for 1995-2008. We develop a model that explains how asset shortage develop, and then econometrically...

In this study, China’s economic developments and policies are discussed. Economic growth has been increased by expanding infrastructure and real estate construction. The policy measures outlined in the twelfth five-year plan and implementation of financial reform are important for...

The first Annual Progress Report (APR) of Togo highlights many of the reforms implemented during the first year of the Poverty Reduction Strategy Paper (PRSP) while recognizing some weaknesses and implementation constraints. It draws attention to important advances in macrocritical structural...

The progress made by Moldova toward achieving the Millennium Development Goals (MDGs) has not been uniform since 2007. Domestic economic and political crises are likely to undermine the achievement of several MDG targets set for 2010 and 2015. The goals were to reduce extreme poverty and hunger,...

In this study, economic developments of India are discussed. Growth is among the fastest-growing in the world, social indicators are improving, and medium-term economic prospects are favorable. The Reserve Bank of India’s (RBI) efforts are used to tighten monetary conditions. The measures...

Benin’s program furthers the objectives elaborated in the previous report. It is the result of a broad participative process that engaged all levels of government, the private sector, civil society, and donor partners. Executive Directors commend the program as it provides an adequate...

The Indonesian economy proved resilient during the global financial crisis, and has since continued to grow at a robust rate. Increases in both foreign and domestic investment are expected to offset lower growth contributions from net exports as import demand rises. A key risk is deterioration...

Real GDP growth for 2010 has been revised upward to 6.3 percent, and annual CPI inflation has increased to about 10 percent. End-December performance criteria (PC) are expected to be met, with the exception of the fiscal deficit and general government expenditure targets owing to the late...

Mauritania’s third poverty reduction strategy paper provides a framework for an ambitious growth and poverty reduction agenda. The updated development perspective and principal objectives reflect the new economic and political realities to sustainably reduce poverty. Successful program...

Bolivia showed a solid macroeconomic performance in recent years, owing to its strong trade and prudent economic policies. IMF staff stressed the need to tighten monetary conditions through increasing the policy interest rate as a means to combat inflation. The Executive Board praised...