This paper discusses Poland’s Review Under the Flexible Credit Line (FCL) Arrangement. Economic growth is expected to recover gradually on the back of improving domestic demand and higher growth in core euro countries. But the economy is still subject to substantial external risks as...

We examine the determinants of external crises, focusing on the role of foreign liabilities and their composition. Using a variety of statistical tools and comprehensive data spanning 1970-2011, we find that the ratio of net foreign liabilities (NFL) to GDP is a significant crisis predictor, and...

New Zealand’s economy continued to grow at a moderate rate, in part reflecting the effects of the recent drought and inflation. The macroeconomic policy has been framed to absorb adverse shocks with flexible exchange rates to serve as buffer. The planned pace of deficit reduction is...

This 2013 Article IV Consultation highlights that Georgia’s real GDP growth averaged 6½ percent in 2011–2012, about 1½ percentage points more than projected at the 2011 Article IV consultation. Inflation has declined steadily, reflecting lower food prices, lagged effects of...

This IMF staff report on Belize’s 2013 Article IV Consultation highlights economic developments and macroeconomic outlook. Macroeconomic developments in 2012 were underpinned by robust output growth but clouded by uncertainties surrounding the debt restructuring and growth prospects of...

Dominica has faced two major challenges during the past two decades: weak competitiveness and low potential growth. In addition to these economic challenges, the country has been facing frequent natural disasters. Growth is expected to pick up gradually. The financial system is highly liquid but...

Conservative policies, together with external official assistance, provided Macedonia with buffers to confront spillovers from the global crisis and deal with domestic shocks. External and financial stability have been maintained despite a difficult external environment. The start of EU...

The New Zealand economy continues to grow at a modest pace. The 2012 Article IV Consultation reports that domestic demand has remained soft as households and businesses continue to deleverage amid a weak housing market and an uncertain outlook. Executive Directors endorse that output growth...

The 2012 Article IV Report on Ireland’s economy under the Extended Arrangement analyzes the banking crisis and Irish authorities’ steadfast efforts to restore stability. Public debt has been high, and the banking system has not served the financial needs of both households and the...

The Selected Issues paper discusses measures taken by the Chilean government to record moderate economic growth in 2012. The easing of fiscal stance and tightening of expenditure have proved to prevent a decline in the economy. The authorities have estimated retaining a favorable economic...