This paper reviews economic developments in Lithuania during 1993–96. Economic growth resumed in 1994 and gained further momentum in 1995; real GDP increased by an estimated 3 percent in 1995. Growth in 1995 was driven by the industrial sector, while agriculture performed poorly. The...

This Selected Issues paper analyzes economic growth in Iran. It uses a growth-accounting exercise to quantify the historical sources of growth over 1960–2002, including human capital accumulation and the contribution of Total Factor Productivity to growth. The paper presents an empirical...

This 2004 Article IV Consultation highlights that economic growth in New Zealand slowed in early 2003 but rebounded in the latter part of the year. Real GDP growth declined from 4¼ percent in 2002 to a seasonally adjusted annualized rate of 2¾ percent in the first half of 2003, amid...

This Selected Issues paper and Statistical Appendix examines banking sector developments in the Republic of Tajikistan. The paper estimates quasi-fiscal activities in the energy sector, and provides an assessment of external sector trade and the need for further trade reform. Developments in the...

This paper examines foreign exchange intervention practices and their effectiveness using a new qualitative and quantitative database for a panel of 15 economies covering 2004 - 10, with special focus on Latin America. Qualitatively, it examines institutional aspects such as declared motives,...

Macroeconomic developments benefited from oil windfalls, but structural problems still impede non-oil growth. Fiscal and external balances improved in the Central African Economic and Monetary Community (CEMAC) because of the surge in oil prices and better fiscal management. Oil-related reserve...

Of the new members entering the European Union (EU) in May 2004, several had achieved a decade of impressive export growth, expanding significantly their shares of world markets. The empirical analysis shows that over the period 1994–2004, quality and technology upgrading associated with...

This Selected Issues paper analyzes Senegal’s real effective exchange rate (REER) and external competitiveness. A REER significantly above its equilibrium, as determined by economic fundamentals, can impede a country’s external competitiveness, calling for corrective macroeconomic...

This Selected Issues paper assesses the impact of Vietnam’s World Trade Organization (WTO) accession. It describes the main terms of Vietnam’s accession as regards trade in goods and services, and uses a partial equilibrium simulation model to estimate the likely impact of WTO...

El Salvador has made major strides on several fronts since the peace accords of 1992. The near-term outlook has strengthened, although challenges remain. The authorities are intended to limit tax exemptions and subsidies, and raise priority of banking reforms this year. Discussions focused on...