A mix of solid economic policies, wage moderation, and an early orientation toward Eastern Europe explain Austria’s strong economic performance. The economy has grown strong in 2007 and through the first quarter of 2008. Employment growth remains strong, but the trend of a declining...

This paper discusses Liberia’s Second Review Under the Extended Credit Facility (ECF) Arrangement and Request for Waiver of Nonobservance of Performance Criteria and Modification of a Performance Criterion. Program performance has weakened relative to the previous review, as well as the...

The Joint Staff Advisory Note on the Republic of Madagascar’s Poverty Reduction Strategy Paper (PRSP) is analyzed. The government of Madagascar has prepared its second growth and poverty reduction strategy called the Madagascar Action Plan (MAP), a bold development plan for...

In this study, during 2008, the financial crisis lead Iceland’s public debt to soar from under 30 percent of GDP to more than 100 percent of GDP, and while underlying external debt came down sharply, it remains elevated at close to 300 percent of GDP. First, external sustainability is...

This Joint Staff Advisory Note discusses the Poverty Reduction Strategy Paper (PRSP) for the Democratic Republic of São Tomé and Príncipe. The PRSP-II is the successor to the government’s previous development strategy, the PRSP-I, and furthers the country’s commitment to promoting...

This paper reviews the first annual progress report (APR) on implementation of the Poverty Reduction Strategy (PRS) in the Republic of Congo. The paper discusses that a number of stages in PRS implementation have already been completed. The PRS is being implemented in an international economic...

Tunisia showed excellent economic performance. Executive Directors commended the strong economic performance and resilience to adverse shocks, subdued inflation, strengthened reserves, and increasing capital inflows, which underscored the benefits of sustained sound macroeconomic policies and...

This 2008 Article IV Consultation highlights that Japan’s external position remains strong. The current account surplus rose to 4.8 percent of GDP in 2007 on the back of strong external demand and a further surge in investment income. Money markets remain relatively stable owing to the...