This paper discusses the Financial System Stability Assessment report on Albania. The IMF report states that the Albanian economy is weak, macroeconomic imbalances are large, and the financial sector faces several risks. Capital-to-asset ratios are sizable, but banks hold large amounts of...

KEY ISSUES Steadfast policy implementation has been maintained through the final review of the program. Budget execution has once more been solid in 2013, with the fiscal deficit expected to remain within the Excessive Deficit Procedure ceiling. Budget 2014 targets a balanced adjustment path,...

KEY ISSUES Context. Growth has slowed amidst weak investment and external demand, while the output gap appears to be at or near zero and inflation is elevated. Activity is currently weak, but is expected to accelerate somewhat later this year. However, structural factors constrain medium-term...

In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country

The Article IV Consultation discusses the IMF Executive Board’s assessment of economic developments and policies in Switzerland. With the exchange rate floor in place for more than one year, the Swiss economy has been relatively stable. Although overall export growth is weak, the external...

Mounting funding pressures has tipped Portugal into an acute economic crisis in 2011. The roots of the crisis could be traced to Portugal’s failure to adapt to the rigors of monetary union. With economic institutions, policies, and incentives ill-adapted to the opportunities, Portugal’s...

The global financial crisis hit Denmark hard, and the recovery has been slow and unsteady. Denmark’s slow growth predates the recent economic crisis, and the economy has underperformed its regional peers. The current account remains in surplus, largely reflecting weak domestic demand since the...

This 2019 Article IV Consultation with the Republic of Croatia discusses that it experienced its fifth consecutive year of solid economic growth, once again driven largely by private consumption and tourism. Employment gains have been robust, wages have continued to rise, while import prices...

This 2015 Article IV Consultation highlights that Sweden's economy is performing well, with real GDP growth of 3.4 percent per year in the first three quarters of 2015, up from 2.3 percent in 2014. Job creation was robust in the first three quarters of 2015, helping bring the unemployment rate...

This 2015 Article IV Consultation highlights that Estonia's economic growth has slowed following the rebound from the deep recession in 2009. Although Estonia's economic and institutional fundamentals are among the strongest in the region, the economy is expected to expand by only a modest 1.6...