Fundamentals remain strong and growth has revived after three years of subpar performance. Improved budgetary execution and monetary accommodation, broadly in line with past staff advice, are providing demand support as the economy navigates weaker terms of trade. Near-term growth is poised for...

This 2019 Article IV Consultation discusses that structural reforms, strengthened policy frameworks and the ongoing smooth political transition have laid the foundations for sustained growth in El Salvador. The discussions focused on policies that build on these achievements and address fiscal...

This 2019 Article IV Consultation discusses that stronger real gross domestic product (GDP) growth is envisaged in the near term, with a recovery in hydrocarbon output. Medium-term growth will be buoyed by increased gas production and non-hydrocarbon growth. Expenditure consolidation would help...

This 2019 Article IV Consultation highlights that Aruba's economic recovery continues, although at a slowing pace. The authorities have managed well the impact of the crisis in Venezuela through diversification of product markets and tourism sources. Nonetheless, a deepening of the crisis is a...

This paper presents Armenia's 2019 Article IV Consultation report and request for a Stand-By Arrangement (SBA). The arrangement is intended to be precautionary. It will provide insurance against external shocks and support the authorities' efforts to strengthen economic fundamentals and policy...

This 2019 Article IV Consultation discusses that growth in Maldives has been strong and is projected to remain so in 2019 driven by tourism, commerce, and construction. Nonetheless, the Maldives remains highly vulnerable with reduced policy space due to large and growing public debt and rising...

While many advanced economies are experiencing slower growth, Norway's output has continued to expand strongly, helped by a robust labor market, positive terms of trade, and some competitiveness gains. Core inflation has picked up to close to 2u percent. Residential house price growth has...

This 2019 Article IV Consultation highlights that Brunei's economy has been adjusting to declining oil production since 2010 and lower oil and gas (O and G) prices since 2014, with the authorities undertaking wide-ranging reforms. Growth is expected to pick up in 2019 to 1.8 percent, with the...

This 2019 Article IV Consultation with Djibouti discusses that large-scale infrastructure investments and a rapid expansion of trade and logistics activities have fueled strong growth in recent years. The government has in recent years implemented large-scale investments to develop transport and...

The Belarusian economy is in a cyclical recovery, inflation is at historically low levels and the exchange rate has been broadly stable. Although macroeconomic policy frameworks have improved, there is a need to reduce deep seated vulnerabilities such as rapidly rising public debt, high...