Growth in Romania is likely to moderate in 2012, weighed down by the euro area slowdown. The Fifth Review Under the Stand-By Arrangement highlights that Romania’s overall track record under the program continues to be strong. All performance criteria for the fifth program review were met,...

Vanuatu showed signs of a moderate rebound in economic activity owing to its good macroeconomic fundamentals and a supportive international community. Executive Directors encouraged the authorities to tighten monetary policy in response to rising inflation pressures. They emphasized the need to...

Syria faces two interrelated medium-term challenges posed by the prospective decline in its oil reserves. The recently approved five-year plan (FYP) laid down a comprehensive strategy to address these challenges. Syria’s public finances are headed for challenging times in the coming...

This Selected Issues paper on Israel focuses on the fiscal institutions and the political economy in Israel. The paper addresses two questions. First, is there evidence for political-economy distortions to Israel’s fiscal policy? Second, what institutional changes could help in limiting...

This paper analyzes likely effectiveness of the fiscal policy in supporting aggregate demand in Australia. The simulation analysis illustrates that the type of fiscal measure and the underlying behavioral responses have an important impact on the magnitude of fiscal multipliers. The Global...

This 2007 Article IV Consultation highlights that a modest recovery is finally under way in Portugal. Growth rose to 1.3 percent in 2006, led by strong external demand, which is driving a notable rebound in export growth. In response, corporate investment shows signs of strengthening, but...

The economy is on the right track, and program performance has been good. Fiscal adjustment is on track to restore fiscal sustainability. The adjustment plan appropriately focuses on reducing current spending while increasing investment and protecting the most vulnerable. The current monetary...

Ex Post Assessments are intended to provide an opportunity to step back from continuing program relations to consider an analysis of the economic problems facing the country, review progress under IMF-supported programs, and draw forward-looking lessons for future IMF engagement. The program...

The Czech economy has rebounded from the downturn owing to its strong fundamentals and the global recovery. Domestic demand has become self-sustaining since mid-2010. Fixed investment grew moderately in the second half of 2010, mostly on account of one-off factors. GDP has grown by 2.3 percent...

Jamaica has been stuck in a cycle of low growth and high debt dynamics. It has been severely impacted by the global economic slowdown, and finances have deteriorated. Jamaica’s objective of virtually eliminating the overall public sector deficit is appropriate. Embedding the medium-term...