This Selected Issues paper and Statistical Appendix analyzes causes and consequences of real exchange rate appreciation in Albania. The paper highlights that Albania has experienced a sustained real appreciation since 1992, which appears to have been brought about by largely beneficial...

Burundi has made much progress since the signing of the Arusha peace and reconciliation agreement. The handling of the economy has been highly competent considering the inordinate difficulties faced by Burundi in recent years. The bank of the Republic of Burundi has made progress in the...

This Selected Issues paper describes the recent economic developments in The Gambia. The paper highlights that the economic performance of The Gambia deteriorated sharply in 2002, as sparse rainfall led to a decline of one-third in agricultural output. Real GDP shrank by 3 percent. However,...

This Selected Issues paper reviews indicators for external competitiveness in Hungary. The paper examines recent developments in a range of indicators. These include regional comparisons of wage and unit labor cost developments, and standard indicators based on price and cost-based measures of...

This paper discusses Mali’s 2005 Article IV Consultation and Second and Third Reviews Under the Poverty Reduction and Growth Facility (PRGF). The PRGF-supported program is broadly on track. Performance on quantitative aspects remains strong. Although the record on the structural program...

This Selected Issues paper analyzes economic and agricultural developments, and the impact of land reforms of Zimbabwe. The paper summarizes the quantitative estimates of the fiscal burden and overall medium-term macroeconomic impact of HIV/AIDS on Zimbabwe. It reviews the debt restructuring,...

This 2005 Article IV Consultation highlights that economic growth in Morocco has been volatile and insufficient to significantly reduce poverty and unemployment. Growth averaged 3 percent over the last decade. It has been volatile because of the dependency of agriculture on rainfalls. In 2004,...

This paper examines Burundi’s Use of IMF Resources and a Request for Post-Conflict Emergency Assistance. Implementation of the 2002 program was broadly on track, despite constraints resulting from the delays in and earmarking of external aid disbursements. Fiscal developments were in line...

This 2005 Article IV Consultation highlights that Finland’s economic performance in recent years continued to be favorable. Growth has outpaced that in the euro area and is expected to pick up to more than 3 percent in 2006. The external current account has remained comfortably in...

An important aim of this paper is to take shifts in the long-term anchor in the empirical specifications. The study examines exchange-rate pass-through and external adjustment in the euro area. The impact on third-country trade and investment is also discussed. A better understanding of the...