This Selected Issues paper assesses the Central Bank of Armenia's (CBA) monetary policy framework. It discusses the CBA's track record with inflation targeting; describes the risk-based approach to price stability, offering insights on its potential benefits, while cautioning of likely pitfalls...

The staff report on the Ex Post Assessment of Longer-Term Program Engagement for the Republic of Azerbaijan highlights macroeconomic performance and fiscal policy. On the structural front, significant progress was achieved in fiscal management, the privatization of small- and medium-size...

This 2005 Article IV Consultation highlights that the GDP growth in Japan slowed unexpectedly in the second quarter of 2004, after several quarters of above-trend growth. For the full year, GDP rose by 2.6 percent, well below expectations. A significant part of the shortfall reflected a shift to...

A Technical Assistance (TA) mission was conducted in July 2021 to review the data sources and methods used to produce revised estimates of the Kenyan National Accounts (NA) for the period 2009-2019. The mission also provided guidance on producing a revision report to be published at the time of...

This Selected Issues paper analyzes sustaining potential growth in Aruba. As in the other Caribbean countries, there are growing concerns in Aruba about the slowdown in economic growth over the past two decades and the consequent tepid outlook for potential growth. Tackling such concerns...

The staff report for the 2005 Article IV Consultation on Botswana highlights key issues, recent developments, and policy discussions. The authorities are strengthening their structural reform agenda and moving ahead with sector-specific development programs with a view to sustaining annual...

India’s 2005 Article IV Consultation reports that the government’s medium-term fiscal strategy is broadly appropriate, and faster implementation is crucial for its economy. India’s growth spurt provides a golden opportunity to fast-forward the government’s structural...

This paper discusses the United Republic of Tanzania’s 2007 Article IV Consultation and First Review under the Policy Support Instrument. The report focuses on sustaining Tanzania’s recent strong economic performance, broad-based growth, and more rapid poverty reduction. This would...

This 2006 Article IV Consultation highlights that with high oil prices and a significant policy stimulus, the Iranian economy continued to grow strongly in 2005–06. Real GDP growth is estimated at 5½ percent. Oil GDP growth was modest owing to capacity constraints, while non-oil GDP...

This Selected Issues and Statistical Appendix paper assesses Romania’s external competitiveness by reviewing recent developments in a range of standard indicators and estimating equilibrium real exchange rates. The results suggest that, although Romania’s historical cost advantage vis-à-vis...