This 2006 Article IV Consultation highlights that macroeconomic performance in the United Kingdom remains impressive. After softer growth in 2005, the acceleration in GDP in 2006 was broadly based. Business investment was boosted by high net rates of return; private consumption by robust...

In this study, the economic development and growth of San Marino are discussed. For liquidity management, the Central Bank of San Marino was commended. Different measures have been taken to enhance the operational autonomy of the Central Bank of San Marino (CBSM), buttress supervisory functions,...

The Republic of the Marshall Islands (RMI), scattered across an area of nearly 1 million square miles in the Central Pacific, is heavily dependent on external grants. As in past consultations, the current discussions have focused on policies to put public finances on a secure footing and improve...

Hungary was severely affected by the crisis. The financial sector has remained resilient throughout the crisis. The Central Bank (MNB) paused in mid-2010 and has tightened interest rates by 50 basis points since November in response to a sharp rise in risk premia and higher headline inflation...

This 2008 Article IV Consultation highlights that Sweden’s economy has performed well, but is sensitive to global demand. The activity is now moderating. Exports have benefited from sound competitiveness, but euro area and U.S. slowing is causing them to decelerate. Private consumption growth...

Kazakhstan’s financial system remains highly stressed despite large-scale government support; the economy is expected to contract in the near future. The staff report for Kazakhstan’s 2009 Article IV Consultation discusses economic developments and policies. Kazakhstan is better placed than...

Guyana has weathered the impact of the global crisis well by regional and global standards. The current account deficit declined by 5 percent of GDP (to 8.5 percent of GDP), largely led by a reduction in imports, particularly of fuel. Macroeconomic policies have remained prudent. Monetary policy...

Sweden was among the first to falter in the great recession. The downturn was mitigated by aggressive stabilization policies, led by a sharp relaxation of monetary policy, a slew of emergency financial sector support measures, and actions raising bank capital. The policy actions taken were...

Prudent macroeconomic management, strong growth, low inflation, small fiscal deficit, and public debt have helped The Bahamas attain the highest standard of living in the Caribbean. Executive Directors supported the government’s goals of balancing the budget and reducing debt. They encouraged...