The Kingdom of Lesotho’s 2005 Article IV Consultation reports that the government’s fiscal position and the external current account have improved markedly. The authorities are preparing an action plan, in collaboration with development partners, to improve the business climate....

This 2005 Article IV Consultation highlights that macroeconomic developments in Madagascar in 2003 and 2004 were dominated by the sharp depreciation of the national currency, and rising inflation pressures, with year-over-year consumer price inflation reaching 30 percent at end-February 2005. At...

This 2005 Article IV Consultation for Ireland reports that economic performance has been impressive, owing in significant measure to sound policies. In line with the global cycle, growth picked up strongly in 2004. Rapid employment growth has been supported by immigration, so the unemployment...

This 2005 Article IV Consultation highlights that the Algerian economy continues to benefit from abundant and increasing hydrocarbon revenues. Real GDP growth is expected to continue at about 5 percent in 2005, led by increased output in the hydrocarbon sector and sustained activity in the...

This 2005 Article IV Consultation highlights that the cyclical recovery of the French economy was interrupted in the first half of 2005, as previously strong domestic demand faltered and the external sector continued to exert a drag on growth. In 2004, growth was faster and more...

This 2005 Article IV Consultation for Pakistan reports that macroeconomic performance continues to be strong, but inflation and external pressures are evident. High growth, including in agriculture, is estimated to have raised disposable incomes. The authorities’ ambitious growth...

Iceland’s 2005 Article IV Consultation reports that new projects have rekindled rapid growth and the economy is exhibiting signs of overheating, with imbalances evident in inflation, the current account, and external debt. GDP grew at an average rate of 3.8 percent between 1995 and 2004,...

Kuwait’s 2005 Article IV Consultation reports that the economic and financial positions are projected to remain strong mainly on the expectation that world oil prices will decline only gradually. Reflecting sharply higher oil prices and production, economic conditions improved...

St. Vincent and the Grenadines’s 2003 Article IV Consultation reports that it had moderate levels of public sector debt and debt service during the 1990s. To reduce growth volatility, since the mid-1990s, the government has attempted to implement an economic diversification program...

Implementation of fiscal consolidation by advanced economies in coming years needs to take into account the short and long-run interactions between economic growth and fiscal policy. Many countries must reduce high public debt to GDP ratios that penalize longterm growth. However, fiscal...