The objective for net foreign assets was discussed in this paper. Macroeconomic performance under the PRGF arrangement was broadly discussed. Several developments during the second half of 2005/2006 required the authorities to strengthen financial management controls and to make other policy...

For more than a decade, growth in Germany has been subdued and uneven. This paper introduces the stylized facts pertaining to the strength in exports, the weakness in domestic demand, and the surge in the current account. It discusses the adjustment undertaken in the private sector and its...

Although Armenia itself has a population of only about 3 million, an estimated 8 million Armenians live abroad. In this paper, the size and the sources of remittances to Armenia are first discussed. Then, the appropriate definition of remittances and subsequently present estimates of the...

Armenia’s economy continues to perform strongly. Prudent fiscal and monetary policies and ongoing structural reforms have contributed to double-digit growth in a low-inflation environment, a continued reduction in poverty, and a notable improvement in tax performance. The Poverty Reduction and...

In this study, the following are listed: GDP by sector and expenditure, gross industrial output by sector, employment by sector, industrial employment by sector, indicators of hidden unemployment, selected labor market indicators, unemployment rate by regions, consumer price inflation and CPI...

This report includes five background studies with emphasis on vulnerabilities and growth, the focus of the 2006 Article IV Consultation with Uruguay. Stocks of key financial balance sheet vulnerabilities are also discussed. With the appreciation of the peso since early 2004, the discussion on...

With the recovery from the 2002 crisis well advanced, discussions focused on policies to reduce remaining vulnerabilities and sustain growth. Sensitivity analysis suggests that the economy, while having become more resilient in recent years, is still vulnerable. The authorities agreed to...

Vietnam was remarkably successful in bringing down inflation in the 1990s to a single-digit range, after a period of high inflation in the late 1980s. The potential unfavorable effects of inflation on poverty and growth are well known. To shed light on these questions, this paper analyzes the...

Overall, macroeconomic performance has remained strong since the conclusion of the last Article IV Consultation. The authorities have introduced market-opening legislation in line with WTO requirements, but state-owned commercial banks (SOCBs) and state-owned enterprise (SOE) reforms remained...

Malawi has made satisfactory progress in implementing its Poverty Reduction Strategy Paper (PRSP) for at least one year, and maintained satisfactory macroeconomic policies as evidenced by its performance under a program supported by the Poverty Reduction and Growth Facility (PRGF) over the last...