This 2004 Article IV Consultation highlights that Costa Rica’s economic performance improved in 2003. Following several years of slow growth, real GDP rose by 5½ percent, boosted by a recovery of exports and strong private investment. Inflation declined below 10 percent while...

The German economy has been experiencing as many setbacks as achievements. Continued wage moderation will be essential to aid recovery. Macroeconomic policies are limited by euro area constraints and the sizable public debt burden. Expenditure restraint is the cornerstone of the fiscal...

Kenya showed low economic performance owing to governance problems and the slow pace of structural reforms. Executive Directors emphasized the need to lower public debt and tighten fiscal and monetary policies. They commended the anticorruption strategy and advised to improve governance, reform...

This note provides a report on the Observance of Standards and Codes in France, and provides updates on the transparency in monetary and financial policies. The framework for supervision and regulation applicable to a specific group of mutual insurance firms has been modified by adjusting the...

This paper presents an update to the Report on the Observance of Standards and Codes on Fiscal Transparency for Chile. Chile has completed the first stage of the migration of its fiscal statistics to the IMF’s Government Finance Statistics Manual (GFSM 2001). A main result of this...

This paper examines the Third Review Under the Extended Arrangement for Colombia. Considerable macroeconomic stabilization has been achieved under the program. Inflation has been reduced, fiscal consolidation has advanced, the exchange market has remained orderly, and significant structural...

In light of potential changes in fiscal policy in Finland, the impact of changes in the fiscal stance on short-term economic growth is an issue of interest. This paper estimates the short-term impact of fiscal policy on growth in Finland. The estimates are based on a structural vector...

In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.

This 2005 Article IV Consultation highlights that Zimbabwe’s pace of economic deterioration slowed somewhat in 2004, but appears to have picked up again in the first half of 2005. IMF staff estimates that real GDP fell by about 4 percent in 2004, compared with a contraction of 10½...

This paper reviews economic developments in Japan during 1994. It focuses on the weak recovery that began in 1994, and the subsequent strengthening of growth since mid-1995. The paper examines developments in output and prices, and reviews the role that fiscal policy has played in providing...