This paper examines Colombia’s 2002 Article IV Consultation and Request for Stand-By Arrangement. The economic situation worsened in the first half of 2002. Economic activity has remained sluggish, and the fiscal consolidation has gone off-track. Exacerbated by increased contagion from...

This 2007 Article IV Consultation highlights that the economy of St. Vincent and the Grenadines is enjoying its second year of vigorous economic growth. Financial sector indicators have strengthened, but balance sheet vulnerabilities remain. Executive Directors have welcomed St. Vincent and the...

This 2007 Article IV Consultation highlights that the Norwegian economy is set to grow strongly in 2007 for the fourth consecutive year. This economic performance is underpinned by strong monetary and fiscal policy frameworks. External demand, both for petroleum products and other Norwegian...

Japan has a universal public pension system. Social security spending is a key fiscal policy challenge in Japan. The 2004 pension reforms have increased the ratio of the government subsidy to the basic pension benefit. Three reform measures are necessary to improve pension finances: an increase...

Preliminary estimates show that pension costs will continue to grow for several years, and controlling and curbing pension costs will be a challenge for Bolivia. Market-friendly reforms could limit the scope for dollarization and its risks. A gradual shift toward a more flexible exchange rate...

The 2005 Article IV Consultation for the United States reports that robust productivity growth and high corporate profits have contributed to a strong rebound in business investment and some acceleration in employment. The financial sector appears well positioned to provide continued support to...

An externally driven economic recovery has continued gathering strength in 2010 in Luxembourg. Executive Directors welcomed this development and the authorities’ supportive fiscal policy in 2010 as well as their role in stabilizing the financial sector. According to the Financial Sector...

This 2012 Article IV Consultation highlights that economic growth in Luxembourg slowed in 2011 amid the euro area sovereign debt crisis. Reflecting sluggish external demand, economic activity is expected to further weaken, with growth projected to decline to ½ percent in 2012. Executive...

Portugal’s economic adjustment has continued, but the contraction in output has been milder than expected. The 2012 outlook for Europe has deteriorated substantially, with growth revised down by 1¼ percentage points relative to spring forecasts. Substantially higher capital...

The global crisis exacerbated the Slovenian economy’s previous imbalances in the fiscal, financial, and real sectors. The authorities agreed that fiscal consolidation including pension, health care, and financial management is essential for sustainable recovery. The Bank of Slovenia...