The paper examines the effect of macroeconomic imbalances on bank lending with emphasis on the exchange rate movement, inflation differential and fiscal deficit. In the study, bank lending is modelled by gross loans and advances, assets quality and risk appetite. The panel GMM model results show...

This report offers a strategic view on the economic and inflation environment in the euro area as part of the monetary policy strategy assessment 2025. It reassesses the factors shaping the inflation and economic environment in light of the recent inflation experience, analyses changes in...

This report provides a high-level comparison of the economies of Ireland and Northern Ireland (NI) for recent years. A range of economic, socio-economic and demographic measures are used to explore similarities and differences in economic growth, living standards, general well-being and economic...

Die deutsche Wirtschaft stagnierte insgesamt im 1. Halbjahr 2025; das deutsche Bruttoinlandsprodukt sank im 2. Quartal um 0,3 %, wie es im ersten gestiegen war. Dabei spielten Sondereffekte (Vorziehen von Produktion und Exporten ins erste Quartal aufgrund der erwarteten US-Zölle und mildes...

La trajectoire économique du Togo au cours des dernières années a été caractérisée à la fois par des performances solides et par l'émergence de nouvelles vulnérabilités. Ce rapport portant sur les perspectives économiques du Togo met en lumière l'urgence de mettre en œuvre des...

This ninth edition of the GEU focuses on 'Running on a Treadmill - Diagnosing Ghana's Struggle to Turn Growth into Jobs and Opportunity. The analysis integrates previous macroeconomic and business performance findings to provide a comprehensive understanding of Ghana's labor market. It profiles...

Le Rapport sur la situation économique de la République démocratique du Congo examine la performance récente du pays en matière de croissance ainsi que ses politiques macroéconomiques, offrant ainsi une base pour le dialogue avec le gouvernement et les autres parties prenantes. La...

Sierra Leone's creative economy is a significant yet underleveraged engine for diversification, youth employment, and cultural expression, contributing an estimated 4.5% of GDP and over 10% of formal employment. This Creative Economy Diagnostic and Roadmap analyzes the structure and performance...

Austria's economy is recovering over the projection period from a recession that, according to the revised National Accounts, proved comparably severe to Germany's. The rebound is driven by private consumption, while foreign trade in goods continues to contract for the time being. Residential...

In the ECB's Survey of Professional Forecasters (SPF) for the third quarter of 2025,1 expectations for headline HICP inflation were revised downwards for 2025 and 2026 but remained unchanged for 2027 and the longer term. At the same time, core inflation expectations, as measured by the HICP...

Thailand's economic recovery has been uneven. Stronger-than-expected exports and investment are masking weakness in tourism and private consumption. Export momentum benefited from front-loaded orders amid rising trade uncertainty, while approved investment projects in high-value sectors surged....

Thailand's economic momentum softened in Q2 2025 with growth lagging behind regional peers due to weak private consumption and tourism. High-frequency data confirmed this softening trend, with a slowdown in manufacturing and a continued drop in tourist numbers. However, investment and goods...

This Country Economic Update (CEU) is the first in a regular series of reports dedicated to monitoring socioeconomic developments and to fostering informed dialogue on economic policies and prospects. Armenia CEUs aim to offer regular, comprehensive, and concise analysis of recent economic...

The economy slowed and tourism remained weak in the third quarter, despite a strong growth in exports. To bolster growth, the government rolled out a Quick Big Wins strategy with short-term stimulus measures, a debt restructuring program, and tax incentives to revive domestic tourism. Fiscal...

Timor-Leste is at a defining moment - one that brings both urgent challenges and real opportunities to build a more resilient and prosperous future. With oil production halted, the country now relies on withdrawals from its Petroleum Fund, which can be depleted by 2038. This raises a pressing...

Ce présent rapport des Cahiers Economiques 2025 pour la République centrafricaine (RCA) analyse les tendances économiques et de pauvreté de 2024, fournit une perspective de base pour 2025-27, et explore des stratégies pour optimiser la richesse multidimensionnelle pour une croissance et une...

Il s'agit de la douzième édition des Cahiers économiques de la République du Congo. Chaque édition de ce rapport annuel présente une vue d'ensemble de l'évolution de la situation macroéconomique de la République du Congo, suivie d'une analyse détaillée d'un sujet spécifique. Le...

Growth in the economies of the six Western Balkan countries (WB6) is expected to slow in 2025, due to the combined effects of a continued weak external environment coupled with heightened domestic pressures in several countries. Serbia faces the steepest slowdown in 2025, while North Macedonia...

Fiscal conditions remained stable, with a modest widening of the deficit to 3.1 percent of GDP. New stimulus measures are expected to support short-term demand without breaching the public debt ceiling. Inflation stayed negative, reflecting lower energy and food prices amid subdued domestic...

Liberia's macroeconomic performance strengthened in 2024, with notable improvements in fiscal consolidation, inflation management, and external rebalancing, although the growth momentum moderated. Inflation eased in 2024 due to strong policy action, nevertheless rising non-food inflation during...

Sierra Leone's economy continues to navigate complex domestic and global challenges constraining growth and jeopardizing macro stability. Fiscal policies remained loose, and the deficit continued to exceed budget targets for the fourth consecutive year, hurting policy credibility and debt...

Kenya's monetary and external policy environment is solid; however, its fiscal outlook places the country at a crossroads. Fiscal slippage persisted in FY2024-25 with the deficit widening to 5.9 percent of gross domestic product (GDP), compared to the revised budget target of 4.3 percent. The...

Burundi is a small landlocked country bordered by the Democratic Republic of the Congo (DRC) to the west, Rwanda to the north and Tanzania to the east and south. Burundi is endowed with deposits of gold, tin, tungsten and tantalum (3Ts), lithium, rare earth minerals (the lanthanides), vanadium,...

Economic growth in Europe and Central Asia eased to 2.4 percent in 2025, reflecting a sharp slowdown in the Russian Federation. Outside Russia, growth momentum remains broadly resilient, supported by private consumption, infrastructure spending, and a gradual recovery in trade. While a modest...

Latin America and the Caribbean faces a challenging outlook: slow economic and job growth, lower commodity prices, sluggish decline in global interest rates reducing demand and complicating debt service, weak investment, stalled nearshoring, and tight fiscal space. Structural gaps in...

GDP growth in the East Asia and Pacific (EAP) region remains above the global average but is projected to slow down in 2025 and even further in 2026. The sluggishness is due to a less favorable external environment-rising trade restrictions, easing but still elevated global uncertainty, and...

The Country Opinion Survey in DRC assists the World Bank Group (WBG) in better understanding how stakeholders in DRC perceive the WBG. It provides the WBG with systematic feedback from national and local governments, multilateral/bilateral agencies, media, academia, the private sector, and civil...

The Country Opinion Survey in Argentina assists the World Bank Group (WBG) in better understanding how stakeholders in Argentina perceive the WBG. It provides the WBG with systematic feedback from national and local governments, multilateral/bilateral agencies, media, academia, the private...

The Country Opinion Survey in Tajikistan assists the World Bank Group (WBG) in better understanding how stakeholders in Tajikistan perceive the WBG. It provides the WBG with systematic feedback from national and local governments, multilateral/bilateral agencies, media, academia, the private...

The Country Opinion Survey in Malawi assists the World Bank Group (WBG) in better understanding how stakeholders in Malawi perceive the WBG. It provides the WBG with systematic feedback from national and local governments, multilateral/bilateral agencies, media, academia, the private sector, and...

The Country Opinion Survey in Mexico assists the World Bank Group (WBG) in better understanding how stakeholders in Mexico perceive the WBG. It provides the WBG with systematic feedback from national and local governments, multilateral/bilateral agencies, media, academia, the private sector, and...

The Country Opinion Survey in Liberia assists the World Bank Group (WBG) in better understanding how stakeholders in Liberia perceive the WBG. It provides the WBG with systematic feedback from national and local governments, multilateral/bilateral agencies, media, academia, the private sector,...

The Country Opinion Survey in Sierra Leone assists the World Bank Group (WBG) in better understanding how stakeholders in Sierra Leone perceive the WBG. It provides the WBG with systematic feedback from national and local governments, multilateral/bilateral agencies, media, academia, the private...

The Country Opinion Survey in Peru assists the World Bank Group (WBG) in better understanding how stakeholders in Peru perceive the WBG. It provides the WBG with systematic feedback from national and local governments, multilateral/bilateral agencies, media, academia, the private sector, and...

The Country Opinion Survey in India assists the World Bank Group (WBG) in better understanding how stakeholders in India perceive the WBG. It provides the WBG with systematic feedback from national and local governments, multilateral/bilateral agencies, media, academia, the private sector, and...

The Country Opinion Survey in Ecuador assists the World Bank Group (WBG) in better understanding how stakeholders in Ecuador perceive the WBG. It provides the WBG with systematic feedback from national and local governments, multilateral/bilateral agencies, media, academia, the private sector,...

The Country Opinion Survey in Kosovo assists the World Bank Group (WBG) in better understanding how stakeholders in Kosovo perceive the WBG. It provides the WBG with systematic feedback from national and local governments, multilateral/bilateral agencies, media, academia, the private sector, and...

The Country Opinion Survey in Kazakhstan assists the World Bank Group (WBG) in better understanding how stakeholders in Kazakhstan perceive the WBG. It provides the WBG with systematic feedback from national and local governments, multilateral/bilateral agencies, media, academia, the private...

The Country Opinion Survey in Cameroon assists the World Bank Group (WBG) in better understanding how stakeholders in Cameroon perceive the WBG. It provides the WBG with systematic feedback from national and local governments, multilateral/bilateral agencies, media, academia, the private sector,...

China’s economy maintained solid momentum in the third quarter of 2025, supported by accommodative policies that bolstered domestic consumption and investment, and by demand from developing countries that sustained exports. Growth is estimated at 4.9 percent in 2025 and projected at 4.4...

Cambodia is facing substantial risks to macroeconomic stability and sustained growth from three simultaneous shocks: an ongoing property market downturn, the Cambodian-Thai border conflict, and rising trade restrictions. First, a sustained property sector downturn is weighing heavily on domestic...

In a period marked by global uncertainty, supply chain disruptions, and ongoing geopolitical tensions, the Gulf Cooperation Council (GCC) countries—Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates are accelerating national reform programs to transition toward more...

The global economy performed better than expected in 2025. Despite high economic policy uncertainty, the global economy’s performance was resilient, supported by continued growth of merchandise trade and investment in technology-related sectors. Still, global growth remained below pre-pandemic...

Indonesia’s economy continues to demonstrate resilience amid heightened global uncertainty. Real GDP growth held at 5.0 percent year-on-year over the first three quarters of 2025, supported by robust investment and a notable, albeit temporary, contribution from net exports, which benefited...

Zimbabwe's economy experienced significant volatility in recent years, with strong post-pandemic growth driven by agriculture, mining, and remittance-fueled services. However, an El Niño-induced drought severely impacted agricultural production and electricity generation, causing a slowdown and...