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...

The Country Opinion Survey in Morocco assists the World Bank Group (WBG) in better understanding how stakeholders in Morocco 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 Comoros assists the World Bank Group (WBG) in better understanding how stakeholders in Comoros 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 Togo assists the World Bank Group (WBG) in better understanding how stakeholders in Togo 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 Bosnia and Herzegovina assists the World Bank Group (WBG) in better understanding how Bosnia and Herzegovina stakeholders perceive the WBG. It provides the WBG with systematic feedback from national and local governments, multilateral and bilateral agencies, media,...

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

Zimbabwe's impressive recovery since the 2019-20 COVID-19 recession has been slowed by the 2024 El-Niño-related drought. The fiscal deficit is projected to have fallen to below 3 percent in 2024. Challenges to finance the deficit persist, which has also put pressure on the newly introduced ZiG...

The PER analysis highlights priority policy actions to increase fiscal space and improve resilience to economic shocks and climate risks through human and physical capital investments. Chapter 1 focuses on Seychelles' recent fiscal performance and examines trends in its public finances. Chapter...

Kazakhstan's economy is estimated to have grown by 4.0 percent in 2024. A temporary acceleration to 4.5-5.0 percent growth is projected in 2025, supported by a one-off surge in oil production, export growth, and continued fiscal stimulus. Growth is expected to moderate post-2025 due to...

In tomorrow's world, the winners will inevitably be those who possess the knowledge to innovate and adapt to increasingly rapid technological advancements. In contrast, those who lack this knowledge will fall behind. There is consensus among policymakers that a well-functioning education system...

Timor-Leste faces a defining moment in its economic journey. As the country seeks to transition from petroleum dependency to a more diverse and resilient economy, the stakes cannot be higher. The Petroleum Fund, a lifeline that has sustained much of the national budget, risks depletion by 2035,...

Malawi's economic recovery remains fragile due to the slow implementation of macroeconomic adjustment reforms and a series of recent shocks. Food insecurity remains a major concern due to weak harvests from 2022 to 2024 and the likelihood of a challenging 2024-25 season. Inflation is gradually...

The economy is estimated to have grown by 2.6 percent in 2024, surpassing expectations due to an unexpected surge in activity but the recovery continued to lag behind peers. The latest gross domestic product (GDP) release showed that growth picked up at 3.0 percent year-on-year in 2024 Q3. In Q3...

November economic activity data suggests gradual growth, driven by strong external demand, particularly for goods exports and tourism, as well as a slight recovery in private consumption supported by fiscal stimulus. While tourism remained a key growth driver, with a notable increase in...

Thailand's economy grew by 3.2 percent year-on-year in Q4 2024, driven by a rebound in public investment and strong electronics exports, while private consumption saw a modest boost from fiscal stimulus. High-frequency indicators in January suggest continued expansion, supported by strong goods...

South Sudan's socio-economic outcomes have worsened over the past decade due to recurrent conflicts, fragility, and macroeconomic mismanagement compounded by global economic and climate shocks. Even before the oil shock of early 2024, per capita gross domestic product had dropped by 18 percent...

Bhutan's broad-based growth has reduced poverty and inequality over the past decades. To respond to the COVID-19 pandemic and multiple global and domestic crises, the country adopted unorthodox policies such as using foreign reserves to invest in crypto-mining, which slashed reserves by half and...

Madagascar's economy is recovering but remains uneven. Growth is estimated at 4.2 percent in 2024. Several sectors in the economy have yet to return to their pre-2020 output levels. The services sector has driven growth on the supply side, especially tourism-related sectors and...

The Ugandan economy continues to demonstrate resilience. Inflation in Uganda has significantly decreased, falling below the central bank's target. On the external side, the current account deficit remained high despite some moderation due to improved merchandise trade performance. Fiscal...

As disasters caused by natural hazards, health emergencies, and other crises become more frequent and complex, the demand for effective crisis preparedness and response tools has never been greater. In response to these evolving challenges, the World Bank (WB) has continuously adapted its crisis...

El enfoque de este Memorando Económico de País (CEM) es revisar opciones clave de política y reforma a fin de que Guinea Ecuatorial siente las bases para un crecimiento renovado, diversificado y más inclusivo. De este modo, el CEM busca contribuir a las agendas de desarrollo y...

Over the past decades, India has developed at a scale and pace that few would have thought possible. From 2000 to today, in real terms, the economy has grown nearly four-fold, and GDP per capita has almost tripled. Because India grew faster than the rest of the world, its share in the global...

Liberia is one of the poorest countries, ranking 180th out of the 190 countries in the World Bank's development database. Based on the national poverty line, 59 percent of Liberians were poor in 2016, the latest year for which household survey data is available. According to World Bank...

Turkmenistan is a land-locked, upper middle-income country, characterized by a rigid statist economic model, and driven by natural gas exports. Turkmenistan went through a period of adjustment as it first met with lower oil and gas prices and was further affected by the COVID-19 pandemic, with...

This report presents the findings of a study to analyze Guinea-Bissau's HCI indicators and its human capital policies across three sectors - health, education, and social protection. The report highlights a deep analysis of sociodemographic variables such as age, sex, income, and geographical...

This report aims to help policymakers identify key growth opportunities and offers recommendations for building the capabilities needed to realize them. Chapter 1 analyzes growth trends across three key periods, highlighting factors that could accelerate or hinder future progress. Chapter 2...

This study analyzes the direct effects and local spillovers of a low-cost multifaceted economic inclusion program through a randomized controlled trial in Chad. The intervention included group savings promotion, micro-entrepreneurship training, and a lump-sum cash grant delivered to poor female...

Au Sahel, la protection sociale adaptative (PSA) est un ensemble de politiques, systèmes et programmes de protection sociale qui renforcent le capital humain, la productivité et la résilience des plus pauvres, tout en améliorant leur capacité à se préparer, faire face et s'adapter aux...

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...

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...

The largest cash transfer program in Jordan, operated by the National Aid Fund (NAF), regularly benefited approximately 100,000 households by the end of 2018 (almost 10 percent of the population. NAF provides cash transfers in the range of US $28 to $254 to 16 different categories of vulnerable...

Enhancing resilience to climate change is an urgent imperative in the Sahel. Temperatures in the Sahel are rising 1.5 times faster than the global average, leading to extreme temperatures and more erratic and intense rainfall. Climate-related shocks are becoming more frequent and severe,...

Thailand's economic performance remained mixed in March with stable private consumption and robust exports offset by weak private investment amid rising uncertainty. While fiscal stimulus supported consumption, softening consumer confidence and weak manufacturing production pose risks to the...

Au Sahel, la Protection Sociale Adaptative (PSA) est un ensemble de politiques, systèmes et programmes de protection sociale qui renforcent le capital humain, la productivité et la résilience des plus pauvres, tout en améliorant leur capacité à se préparer, faire face et s'adapter aux...

In 2024, Libya's economic performance reflects the persistent challenges of hydrocarbon dependency compared against nascent signs of broader recovery. The economy recorded a contraction of 0.6 percent for the year, driven primarily by a decline in oil GDP of 6 percent amid political and...

The global economic context improved modestly in 2024, supported by easing inflation and a rebound in global trade. Kenya's economy has slowed despite several improving macroeconomic indicators. The external sector showed improvement, driven by recovering exports and rising financial inflows. A...

Mongolia's economy is projected to grow by 6.3 percent in 2025, driven by a surge in copper production and a gradual recovery in the agriculture sector. While the medium-term growth outlook remains stable, significant risks and challenges remain, including the indirect effects of global trade...

Lebanon's economic outlook for 2025 is shaped by a fragile stabilization in the political and security environment. This follows the end of the conflict and the resolution of a two year political paralysis with the election of a president and the formation of a reform-oriented government. While...

The Yemen Economic Monitor provides an update on key economic developments and policies over the past six months. It also presents findings from recent World Bank work on Yemen. While domestic tensions persist, with the Houthi movement continuing to blockade the Internationally Recognized...

This special focus chapter analyzes the effectiveness of fiscal policy in fostering economic growth in the Gulf Cooperation Council (GCC) region. In doing so, the principal focus of the chapter is on fiscal multipliers, which measure the effect of changes in government spending or revenue on the...

Algeria's economic growth remained robust in 2024 but is expected to slow moderately in 2025. Strong investment momentum and robust growth in household consumption, both fueled by government spending, supported manufacturing and services activity, while agricultural production accelerated....

In 2024, the Lao economy grew by 4.1 percent, driven primarily by strong performance in the services sector, followed by electricity generation, mining, agriculture, and some manufacturing. Services expanded by an estimated 5 percent. Foreign tourist arrivals rose by 21 percent alongside...

The Philippines Economic Update (PEU) summarizes key economic and social developments, important policy changes, and the evolution of external conditions over the past six months. It also presents findings from recent World Bank analyses, situating them in the context of the country's long-term...

Despite its many assets and a promising recovery from the devastating civil war, Sierra Leone remains one of the poorest countries in the world. A rich mineral endowment, a young and increasingly educated population, and plentiful arable land coupled with favorable rainfall are some of the...

The World Bank's Pacific Economic Update (PEU) highlights critical challenges facing 11 Pacific Island countries (PIC-11), including a global economic slowdown and trade policy uncertainty, set against the backdrop of vulnerabilities from limited diversification, natural hazards, and...

Le niveau élevé d'exposition aux chocs, en particulier aux chocs liés au climat et aux conflits, dans la région du Sahel exacerbe la vulnérabilité de la population. Cela augmente également le risque que les non-pauvres tombent dans la pauvreté. En 2018-2019, une nouvelle série...