Republic of San Marino : 2013 Article IV Consultation

Publication Date: May 17, 2013
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Summary: This Article IV Consultation focuses on San Marino’s prolonged recession. The global crisis has led to a significant decline in budget revenues. However, San Marino’s sizable pre-2008 budget surplus, combined with recent tax measures and efforts to restrain expenditures, have helped contain the deficit at about 3 percent of GDP. Executive Directors noted that San Marino’s economy will face financial and fiscal challenges in the near term, as well as uncertain medium-term prospects. Directors considered that, notwithstanding the recent recapitalization, the largest bank will need more capital to meet prudential requirements.
Series: Country Report No. 13/122
Subject(s): Article IV consultation reports | Fiscal policy | Fiscal consolidation | Tax reforms | Financial sector | Banks | Economic indicators | Debt sustainability analysis | Staff Reports | Public information notices | San Marino

Publication Date: May 17, 2013
ISBN/ISSN: 9781484346921/1934-7685 Format: Paper
Stock No: 1SMREA2013001 Pages: 42
US$18.00 (Academic Rate:
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