IMF Staff Concludes Visit to San Marino
IMF News, April 8, 2022
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- IMF Staff Concludes Visit to San Marino
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Bibliographic details
- Published: April 8, 2022
Visit details
- Press Release No. 22/110
- April 8, 2022
- IMF mission led by Borja Gracia
- Mission dates: April 4-8, 2022
Recent economic developments and assessment
- San Marino enjoyed a robust recovery last year supported by booming exports and a rebound in tourism.
- GDP growth estimated above 5 percent.
- Activity in various sectors and employment exceeded pre-pandemic levels.
- By the end of last year and more recently with the war in Ukraine, the global environment experienced a sudden deterioration.
- Higher commodity prices, supply disruptions, and heightened uncertainty will lower growth and increase inflation but the full impact is still uncertain.
Discussion topics and concerns
- Impact of the new global environment on the Sammarinese economy and the outlook going forward.
- Implications of volatile global financial markets for San Marino’s debt management strategy.
- Authorities are considering several options reflecting the different scenarios that could materialize going forward.
Policy implications and next steps
- Continued implementation of structural reforms to increase the potential of the economy and make it more resilient in an increasingly unpredictable world.
- Discussions will continue in the context of the Article IV consultation scheduled to take place in October.
International Monetary Fund