Republic of San Marino: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of San Marino

IMF Staff Country Reports, April 6, 2017

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Canonical URL: Republic of San Marino: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of San Marino

The report highlights the slow recovery of San Marino’s economy after a deep recession following a series of financial sector shocks.
Growth resumed in 2015 and accelerated in 2016 to an estimated 1 percent, thanks to stronger domestic and external demand.
Moderate growth is expected in the near and medium term.
GDP growth is projected to reach 1.3 percent in the medium term, driven by continued expansion in nonfinancial industries and services.
The pace of growth, following the current trend, would not be strong enough to bring output to precrisis levels over the next five years as risks remain tilted to the downside.

The consultation follows a deep recession that was associated with a series of financial sector shocks.
Subject matters emphasized in the report include: Asset quality review, Banking, Commercial banks, Financial institutions, Financial sector policy and analysis, Loans, Nonperforming loans, Public debt.
Keywords highlighted: Asset quality review, Cassa di Risparmio di San Marino, Commercial banks, CR, CRSM's capital adequacy ratio, Global, IMF staff calculation, ISCR, Loans, Nonperforming loans, real estate asset, staff appraisal, surveillance committee.