Republic of San Marino: 2024 Article IV Consultation-Press Release and Staff Report

December 10, 2024

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International Monetary Fund. European Dept. "Republic of San Marino: 2024 Article IV Consultation-Press Release and Staff Report", IMF Staff Country Reports 2024, 330 (2024), accessed January 23, 2025, https://doi.org/10.5089/9798400294488.002

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Summary

San Marino has shifted to a new growth model during the last decade. As the once oversized banking sector embarked on a painful deleveraging process following the Great Financial Crisis, manufacturing and nonfinancial service exporting sectors grew, underpinned by cost-competitiveness in labor and strong balance sheets. Prudent fiscal policy and access to international capital markets helped weather the pandemic and energy crises. However, San Marino is a small state subject to very high volatility and the financial sector remains vulnerable, suggesting that larger-than-usual fiscal buffers are needed.

Subject: Expenditure, Financial institutions, Fiscal policy, Fiscal stance, Nonperforming loans, Pension spending, Public debt

Keywords: Article IV consultation discussion, Currency of San Marino, Europe, Fiscal stance, Global, Nonperforming loans, Pension spending, Sta balance of payments statistics, Sta GDDS metadata development, Sta government finance statistics

Publication Details

Pages:

69
Volume:

2024
DOI:

https://doi.org/10.5089/9798400294488.002
Issue:

330
Series:

Country Report No. 2024/330
Stock No:

1SMREA2024001
ISBN:

9798400294488
ISSN:

1934-7685

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