Gender

The mission assisted the staff of the National Bank of Rwanda (NBR) in broadening the coverage of MFS, to include other financial corporations (OFCs) and compile the OFCs Survey, aligned with the IMF’s 2016 Monetary and Financial Statistics Manual and Compilation Guide (2016 MFSMCG). In addition the mission discussed (i) the development of a Balance Sheet Approach (BSA) matrix with full coverage of the financial sector and with additional data from the external, fiscal and real sectors; (ii) data consistency between central bank, other depository corporations (ODCs) and OFCs; (iii) integrated MFS (stocks, transactions, and other flows); and provided hands-on training on MFS compilation issues to the officials of the NBR’s Statistics Department.

Social conditions have improved significantly in the last decade, raising Bhutan’s living standards while inequality and poverty have declined. The economy has been recovering from the pandemic shock, but external imbalances remain and reserves are still below pre-pandemic levels. Growth is strong, driven by hydropower projects, but emigration among the youth remains a challenge.

Selected Issues

Kazakhstan’s economy is showing clear signs of overheating. After growing by around 5 percent in 2023 and 2024, the economy is expected to expand by 6.2 percent in 2025, fueled by rising oil production, a loose fiscal stance, expanding quasi-fiscal activities, and rapid consumer lending. Inflation remains stubbornly high at around 12½ percent and the current account deficit is widening. The outlook faces elevated risks from persistent inflation, an uncertain external environment, and weaker oil prices.

Selected Issues

The economic slowdown that began in 2024 continued into early 2025, but growth has since picked up. Looking ahead, the Slovenian economy is facing structural challenges from rising spending pressures, including those related to population aging, and weak productivity growth.

The Nicaraguan economy weathered well multiple shocks since 2018, supported by appropriate macroeconomic and financial policies, substantial pre-2018 buffers (gross international reserves and central government deposits), and financing from international financial institutions (IFIs) during the pandemic. Real GDP growth was further sustained recently by favorable terms of trade and high remittances growth, averaging 3.9 percent over 2022-25H1. The economy is operating under targeted international sanctions, geopolitical reorientation of official foreign inflows, and transfers of private property to the state since 2022. Strong fundamentals—low inflation, a declining public debt-to-GDP ratio, twin fiscal and external surpluses, well-capitalized banks, and sizeable buffers—should help Nicaragua withstand headwinds from ongoing shifts in the global policy landscape.

Since 2016, Saudi Arabia’s Vision 2030 reforms have improved governance, business regulations, capital markets, the labor market, and the external sector, narrowing structural gaps with frontier economies and improving economic performance. This paper summarizes progress, estimates the output impact of the reforms, notes challenges, and highlights future priorities for continued growth and diversification.

Economic activity remains strong despite global uncertainty. Favorable medium-term growth prospects are underpinned by Paraguay’s macroeconomic stability and the ongoing implementation of comprehensive structural reforms. Inflation remains under control, public debt at prudent levels, and foreign reserves above adequacy benchmarks. Fiscal consolidation is progressing in line with the authorities’ plans and adherence to the Fiscal Responsibility Law is expected to be restored in 2026 for the first time since 2018. Risks to the outlook are balanced: Adverse weather shocks remain a significant downside risk, while higher-than-expected FDI inflows owing to the country’s comparative advantages present upside potential.