{
  "title": "Luxembourg: Staff Report for the 2015 Article IV Consultation",
  "publication": "IMF Staff Country Reports, June 8, 2015",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/luxembourg-staff-report-for-the-2015-article-iv-consultation-42983",
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  "summary": "This 2015 Article IV Consultation highlights that Luxembourg’s economic model, emphasizing fiscal stability, openness, firm prudential oversight, and responsiveness to investor needs, is delivering strong growth.",
  "sections": [
    {
      "heading": "Executive summary",
      "content": "- Luxembourg’s economic model emphasizes fiscal stability, openness, firm prudential oversight, and responsiveness to investor needs.\n- Buoyant financial services exports contributed to real growth of close to 3 percent in 2014, with strong job creation.\n- Growth is projected at 2.5 percent in 2015.\n- Budget 2015 launched a multi-year fiscal consolidation aimed at offsetting falling revenues from electronic commerce.\n- Evolving international tax transparency standards, in which Luxembourg is participating fully, could impact the revenue base."
    },
    {
      "heading": "Growth and labor market",
      "content": "- Real growth of close to 3 percent in 2014 driven by buoyant financial services exports.\n- Strong job creation accompanying the 2014 growth performance.\n- Projected growth: 2.5 percent in 2015."
    },
    {
      "heading": "Fiscal policy and consolidation",
      "content": "- Budget 2015 initiates a multi-year fiscal consolidation strategy.\n- Objective: offset falling revenues from electronic commerce."
    },
    {
      "heading": "Financial sector and oversight",
      "content": "- Firm prudential oversight cited as a core component of Luxembourg’s economic model.\n- Financial services exports are a key growth engine for the economy."
    },
    {
      "heading": "Risks and challenges",
      "content": "- Falling electronic commerce revenues that fiscal consolidation seeks to address.\n- Potential impact on the revenue base from evolving international tax transparency standards; Luxembourg is participating fully in these standards."
    },
    {
      "heading": "Subject tags (as presented in the source)",
      "content": "- Banking\n- Economic sectors\n- Expenditure\n- Financial institutions\n- Financial regulation and supervision\n- Financial sector\n- Loans\n- Public debt\n\nInternational Monetary Fund — Luxembourg: Staff Report for the 2015 Article IV Consultation (June 8, 2015).\n\n---\n\n Content in this bundle\n\n- cr15144\n  - cr15144 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr15144 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: June 8, 2015",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513530802.002",
    "Luxembourg’s economic model emphasizes fiscal stability, openness, firm prudential oversight, and responsiveness to investor needs.",
    "Buoyant financial services exports contributed to real growth of close to 3 percent in 2014, with strong job creation.",
    "Growth is projected at 2.5 percent in 2015.",
    "Budget 2015 launched a multi-year fiscal consolidation aimed at offsetting falling revenues from electronic commerce.",
    "Evolving international tax transparency standards, in which Luxembourg is participating fully, could impact the revenue base.",
    "Real growth of close to 3 percent in 2014 driven by buoyant financial services exports.",
    "Strong job creation accompanying the 2014 growth performance.",
    "Projected growth: 2.5 percent in 2015.",
    "Budget 2015 initiates a multi-year fiscal consolidation strategy.",
    "Objective: offset falling revenues from electronic commerce.",
    "Firm prudential oversight cited as a core component of Luxembourg’s economic model.",
    "Financial services exports are a key growth engine for the economy.",
    "Falling electronic commerce revenues that fiscal consolidation seeks to address.",
    "Potential impact on the revenue base from evolving international tax transparency standards; Luxembourg is participating fully in these standards.",
    "**_cr15144**"
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