{
  "title": "Tonga: 2007 Article IV Consultation: Staff Report; Staff Supplement; Public Information Notice on the Executive Board Discussion",
  "publication": "IMF Staff Country Reports, August 30, 2007",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/tonga-2007-article-iv-consultation-staff-report-staff-supplement-public-information-notice-21293",
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  "summary": "This 2007 Article IV Consultation highlights that Tonga’s real GDP growth is estimated to turn negative in FY06/07, declining by 3½ percent. The economy will continue to be subject to uncertainty and shocks.",
  "publishDate": "2007-08-30",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Near-term growth outlook and macroeconomic shocks",
      "content": "- Real GDP growth is estimated to turn negative in FY06/07, declining by 3½ percent.\n- The economy will continue to be subject to uncertainty and shocks.\n- A further drop in remittances and terms of trade shocks could present significant pressures on official reserves."
    },
    {
      "heading": "Medium-term prospects and risks",
      "content": "- Economic growth is expected to return to positive, albeit low, levels in the medium term.\n- Lingering risks on the policy front could derail efforts to restore stability.\n  - In particular, pressures to increase public sector hiring are highlighted as a key risk."
    },
    {
      "heading": "Policy-relevant areas and focal issues",
      "content": "- Fiscal policy and fiscal stance: concerns about measures that could undermine stability.\n- Public debt and external debt: vulnerabilities tied to shocks and reserve pressures.\n- Labor and wages: public sector hiring pressures noted as a destabilizing policy risk.\n- Financial institutions and loans: considerations embedded in the assessment of stability and shock transmission.\n- Broader thematic keywords listed by the report include real GDP, retrenchment program, sustainability analysis, Tongan authorities, and GDP deflator.\n\nSource: Tonga: 2007 Article IV Consultation: Staff Report; Staff Supplement; Public Information Notice on the Executive Board Discussion (August 30, 2007).\n\n---\n\n Content in this bundle\n\n- cr07297 - Executive Summary\n  - cr07297 - Executive Summary (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr07297 - Executive Summary (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2016/12/31/tonga-2007-article-iv-consultation-staff-report-staff-supplement-public-information-notice-21293"
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    "Published: August 30, 2007",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781451837483.002",
    "Real GDP growth is estimated to turn negative in FY06/07, declining by 3½ percent.",
    "The economy will continue to be subject to uncertainty and shocks.",
    "A further drop in remittances and terms of trade shocks could present significant pressures on official reserves.",
    "Economic growth is expected to return to positive, albeit low, levels in the medium term.",
    "Lingering risks on the policy front could derail efforts to restore stability.",
    "Fiscal policy and fiscal stance: concerns about measures that could undermine stability.",
    "Public debt and external debt: vulnerabilities tied to shocks and reserve pressures.",
    "Labor and wages: public sector hiring pressures noted as a destabilizing policy risk.",
    "Financial institutions and loans: considerations embedded in the assessment of stability and shock transmission.",
    "Broader thematic keywords listed by the report include real GDP, retrenchment program, sustainability analysis, Tongan authorities, and GDP deflator.",
    "**_cr07297 - Executive Summary**"
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