Republic of San Marino: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of San Marino
November 25, 2025
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San Marino has successfully diversified its economic structure: the previously
oversized banking sector deleveraged following the banking crisis, while manufacturing
and nonfinancial services exports expanded, supported by moderate unit labor costs
and strong corporate balance sheets. Prudent fiscal policy has helped rebuild buffers
and, together with important progress in financial sector reforms, reduced legacy
vulnerabilities. However, public debt remains high and significant challenges persist in
the banking sector. As a euroized small open economy vulnerable to external shocks,
San Marino requires larger policy buffers.
oversized banking sector deleveraged following the banking crisis, while manufacturing
and nonfinancial services exports expanded, supported by moderate unit labor costs
and strong corporate balance sheets. Prudent fiscal policy has helped rebuild buffers
and, together with important progress in financial sector reforms, reduced legacy
vulnerabilities. However, public debt remains high and significant challenges persist in
the banking sector. As a euroized small open economy vulnerable to external shocks,
San Marino requires larger policy buffers.
Subject: Economic sectors, Financial sector, Fiscal policy, Fiscal stance, Income and capital gains taxes, Public debt, Taxes
Keywords: Europe, finalized reform, Financial sector, Fiscal stance, Global, Income and capital gains taxes, progressive tax credit, staff appraisal, staff report, staff statement
Pages:
78
Volume:
2025
DOI:
Issue:
312
Series:
Country Report No. 2025/312
Stock No:
1SMREA2025001
ISBN:
9798229028615
ISSN:
1934-7685
