What's New Archive
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May 30, 2023
Antigua and Barbuda’s economy is on a gradual recovery path, following a sharp contraction in real output of 20 percent in 2020 due to the COVID-19 pandemic. Growth is estimated at 5¼ percent in 2021, driven by a rebound in tourism and construction activity. Despite the surge in international energy prices, inflation was subdued in 2021 due to price controls on utilities, fuels, and public transportation. The fiscal position improved in 2021 with a narrowing of the primary deficit as pandemic-related spending was wound down and better tax administration and higher external grants bolstered revenues.
May 30, 2023
Policy Paper No. 2023/022
May 30, 2023
“Ukraine’s four-year EFF Arrangement, with access of about US$15.6 billion (SDR 11.6 billion) was approved on March 31, and forms part of a US$115 billion international support package for Ukraine. The EFF continues to provide a solid anchor for the authorities’ economic program, and the performance has been strong. All quantitative performance criteria for end-April and structural benchmarks through end-May were met.
May 30, 2023
IMF staff and the Guinea Bissau authorities have reached a staff-level agreement that could support the second review of the Extended Credit Facility supported program, subject to approval by the IMF Executive Board. Upon completion of the review, Guinea Bissau will have access to an additional SDR 2.37 million (about US$ 3.16 million).
May 30, 2023
Sint Maarten is experiencing strong recovery growth led by tourism and investment, but the benefits of growth are slow to reach the rest of the economy. With narrowing fiscal and external deficits, the time is ripe to advance key fiscal and structural reforms, including medium-term investment planning and execution and streamlining business procedures. This small island economy has capacity limitations in key areas, especially in economic statistics and financial intelligence, which require adequate resourcing.
May 29, 2023
May 29, 2023
May 29, 2023
May 26, 2023
Transcript of the United States Article IV Consultation Press Conference
May 26, 2023
Working Paper No. 2023/111
May 26, 2023
Working Paper No. 2023/110
May 26, 2023
Working Paper No. 2023/109
May 26, 2023
High Level Summary Technical Assistance Report No. 2023/006
May 26, 2023
May 26, 2023
The U.S. economy has proven resilient in the face of the significant tightening of both fiscal and monetary policy that took place in 2022. Consumer demand has held up particularly well, boosted initially by a drawdown of pent-up savings and, more recently, by solid growth in real disposable incomes. Prime age labor force participation has risen above its pre-pandemic peak, the unemployment rate for women and African Americans has fallen to historical lows, and real wages have been rising faster than inflation since mid-2022. Growth of around 1.2 percent (on a q4/q4 basis) is expected for this year, modestly picking up momentum later in 2024. This slowing, but still-solid, growth is expected to be associated with unemployment rising slowly to close to 4½ percent by the end of 2024.
May 26, 2023
While the COVID-19 health crisis has largely abated, Lesotho’s structural challenges and capacity constraints have reasserted themselves as severe obstacles to growth:
May 26, 2023
Grenada is navigating the recovery from the twin shocks of the pandemic and a rise in energy and food prices. The authorities’ decisive policy response—supported by the policy space that was created from past fiscal prudence—provided space to cushion the impact of these shocks. As the recovery takes hold, the immediate policy priorities are to return to the fiscal rules to preserve credibility and to deepen structural reforms to promote robust, inclusive, and sustainable growth. Enhancing the fiscal framework and increasing public expenditure efficiency will help create fiscal buffers against future shocks and make space for the country’s development and resilience building needs. Measures to increase competitiveness, such as promoting gender equality, investing in skills development, and expanding digitalization, would help boost economic growth.
May 26, 2023
Country Report No. 2023/183
May 26, 2023
The Italian economy grew robustly over the past year despite sharply higher energy prices. Generous tax credits for building refurbishment and strong tourism spurred growth to an impressive 3.7 percent in 2022, with a further expansion of 1.8 percent (year-on-year) in the first quarter of 2023. Downside risks were mitigated by extensive fiscal compensation to cushion households’ and firms’ real purchasing power, while a natural gas shortage was averted by securing replacement supplies, lowering gas demand, and a mild winter. Employment picked up strongly, with the unemployment rate falling sharply. The public debt ratio has declined by 10 percentage points from its peak in 2020 on the large rebound in nominal GDP. While the energy price spike has largely reversed, broadening price pressures have driven core inflation to high levels
May 26, 2023
I am very happy to see all of you here in Montenegro today. I would like to thank the organizers for their invitation to speak on fiscal consolidation and monetary tightening, and the optimal policy mix.
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