Spain 2021 Article Iv Consultation Press Release Staff Report And Statement By The Executive Director For Spain

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Spain: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Spain

International Monetary,International Monetary Fund. European Dept.
Spain 2021 Article IV Consultation Press Release Staff Report and Statement by the Executive Director for Spain Book PDF

Author : International Monetary,International Monetary Fund. European Dept.
Publisher : International Monetary Fund
Page : 88 pages
File Size : 46,5 Mb
Release : 2022-02-16
Category : Business & Economics
ISBN : 9798400201370

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Spain: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Spain by International Monetary,International Monetary Fund. European Dept. Pdf

The Spanish economy is recovering from the deep recession caused by the COVID pandemic and employment is already above its pre-pandemic level. A highly successful vaccination campaign helped limit the impact of the recent wave of infections on hospitalizations and economic activity. Output is expected to return to its pre-pandemic level by the end of 2022. However, there is significant uncertainty around the recovery path related to the evolution of the pandemic and the duration of global supply bottlenecks. The pace of absorption and the effectiveness of use of Next Generation EU (NGEU) funds will also affect growth in the coming years. In the near term, the key policy challenge is to continue to provide targeted pandemic support while facilitating resource reallocation and a transformation to a greener and more inclusive economy.

Malawi: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Malawi

International Monetary,International Monetary Fund. African Dept.
Malawi 2021 Article IV Consultation Press Release Staff Report and Statement by the Executive Director for Malawi Book PDF

Author : International Monetary,International Monetary Fund. African Dept.
Publisher : International Monetary Fund
Page : 112 pages
File Size : 43,5 Mb
Release : 2021-12-20
Category : Business & Economics
ISBN : 9781616354886

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Malawi: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Malawi by International Monetary,International Monetary Fund. African Dept. Pdf

Malawi, a fragile state with one of the highest incidences of poverty, food insecurity and frequent weather-related shocks, has been severely affected by the pandemic. There are signs of gradual recovery and daily COVID-19 positive cases remain relatively low: real GDP growth in 2021 is projected to pick up to 2.2 percent from 0.9 percent in 2020 helped by a good harvest. However, inflation is expected to increase to 9 percent in 2021 from 8.6 percent in 2020, driven by increases in prices of fuel, fertilizer and food, leaving real per capita growth in the negative region.

Principality of Andorra: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Principality of Andorra

International Monetary,International Monetary Fund. European Dept.
Principality of Andorra 2021 Article IV Consultation Press Release Staff Report and Statement by the Executive Director for Principality of Andorra Book PDF

Author : International Monetary,International Monetary Fund. European Dept.
Publisher : International Monetary Fund
Page : 51 pages
File Size : 44,6 Mb
Release : 2021-06-11
Category : Business & Economics
ISBN : 9781513573151

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Principality of Andorra: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Principality of Andorra by International Monetary,International Monetary Fund. European Dept. Pdf

Andorra, the IMF’s newest member since October 2020, participated in its first Article IV consultation with a commitment to further enhance transparency. Tourism and banking-related services dominate economic activity in the euroized economy. The country enjoys long-standing political stability, a good track-record of fiscal discipline, a gender-balanced work force, and internationally competitive ski resorts. The authorities are managing the pandemic well with universal testing and expanded hospital capacity that kept fatality rates very low despite high case-loads. The testing strategy helped Andorra implement more targeted internal restrictions than in neighboring countries. At the same time, emergency fiscal measures stabilized real incomes and supported firms.

Spain

International Monetary Fund. European Dept.
Spain Book PDF

Author : International Monetary Fund. European Dept.
Publisher : International Monetary Fund
Page : 91 pages
File Size : 42,8 Mb
Release : 2023-01-19
Category : Business & Economics
ISBN : 9798400230622

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Spain by International Monetary Fund. European Dept. Pdf

Two years after the pandemic, the Spanish economy is facing new headwinds from Russia’s invasion of Ukraine. Activity has been resilient so far, supported by a strong rebound in tourism and other services and timely policy support measures. However, elevated global energy and food prices, lower trading partners’ demand, deteriorating consumer and business confidence, and rising interest rates have slowed the recovery of output. Growth is projected to moderate to 1.1 percent in 2023. Risks to the outlook include tighter-than-expected financial conditions, weaker global demand, and further increases in European energy prices.

European Labor Markets and the COVID-19 Pandemic: Fallout and the Path Ahead

Mr. Sakai Ando,Mr. Ravi Balakrishnan,Bertrand Gruss,Mr. Jean-Jacques Hallaert,La-Bhus Fah Jirasavetakul,Koralai Kirabaeva,Nir Klein,Ana Lariau,Lucy Qian Liu,Davide Malacrino,Mr. Haonan Qu,Alexandra Solovyeva
European Labor Markets and the COVID 19 Pandemic Fallout and the Path Ahead Book PDF

Author : Mr. Sakai Ando,Mr. Ravi Balakrishnan,Bertrand Gruss,Mr. Jean-Jacques Hallaert,La-Bhus Fah Jirasavetakul,Koralai Kirabaeva,Nir Klein,Ana Lariau,Lucy Qian Liu,Davide Malacrino,Mr. Haonan Qu,Alexandra Solovyeva
Publisher : International Monetary Fund
Page : 96 pages
File Size : 40,5 Mb
Release : 2022-03-03
Category : Business & Economics
ISBN : 9798400200960

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European Labor Markets and the COVID-19 Pandemic: Fallout and the Path Ahead by Mr. Sakai Ando,Mr. Ravi Balakrishnan,Bertrand Gruss,Mr. Jean-Jacques Hallaert,La-Bhus Fah Jirasavetakul,Koralai Kirabaeva,Nir Klein,Ana Lariau,Lucy Qian Liu,Davide Malacrino,Mr. Haonan Qu,Alexandra Solovyeva Pdf

In 2020, the COVID-19 pandemic caused by far the largest shock to European economies since World War II. Yet, astonishingly, the EU unemployment rate had already declined to its pre-crisis level by 2021Q3, and in some countries the labor force participation rate is at a record high. This paper documents that the widespread use of job retention schemes has played an essential role in mitigating the pandemic’s impact on labor markets and thereby facilitating the restart of European economies after the initial lockdowns.

Germany: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Germany

International Monetary,International Monetary Fund. European Dept.
Germany 2021 Article IV Consultation Press Release Staff Report and Statement by the Executive Director for Germany Book PDF

Author : International Monetary,International Monetary Fund. European Dept.
Publisher : International Monetary Fund
Page : 78 pages
File Size : 44,6 Mb
Release : 2021-07-15
Category : Business & Economics
ISBN : 9781513594439

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Germany: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Germany by International Monetary,International Monetary Fund. European Dept. Pdf

Germany’s economy contracted by just under 5 percent in 2020, outperforming most European peers. But renewed waves of infections and associated lockdowns caused economic activity to plunge again in the first quarter of this year. While the pace of mass vaccination has picked up and the economy has started to reopen, the recovery path is beset with risks, particularly with respect to the progress of the pandemic and supply shortages in major industries. The authorities have maintained appropriately accommodative fiscal and financial policies, and most measures supporting households and firms have been extended through 2021.

Turkey: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Turkey

International Monetary,International Monetary Fund. European Dept.
Turkey 2021 Article IV Consultation Press Release Staff Report and Statement by the Executive Director for Turkey Book PDF

Author : International Monetary,International Monetary Fund. European Dept.
Publisher : International Monetary Fund
Page : 95 pages
File Size : 48,6 Mb
Release : 2021-06-11
Category : Business & Economics
ISBN : 9781513573175

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Turkey: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Turkey by International Monetary,International Monetary Fund. European Dept. Pdf

In Turkey, as in other countries, the human and economic toll of the COVID-19 pandemic has been severe. Thousands of lives have been tragically lost and many livelihoods compromised. The initial policy response to the pandemic—and subsequent sharp growth rebound—set Turkey apart from its peers. Rapid monetary and credit expansion and large liquidity support meant that Turkey was among the few countries to experience positive economic growth in 2020. But these policies also aggravated pre-existing economic and financial vulnerabilities. Higher inflation, increased dollarization, and a large shift in the current account position increased pressure on the lira and gave rise to heavy foreign exchange sales, which led in turn to steep reserve declines from already-low levels. A policy shift in late 2020—mainly towards tighter and more transparent monetary policy and slower credit growth—was both welcome and necessary. But the durability and depth of the shift were called into question in March 2021, following the change in central bank leadership, as the lira weakened markedly and interest rate spreads widened.

Italy: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Italy

International Monetary,International Monetary Fund. European Dept.
Italy 2021 Article IV Consultation Press Release Staff Report and Statement by the Executive Director for Italy Book PDF

Author : International Monetary,International Monetary Fund. European Dept.
Publisher : International Monetary Fund
Page : 83 pages
File Size : 53,6 Mb
Release : 2021-06-02
Category : Business & Economics
ISBN : 9781513573083

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Italy: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Italy by International Monetary,International Monetary Fund. European Dept. Pdf

The pandemic dealt a severe blow to the Italian people and their economy. GDP fell by nearly 9 percent in 2020, with much larger drops for contact-intensive services. Public and corporate debt increased strongly and preexisting vulnerabilities have likely worsened. The government is prioritizing resolving the health emergency and transforming the economy to lift productivity, improve social outcomes and strengthen resilience to future shocks and structural change. The large National Recovery and Resilience Plan—partly financed by sizable Next Generation EU resources—will be used to increase physical and social infrastructure. Outlook. GDP is expected to recover strongly in 2021–22 and to grow well-above trend over the medium term, supported by investment spending. Nonetheless, economic scarring could be sizable. The two-sided risks relate to how the pandemic progresses, the efficiency of investment spending and the extent of savings drawdown, with large costs associated with the downside.

Cyprus: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Cyprus

International Monetary,International Monetary Fund. European Dept.
Cyprus 2022 Article IV Consultation Press Release Staff Report and Statement by the Executive Director for Cyprus Book PDF

Author : International Monetary,International Monetary Fund. European Dept.
Publisher : International Monetary Fund
Page : 79 pages
File Size : 51,9 Mb
Release : 2022-06
Category : Business & Economics
ISBN : 9798400211591

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Cyprus: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Cyprus by International Monetary,International Monetary Fund. European Dept. Pdf

Cyprus is highly exposed to the fallout from the war in Ukraine through trade with Russia. This new challenge comes against the background of the lingering effects of the pandemic and financial vulnerabilities dating from the 2012–13 crisis. Growth is projected to slow from 51⁄2 percent in 2021 to around 2 percent this year. Recovery will regain momentum in 2023, and is projected to continue in the medium term, supported by investments and structural reforms in the Recovery and Resilience Plan.

Republic of San Marino: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of San Marino

International Monetary,International Monetary Fund. European Dept.
Republic of San Marino 2021 Article IV Consultation Press Release Staff Report and Statement by the Executive Director for the Republic of San Marino Book PDF

Author : International Monetary,International Monetary Fund. European Dept.
Publisher : International Monetary Fund
Page : 70 pages
File Size : 41,7 Mb
Release : 2021-11-23
Category : Business & Economics
ISBN : 9781513598444

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Republic of San Marino: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of San Marino by International Monetary,International Monetary Fund. European Dept. Pdf

San Marino entered the pandemic with substantial vulnerabilities and still struggling from the consequences of the Global Financial Crisis (GFC). However, the economy has shown significant resilience supported by a timely and targeted policy response. Fiscal support was substantially scaled up after external borrowing was secured, including through a debut Eurobond. The banking system was rationalized, partly capitalized, its liquidity substantially improved, and a strategy is being adopted to address exceptionally high nonperforming loans (NPLs). Some of these measures, while effective, have increased official public debt substantially.

Montenegro: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Montenegro

International Monetary,International Monetary Fund. European Dept.
Montenegro 2021 Article IV Consultation Press Release Staff Report and Statement by the Executive Director for Montenegro Book PDF

Author : International Monetary,International Monetary Fund. European Dept.
Publisher : International Monetary Fund
Page : 76 pages
File Size : 46,9 Mb
Release : 2022-02-24
Category : Business & Economics
ISBN : 9798400201332

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Montenegro: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Montenegro by International Monetary,International Monetary Fund. European Dept. Pdf

COVID-19 hit the economy hard, but a strong recovery is underway. Public debt, already elevated before the pandemic, has increased further. The government has embarked on a reform program ‘Europe Now’, which aims to arrest outward migration through a sharp minimum wage increase, labor tax wedge reduction, and the introduction of a progressive tax code. The financial sector appears to have withstood the COVID-19 shock well.

El Salvador: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for El Salvador

International Monetary,International Monetary Fund. Western Hemisphere Dept.
El Salvador 2021 Article IV Consultation Press Release Staff Report and Statement by the Executive Director for El Salvador Book PDF

Author : International Monetary,International Monetary Fund. Western Hemisphere Dept.
Publisher : International Monetary Fund
Page : 114 pages
File Size : 47,7 Mb
Release : 2022-01-28
Category : Business & Economics
ISBN : 9798400200151

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El Salvador: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for El Salvador by International Monetary,International Monetary Fund. Western Hemisphere Dept. Pdf

The pandemic interrupted ten years of growth, but El Salvador is rebounding quickly. Robust external demand, resilient remittances, and a sound management of the pandemic—with the help of a disbursement under the Rapid Financing Instrument (RFI) (SDR287.2 million or US$389 million) approved in April 2020—are supporting a strong recovery. Persistent fiscal deficits and high debt service are leading to large and increasing gross fiscal financing needs.

Dominican Republic: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Dominican Republic

International Monetary,International Monetary Fund. Western Hemisphere Dept.
Dominican Republic 2021 Article IV Consultation Press Release Staff Report and Statement by the Executive Director for Dominican Republic Book PDF

Author : International Monetary,International Monetary Fund. Western Hemisphere Dept.
Publisher : International Monetary Fund
Page : 83 pages
File Size : 50,9 Mb
Release : 2021-07-28
Category : Business & Economics
ISBN : 9781513589411

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Dominican Republic: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Dominican Republic by International Monetary,International Monetary Fund. Western Hemisphere Dept. Pdf

The pandemic interrupted a prolonged growth spell that made the Dominican Republic one of the most dynamic economies in the region amid strong growth, macroeconomic stability and improved social outcomes. This built resilience to the shock—including by maintaining access to markets—and allowed a decisive policy response to address the health emergency, support growth, and protect the vulnerable.

Bolivia: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Bolivia

International Monetary,International Monetary Fund. Western Hemisphere Dept.
Bolivia 2021 Article IV Consultation Press Release Staff Report and Statement by the Executive Director for Bolivia Book PDF

Author : International Monetary,International Monetary Fund. Western Hemisphere Dept.
Publisher : International Monetary Fund
Page : 61 pages
File Size : 54,5 Mb
Release : 2021-08-04
Category : Business & Economics
ISBN : 9781513593050

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Bolivia: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Bolivia by International Monetary,International Monetary Fund. Western Hemisphere Dept. Pdf

Following the October 2020 election, the new administration moved to tackle the devastating human and economic effects of the COVID-19 pandemic. The economy shows signs of recovery from its 8.8 percent contraction in 2020. However, fiscal imbalances have increased and international reserves continue to fall. On February 12, Bolivia repurchased the 240.1 million SDR purchase under the Fund’s Rapid Financing Instrument (that was approved by the Fund’s Executive Board in April 2020).

Republic of Poland: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Poland

International Monetary,International Monetary Fund. European Dept.
Republic of Poland 2021 Article IV Consultation Press Release Staff Report and Statement by the Executive Director for the Republic of Poland Book PDF

Author : International Monetary,International Monetary Fund. European Dept.
Publisher : International Monetary Fund
Page : 92 pages
File Size : 49,9 Mb
Release : 2022-02-24
Category : Business & Economics
ISBN : 9798400203688

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Republic of Poland: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Poland by International Monetary,International Monetary Fund. European Dept. Pdf

The Polish economy has rebounded strongly, with policy actions limiting the damage from the pandemic-induced recession by supporting employment and avoiding unnecessary bankruptcies. While the pandemic continues to take a toll on lives, the economy has been less impacted by successive waves of the pandemic.