Switzerland 2022 Article Iv Consultation Press Release Staff Report And Statement By The Executive Director For Switzerland

Author : International Monetary,International Monetary Fund. European Dept.
Publisher : International Monetary Fund
Page : 73 pages
File Size : 40,8 Mb
Release : 2022-06-20
Category : Business & Economics
ISBN : 9798400212956

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

Recovery was strong in 2021, but there are headwinds from the war in Ukraine. 2021 output was 1 percent higher than in 2019, but 2 percent below pre-Covid trends; unemployment is back to pre-crisis levels. Inflation has picked up (2.5 percent in April), but below other advanced economies. Strong exports/merchanting led to a higher current account surplus. Although the energy mix (nuclear, hydro) has limited exposure to Russia, exposures of commodity traders and indirect channels could be important. Growth is likely to slow to 21⁄4 percent in 2022 (3⁄4 ppt. drag from the war). Risks are to the downside (war escalation, Covid developments, real estate). Covid outlays are lower in 2022, but still large (1.2 percent of GDP). Outlays related to Ukraine are likely to be accommodated as extraordinary. The Swiss National Bank is closely monitoring inflation, seeing it returning to the 0–2 percent range this year. The authorities reactivated the sectoral CCyB for residential real estate. They are pursuing pension and labor reforms, climate initiatives, energy security, and renewed EU engagement.

Author : Anonim
Publisher : Unknown
Page : 0 pages
File Size : 45,5 Mb
Release : 2022
Category : Electronic
ISBN : OCLC:1434820906

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2022 Article IV Consultation-press Release; Staff Report; and Statement by the Executive Director for Switzerland by Anonim Pdf

Author : International Monetary Fund. European Dept.
Publisher : International Monetary Fund
Page : 67 pages
File Size : 45,6 Mb
Release : 2023-06-07
Category : Business & Economics
ISBN : 9798400243127

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Switzerland by International Monetary Fund. European Dept. Pdf

Growth slowed in 2022 to 2.1 percent and should decline to 0.8 percent in 2023, with risks on the downside. Inflation was 2.9 percent in March and may remain above 2 percent until 2024, due to wage pressures and rent increases. The current account surplus is expected to moderate to 7.8 percent of GDP in 2023 (global slowdown, normalization of merchanting trade). The focus of fiscal policy has shifted to offsetting extraordinary outlays while addressing medium-term spending needs within the debtbrake rule. Monetary policy is focused on reducing inflation. Credit Suisse challenges led to state-facilitated acquisition by UBS. Otherwise, financial sector buffers remain strong, but risks have increased. Pension reforms and EU dialogue progressed. Challenges are aging and skill gaps, energy security, green transition, and geo-economic fragmentation.

Author : International Monetary Fund. European Dept.
Publisher : International Monetary Fund
Page : 103 pages
File Size : 52,6 Mb
Release : 2022-08
Category : Business & Economics
ISBN : 9798400217708

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Italy by International Monetary Fund. European Dept. Pdf

GDP has fully recovered from the pandemic crisis, but government debt has risen to very high levels. The war in Ukraine triggered a surge in energy prices and the prospect of monetary policy tightening caused government bond yields to rise sharply. Implementation of the National Recovery and Resilience Plan (NRRP), which provides large EU grants and loans conditioned on implementing a comprehensive reform and investment program, is underway.

Author : International Monetary Fund. European Dept.
Publisher : INTERNATIONAL MONETARY FUND
Page : 0 pages
File Size : 46,8 Mb
Release : 2022-07-20
Category : Business & Economics
ISBN : 9798400216497

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Germany by International Monetary Fund. European Dept. Pdf

The fallout from the war in Ukraine has hit the German economy before it regained its pre-pandemic GDP level, with effects running through higher energy costs, the possibility of gas shortages and broader supply disruptions, and weaker confidence. Consumer price inflation has spiked above 8 percent, largely because of energy price increases, but inflation pressures are becoming more widespread.

Author : International Monetary,International Monetary Fund. European Dept.
Publisher : International Monetary Fund
Page : 75 pages
File Size : 53,9 Mb
Release : 2022-06-30
Category : Business & Economics
ISBN : 9798400211034

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Portugal by International Monetary,International Monetary Fund. European Dept. Pdf

After a deeper pandemic-induced recession than the rest of the euro area in 2020, the Portuguese economy gained ground in 2021, and growth strengthened further in 2022:Q1. Employment reached pre-pandemic levels in 2021:H2 and GDP in 2022:Q1. Nonetheless output is expected to remain below pre-pandemic trend over the medium term. While growth in 2022:Q1 was supported by a strong bounce back in tourism and domestic demand, the recovery for the rest of the year is expected to be hampered by the war in Ukraine despite limited direct linkages with Russia and Ukraine, due to higher commodity prices, supply-side disruptions, and weaker confidence and external demand. The outlook is clouded by uncertainty relating to the war, new virus waves, and the ultimate effect of the pandemic on corporate, bank, and public sector balance sheets. While declining and with improved composition, public debt would remain high.

Author : International Monetary,International Monetary Fund. European Dept.
Publisher : International Monetary Fund
Page : 69 pages
File Size : 48,8 Mb
Release : 2021-06-21
Category : Business & Economics
ISBN : 9781513585604

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

Switzerland has navigated the COVID-19 pandemic well. The pandemic has had major social and economic impacts, but an early, strong, and sustained health and economic policy response helped contain the contraction of activity. Coordinated efforts targeting households and firms stemmed a loss of purchasing power and a rise of unemployment and bankruptcies. Recovery has commenced, but uncertainty and risks remain high, dominated by pandemic dynamics. The rebound should deepen, as vaccination proceeds, containment is eased, and domestic and global demand picks up. Fiscal support has been rightly extended in 2021, and monetary policy remains accommodative. Policies should remain supportive until there are clear signs of sustained recovery; the authorities should expand support if needed. Redirection to fostering green, digital transformation with attention to low-income earners will be needed, including to ensure that prolonged emergency support does not hinder structural changes in the economy.

Author : International Monetary,International Monetary Fund. European Dept.
Publisher : International Monetary Fund
Page : 74 pages
File Size : 43,6 Mb
Release : 2022-06-16
Category : Business & Economics
ISBN : 9798400212192

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

The strength of the economic recovery bodes well for the rebound in activity to persist, but uncertainty remains high due to the war in Ukraine and the pandemic, with risks tilted to the downside. With employment above pre-pandemic levels, however, labor market pressures have increased. High energy prices have propelled inflation to a historic high. The current account remains elevated. High household debt constitutes a key source of risk as house price growth remains strong.

Author : International Monetary Fund. European Dept.
Publisher : International Monetary Fund
Page : 65 pages
File Size : 49,8 Mb
Release : 2019-06-26
Category : Business & Economics
ISBN : 9781498321488

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Switzerland by International Monetary Fund. European Dept. Pdf

The Swiss economy has performed relatively well since the global financial crisis. Growth compares favorably with most other advanced countries and aggregate employment has grown robustly. The fiscal position is strong and the external trade surplus remains large and stable despite several episodes of intense appreciation pressure owing to the Swiss franc’s reputation as a safe haven. Growth is expected to temporarily dip to 1.1 percent in 2019 on weakness in external demand. Risks to the outlook are tilted down. Switzerland is also facing several policy challenges: low interest rates are fueling risks in the real estate and mortgage markets; persistent subdued inflation has decreased the operational space for monetary policy; and population aging and technological change will require further upskilling and generate new demands for public resources.

Author : International Monetary,International Monetary Fund. European Dept.
Publisher : International Monetary Fund
Page : 74 pages
File Size : 54,5 Mb
Release : 2022-01-31
Category : Business & Economics
ISBN : 9798400201011

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

With strong policy support, Finland suffered a relatively mild economic contraction in 2020 followed by a swift recovery in 2021. Medium-term growth prospects are less strong, due to adverse demographics and low productivity growth—trends that precede the pandemic. Public debt has increased due to pandemic-related support and will remain on a rising trajectory in the medium term, largely reflecting permanent spending increases.

Author : International Monetary,International Monetary Fund. African Dept.
Publisher : International Monetary Fund
Page : 127 pages
File Size : 43,7 Mb
Release : 2022-02-11
Category : Business & Economics
ISBN : 9798400200250

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

South Africa’s subpar economic performance over the last decade has weakened its macroeconomic fundamentals and social indicators. In response to formidable COVID-19-related challenges, government expenditure surged, and, amid declining revenue, the budget deficit widened significantly. The South African Reserve Bank (SARB) and the Prudential Authority (PA) preserved adequate liquidity conditions and financial-sector stability. The cyclical recovery from the deep contraction has been faster than expected but its strength is unlikely to be sustained. Benign global market conditions have supported asset performance, although term premia are elevated due to fiscal risks. Bank soundness indicators remain solid, but a deepening bank-sovereign nexus raises some concerns.

Author : International Monetary,International Monetary Fund. European Dept.
Publisher : International Monetary Fund
Page : 104 pages
File Size : 46,8 Mb
Release : 2021-10-05
Category : Business & Economics
ISBN : 9781513595511

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

The COVID-19 pandemic and oil price shocks have taken a deep toll on the Congolese economy, weighing on incomes and inequality. Debt sustainability challenges precluded Fund financial assistance during the pandemic, and the Extended Credit Facility (ECF) arrangement, approved in 2019, expired in April 2021 without having completed the first review. Recently, debt sustainability has been restored owing to the authorities’ debt restructuring strategy and current and projected higher oil prices. However, the risk of debt distress remains high given liquidity risks and vulnerabilities to negative oil price shocks. The authorities are actively negotiating the resolution of pending external arrears. Until this process is concluded and the negotiations with two external creditors are finalized, debt is classified as being “in distress.”

Author : International Monetary,International Monetary Fund. African Dept.
Publisher : International Monetary Fund
Page : 86 pages
File Size : 40,6 Mb
Release : 2022-02-09
Category : Business & Economics
ISBN : 9798400200205

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

The economy is recovering from a historic downturn thanks to policy support, rebounding oil prices and international financial assistance. Benefiting from the authorities’ pro-active approach, COVID-19 infection rates and fatalities have been contained. With higher oil prices and the country entering into the 2023 Presidential election cycle, there are risks of delays in much needed fiscal and exchange rate reforms. Macroeconomic and structural policies should build confidence and ensure a robust exit from the crisis.

Author : International Monetary,International Monetary Fund. European Dept.
Publisher : International Monetary Fund
Page : 109 pages
File Size : 45,5 Mb
Release : 2022-02-23
Category : Business & Economics
ISBN : 9798400203213

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

The UK’s rapid vaccination campaign enabled it to start to reopen the economy in the Spring of 2021. With highly accommodative policies, the recovery has been faster than expected. However, capacity constraints and rising price pressures have emerged while new Covid-19 variants have raised new uncertainties. The government has allowed all initial pandemic support programs to sunset but has loosened near-term fiscal policy while specifying a back-loaded medium-term consolidation plan. With continued above-target inflation readings, the BoE made a first move to raise the policy rate in December. Macroprudential policies are returning to more standard risk settings. The near-term growth outlook remains strong, but so too are price pressures, while the financial cycle remains ahead of the economic cycle. The pandemic and Brexit have magnified structural challenges. Real GDP would remain below its pre-pandemic trend by about 2–21⁄4 percent in the medium term. Risks are considerable in the period ahead, centering on new Covid-19 waves and spillovers from tensions in Eastern Europe.

Author : International Monetary,International Monetary Fund. European Dept.
Publisher : International Monetary Fund
Page : 84 pages
File Size : 45,6 Mb
Release : 2023-01-30
Category : Business & Economics
ISBN : 9798400232336

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France by International Monetary,International Monetary Fund. European Dept. Pdf

France saw a robust recovery from the Covid-19 shock but is now facing the repercussions of Russia’s war in Ukraine. In 2021, output rebounded by 6.8 percent and recovered to pre-crisis levels. The recovery was broad-based and faster than in most other European countries. While France is less directly exposed to the energy shock, the war in Ukraine is dampening the recovery by denting confidence and exacerbating supply-side difficulties. Inflation has surged but remains well-below peers thanks to energy price controls and subsidies. These and other measures to support purchasing power keep the fiscal deficit elevated despite the unwinding of Covid-19 support. While capacity utilization remains below pre-crisis levels, labor market conditions have further tightened.