United States

United States
Author: International Monetary Fund. Western Hemisphere Dept.
Publisher: International Monetary Fund
Total Pages: 85
Release: 2018-07-03
Genre: Business & Economics
ISBN: 1484366220

Unemployment is low, inflation is well contained, and growth is set to accelerate. During the course of this administration, the economy is expected to enter the longest expansion in recorded U.S. history.

Russian Federation

Russian Federation
Author: International Monetary Fund. European Dept.
Publisher: International Monetary Fund
Total Pages: 73
Release: 2019-08-02
Genre: Business & Economics
ISBN: 1513509691

This 2019 Article IV Consultation with Russian Federation discusses that growth is projected at 1.2 percent in 2019, reflecting a weak first quarter estimate, lower oil prices and the impact of the higher value-added tax rate on private consumption. At the same time, gross domestic product growth should be supported by an increase in public sector spending in the context of the national projects announced in 2018. Inflation has begun to fall and is expected to return to the 4 percent target by early 2020. The medium-term growth outlook remains modest. Public infrastructure spending under the national projects together with increase labor supply due to pension reform could have a positive effect on the growth rate of potential output. However, absent deeper structural reforms, long-run growth is projected to settle around 1.8 percent. It is recommended that it is imperative to enhance competition by facilitating entry/exit and reforming public procurement.

Chad

Chad
Author: International Monetary Fund. African Dept.
Publisher: International Monetary Fund
Total Pages: 42
Release: 2013-09-09
Genre: Business & Economics
ISBN: 1484324072

This paper analyzes the effect of an IMF Staff-Monitored Program for Chad to enhance economic development. Weak institutional capacity and governance concerns have limited economic development and donor support in Chad. It is highlighted that the reduction in the nonoil primary deficit envisaged in the 2013 budget appears appropriate, but expenditures linked to the regional security situation and lower than anticipated oil revenues imply large financing needs. There are significant economic and political risks to program implementation,; the regional security situation remains volatile, and the economy is highly dependent on volatile oil revenue.

Russian Federation

Russian Federation
Author: International Monetary Fund
Publisher: International Monetary Fund
Total Pages: 50
Release: 2002-04-04
Genre: Business & Economics
ISBN: 1451833008

This paper assesses the Russian Federation’s 2001 Article IV Consultation and Post-Program Monitoring Discussions. Improved economic performance and reduced external vulnerability were reflected in a strengthening of financial market indicators in 2001. The Russian stock market doubled in U.S. dollar terms, bond spreads narrowed significantly, and rating agencies upgraded Russia’s debt. The near- to medium-term outlook remains favorable. The recent successes in building up strong external and fiscal positions should enable Russia to deal with the current less favorable external environment with the prevailing policy framework.

Global Waves of Debt

Global Waves of Debt
Author: M. Ayhan Kose
Publisher: World Bank Publications
Total Pages: 403
Release: 2021-03-03
Genre: Business & Economics
ISBN: 1464815453

The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.

Arab Republic of Egypt: 2021 Article IV Consultation, Second Review Under the Stand-By Arrangement-Press Release; Staff Report; and Statement by the Executive Director for the Arab Republic of Egypt

Arab Republic of Egypt: 2021 Article IV Consultation, Second Review Under the Stand-By Arrangement-Press Release; Staff Report; and Statement by the Executive Director for the Arab Republic of Egypt
Author: International Monetary
Publisher: International Monetary Fund
Total Pages: 108
Release: 2021-07-22
Genre: Business & Economics
ISBN: 1513592041

The economic and social impact of the COVID-19 pandemic over the past year has been well-managed by the authorities. Timely and prudent fiscal and monetary easing shielded the economy from the full brunt of the crisis, while alleviating the health and social impact of the shock. Sound economic policies helped deliver macroeconomic stabilization, safeguard debt sustainability, and preserve investor confidence. While growth is expected to rebound in FY2021/22, the outlook is still clouded by uncertainty related to the pandemic and the pace of vaccinations. High public debt and large gross financing needs leave Egypt vulnerable to external shocks or changes in financial market conditions for EMs. Near-term fiscal and monetary policies should thus continue to support the recovery without accumulating undue imbalances.

License to Spill: How Do We Discuss Spillovers in Article IV Staff Reports

License to Spill: How Do We Discuss Spillovers in Article IV Staff Reports
Author: Jelle Barkema
Publisher: International Monetary Fund
Total Pages: 25
Release: 2021-05-07
Genre: Business & Economics
ISBN: 1513573675

This paper dives into the Fund’s historical coverage of cross-border spillovers in its surveillance. We use a state-of-the-art deep learning model to analyze the discussion of spillovers in all IMF Article IV staff reports between 2010 and 2019. We find that overall, while the discussion of spillovers decreased over time, it was pronounced in the staff reports of some systemically important economies and during periods of global spillover events. Spillover discussions were more prominent in staff reports covering advanced and emerging market economies, possibly reflecting their role as sources of global spillovers. The coverage of spillovers was higher in the context of the real, financial, and external sectors. Also, countries with larger economies, higher trade and capital account openess and lower inflation are more likely to discuss spillovers in their Article IV staff reports.

People's Republic of China

People's Republic of China
Author: International Monetary Fund. Asia and Pacific Dept
Publisher: International Monetary Fund
Total Pages: 93
Release: 2013-07-17
Genre: Business & Economics
ISBN: 1475566921

This staff report on People’s Republic of China 2013 Article IV Consultation highlights macroeconomic developments and outlook. China has maintained robust growth since the global crisis, but the heavy reliance on credit and investment to sustain activity is raising vulnerabilities. The consequence is a steady build-up of leverage that is eroding the strength of the financial sector, local government, and corporate balance sheets. This is most apparent in the continued rapid expansion in total social financing. The development of nontraditional finance marks a shift to more market-based intermediation, and the migration of activity to less-regulated parts of the system poses risks to financial stability.