Federated States of Micronesia: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Federated States of Micronesia

September 15, 2017

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Federated States of Micronesia: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Federated States of Micronesia, (USA: International Monetary Fund, 2017) accessed November 12, 2024

Summary

This 2017 Article IV Consultation highlights that the Micronesian economy continued its gradual recovery in fiscal year 2016 (ending September 30), after three years of contraction during 2012–14. Real GDP is estimated to have grown by 3.0 percent in 2016, driven by increased construction activity related to infrastructure projects. Consumer prices remained broadly stable. The fiscal balance recorded an estimated surplus of 9 percent of GDP, after another year of strong revenues from fishing license fees. In 2017, growth is expected to moderate to 2 percent, as the recovery continues at a slower pace. Despite the recovery, risks are tilted to the downside beyond the near term.

Subject: Climate change, Environment, External debt, Extra-budgetary funds, Natural disasters, Public debt, Public financial management (PFM)

Keywords: Climate change, CR, Extra-budgetary funds, FSM authorities, Global, Government finance, IMF quota, IMF staff estimate, ISCR, Micronesia, Natural disasters, Pacific Islands, State, State tourism

Publication Details

Pages:

65
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2017/280
Stock No:

1FSMEA2017001
ISBN:

9781484319642
ISSN:

1934-7685

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