IMF Staff Country Reports

Republic of San Marino: 2024 Article IV Consultation-Press Release and Staff Report

December 10, 2024

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Format: Chicago

International Monetary Fund. European Dept. "Republic of San Marino: 2024 Article IV Consultation-Press Release and Staff Report", IMF Staff Country Reports 2024, 330 (2024), accessed December 11, 2024, https://doi.org/10.5089/9798400294488.002

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Summary

San Marino has shifted to a new growth model during the last decade. As the once oversized banking sector embarked on a painful deleveraging process following the Great Financial Crisis, manufacturing and nonfinancial service exporting sectors grew, underpinned by cost-competitiveness in labor and strong balance sheets. Prudent fiscal policy and access to international capital markets helped weather the pandemic and energy crises. However, San Marino is a small state subject to very high volatility and the financial sector remains vulnerable, suggesting that larger-than-usual fiscal buffers are needed.

Subject: Commercial banks, Expenditure, External debt, Financial institutions, Fiscal policy, Fiscal stance, Nonperforming loans, Pension spending, Public debt, Revenue administration, Taxes, Value-added tax

Keywords: Commercial banks, Exports, Fiscal stance, Nonperforming loans, Pension spending, Securities, Value-added tax

Publication Details

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