Country Reports
2025
April 2, 2025
Japan: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Japan
Description: After three decades of near-zero inflation, signs are growing that Japan’s economy is reaching a new equilibrium with inflation sustained at the Bank of Japan’s 2 percent headline inflation target. But Japan continues to face challenges, including from its aging population and high public debt.
April 1, 2025
Burkina Faso: Second Review Under the Extended Credit Facility Arrangement and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Burkina Faso
Description: The authorities remain committed to the program’s objectives, including on fiscal consolidation, fiscal governance, and other structural reforms, despite the challenges posed by insecurity, poverty, climate change, and their interactions. Improving security is critical to economic stability and social resilience.
April 1, 2025
Sweden: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Sweden
Description: Real GDP growth is expected to strengthen further in 2025 after a moderate recovery in 2024. Supportive policies and recovering real incomes will boost private domestic demand as inflation has been successfully brought under control. Real GDP growth is projected to rise to 1.9 percent in 2025. However, the external environment is turning less supportive, amid ongoing geo-economic fragmentation, while slower productivity growth and an aging population are dampening potential growth.
March 28, 2025
Ukraine: Seventh Review Under the Extended Arrangement Under the Extended Fund Facility, Requests for Modification of a Performance Criterion, Rephasing of Access, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Alternate Executive Director for Ukraine
Description: Three years of war have taken a staggering social, humanitarian, and economic toll. Efforts to end the war, and potential changes to international support retain the exceptionally high uncertainty to the outlook. Yet, the authorities’ commitment to reforms and fulfillment of all necessary Fund policies support completion of the review. First, the authorities, despite some slippages in the governance sphere, have continued to implement important reforms, including adopting the landmark reform for new administrative courts; they will also enact a law on tobacco excise taxes (prior action). Second, individual agreements under the US$50 billion Extraordinary Revenue Acceleration Loans Initiative for Ukraine (ERA) are nearing finalization, providing multi-year financing commitments, which the authorities will utilize consistent with program parameters.
March 27, 2025
Principality of Liechtenstein: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Principality of Liechtenstein
Description: Liechtenstein’s fiscal framework has ensured surpluses, virtually no public debt, and accumulation of large fiscal buffers. Specialized, export-oriented industries and financial services based on private banking and wealth management underpin economic activity and high living standards, supported by a currency treaty and customs unions with Switzerland, membership in the European Economic Area, and sizable cross-border commuting. The authorities have pledged to address data gaps.
March 24, 2025
Slovak Republic: 2025 Article IV Consultation-Press Release; and Staff Report
Description: Membership of the European Union (EU), adoption of the euro, and integration in global value chains, have contributed to a convergence towards living standards of more advanced EU countries. However, progress has slowed in recent years, and like many other EU countries, Slovakia is facing structural headwinds related to geoeconomic fragmentation and demographic change. Meanwhile, above-EU growth in recent years has come with a significant widening of the fiscal deficit.
March 24, 2025
Slovak Republic: Financial System Stability Assessment
Description: The Slovak Republic FSAP took place amidst an economic recovery and tighter financial conditions, despite the start of an accommodative cycle and signs of overvaluation in real estate markets. The financial system remains predominantly bank-centered, highly concentrated, with significant foreign ownership and no material direct interconnections within the system. Banks rely on a domestically oriented traditional business model and maintain high capital buffers and ample liquidity.