What's New Archive
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June 7 , 2023
Country Report No. 2023/196
June 7 , 2023
Country Report No. 2023/200
June 7 , 2023
Growth slowed in 2022, while inflation became a new challenge after a decade of ultra-low or negative inflation. The labor market is tight, with the unemployment rate at a 20-year low. The external current account (CA) surplus rose further in 2022, thanks to strong merchanting trade and an improved services trade balance. The focus of fiscal policy has shifted from extraordinary, COVID-related support to offsetting extraordinary outlays, while addressing rising medium-term spending needs within the debt-brake rule. Monetary policy has tightened to reduce inflation. Challenges faced by Credit Suisse (CS) led to a state-facilitated acquisition by UBS in March to protect market confidence and financial stability. Otherwise, financial sector buffers remain strong, but risks have increased. Pension reforms, dialogue with the EU, and green/sustainable transition progressed in 2022.
June 7 , 2023
Saudi Arabia was the fastest growing G20 economy in 2022. Overall growth reached 8.7 percent, reflecting both strong oil production and a 4.8 percent non-oil GDP growth driven by robust private consumption and non-oil private investment, including giga projects. Wholesale, retail trade, construction, and transport were the main drivers of non-oil growth. The output gap is estimated to have closed during 2022 and the momentum is continuing in 2023, with nowcasting estimates suggesting non-oil growth above 5 percent in H1 2023.
June 6 , 2023
Country Report No. 2023/198
June 6 , 2023
The event gathered over 100 participants including representatives of the government of the Republic of Croatia, central bank governors and ministers of finance from the CESEE region, representatives of the European Commission, the European Investment Bank, the European Bank for Reconstruction and Development as well as renowned economic experts.
June 6 , 2023
Good morning, ladies and gentlemen. On behalf of the IMF, I am very pleased to welcome you all to the Eighth Tokyo Fiscal Forum. This is the first in-person forum in three years since 2019. We are pleased to hold the event in person again, as a more lively format helps to strengthen relationships and build social networks.
June 6 , 2023
Country Report No. 2023/194
June 6 , 2023
Country Report No. 2023/195
June 6 , 2023
South Africa’s economy is facing mounting economic and social challenges. Growth moderated from 4.9 percent in 2021 to 2.0 percent in 2022 as the country was buffeted by Russia’s war in Ukraine, global monetary policy tightening, severe floods, and an unprecedented energy crisis. Business and consumer confidence and investor sentiment remain weak, and the sovereign spread for South Africa remains higher than the pre-pandemic level. The average employment level in 2022 was still about 5 percent lower than in 2019, threatening social cohesion.
June 5 , 2023
The Executive Board of the International Monetary Fund (IMF) completed the Sixth and Seventh Reviews of Sierra Leone’s Extended Credit Facility (ECF) arrangement, and approved the authorities’ request for a rephasing, and extension of the ECF Arrangement by five months to November 29, 2023. The completion of the reviews enables the immediate disbursement of SDR 15.555 million (about US$20.7 million). This brings the total disbursements under the ECF Arrangement to SDR 108.89 million (about US$144.6 million).
June 5 , 2023
Country Report No. 2023/192
June 5 , 2023
Country Report No. 2023/193
June 5 , 2023
Technical Notes and Manuals No. 2023/003
June 5 , 2023
In her speech, Gita Gopinath reflects on Adam Smith's legacy and its relevance to today's emergence of artificial intelligence (AI). She discusses how AI could boost productivity but also reshape the labor market, potentially causing social upheaval. Gopinath emphasizes the need for smart regulations to ensure AI benefits society and urges international cooperation on this front. She concludes by highlighting the interdisciplinary approach needed to navigate the challenges and opportunities presented by AI.
June 5 , 2023
Selected Issues Paper No. 2023/037
June 5 , 2023
Selected Issues Paper No. 2023/035
June 5 , 2023
Selected Issues Paper No. 2023/036
June 5 , 2023
The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Cyprus on a lapse-of-time basis. Cyprus’s economy has been resilient to the fallout from Russia’s invasion of Ukraine. Output grew by 5.6 percent in 2022, as pandemic-affected pent-up demand boosted consumption, tourist arrivals rebounded, and the ICT sector expanded. Employment recovered and unemployment dropped to a post-Cyprus-financial-crisis low. However, high energy prices contributed to inflation and a larger current account deficit. The fiscal surplus reached 2.3 percent of GDP and public debt declined strongly. Liquidity and capital adequacy ratios in the banking sector have remained high, and profitability improved. Private sector deleveraging continues to be hindered by the slow resolution of legacy non-performing loans (NPLs).
June 5 , 2023
An International Monetary Fund (IMF) staff team, led by Mr. Takuji Komatsuzaki, visited Oranjestad during May 22–June 2 to hold discussions on the 2023 Article IV consultation with the Aruban authorities. At the end of the consultation discussions, the mission issued the following statement, which summarizes its main conclusions and recommendations.
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