What's New Archive
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May 26, 2023
Working Paper No. 2023/110
May 26, 2023
Working Paper No. 2023/109
May 26, 2023
High Level Summary Technical Assistance Report No. 2023/006
May 26, 2023
May 26, 2023
The U.S. economy has proven resilient in the face of the significant tightening of both fiscal and monetary policy that took place in 2022. Consumer demand has held up particularly well, boosted initially by a drawdown of pent-up savings and, more recently, by solid growth in real disposable incomes. Prime age labor force participation has risen above its pre-pandemic peak, the unemployment rate for women and African Americans has fallen to historical lows, and real wages have been rising faster than inflation since mid-2022. Growth of around 1.2 percent (on a q4/q4 basis) is expected for this year, modestly picking up momentum later in 2024. This slowing, but still-solid, growth is expected to be associated with unemployment rising slowly to close to 4½ percent by the end of 2024.
May 26, 2023
While the COVID-19 health crisis has largely abated, Lesotho’s structural challenges and capacity constraints have reasserted themselves as severe obstacles to growth:
May 26, 2023
Grenada is navigating the recovery from the twin shocks of the pandemic and a rise in energy and food prices. The authorities’ decisive policy response—supported by the policy space that was created from past fiscal prudence—provided space to cushion the impact of these shocks. As the recovery takes hold, the immediate policy priorities are to return to the fiscal rules to preserve credibility and to deepen structural reforms to promote robust, inclusive, and sustainable growth. Enhancing the fiscal framework and increasing public expenditure efficiency will help create fiscal buffers against future shocks and make space for the country’s development and resilience building needs. Measures to increase competitiveness, such as promoting gender equality, investing in skills development, and expanding digitalization, would help boost economic growth.
May 26, 2023
Country Report No. 2023/183
May 26, 2023
The Italian economy grew robustly over the past year despite sharply higher energy prices. Generous tax credits for building refurbishment and strong tourism spurred growth to an impressive 3.7 percent in 2022, with a further expansion of 1.8 percent (year-on-year) in the first quarter of 2023. Downside risks were mitigated by extensive fiscal compensation to cushion households’ and firms’ real purchasing power, while a natural gas shortage was averted by securing replacement supplies, lowering gas demand, and a mild winter. Employment picked up strongly, with the unemployment rate falling sharply. The public debt ratio has declined by 10 percentage points from its peak in 2020 on the large rebound in nominal GDP. While the energy price spike has largely reversed, broadening price pressures have driven core inflation to high levels
May 26, 2023
I am very happy to see all of you here in Montenegro today. I would like to thank the organizers for their invitation to speak on fiscal consolidation and monetary tightening, and the optimal policy mix.
May 26, 2023
The Executive Board of the International Monetary Fund (IMF) concluded the 2023 Article IV consultation with Mali and endorsed the staff appraisal.
May 25, 2023
The Article IV consultation took place after a decade-long hiatus. The fragmentation of the country that followed the fall of the Ghaddafi regime in 2011 effectively suspended the production of key economic indicators and complicated policymaking, resulting in difficulties in conducting Article IV consultations. The authorities have recently made commendable progress towards improving data sharing and collection, and transparency. Together with the flexibility afforded by the IMF’s new Fragile and Conflict-Affected States (FCS) strategy, this has paved the way for a resumption of Article IV consultations.
May 25, 2023
The Executive Board of the IMF approved a 24-month precautionary SBA in the amount of SDR 80.12 million (around €100 million, 97 percent of quota) and an RSF in the amount of SDR 61.95 million (around €78 million, 75 percent of quota) to support Kosovo’s economic policies. Kosovo is the first country in Europe to receive financing under the RSF.
May 25, 2023
Fintech Notes No 2023/002
May 25, 2023
Country Report No. 2023/180
May 25, 2023
Country Report No. 2023/181
May 25, 2023
Country Report No. 2023/182
May 25, 2023
Gita Gopinath discusses geoeconomic fragmentation, highlighting its emergence and implications. She emphasizes the need for thorough research, identifies key questions, and stresses the importance of multilateral institutions.
May 25, 2023
The heads of the IMF, OECD, World Bank, and WTO today announced the launch of a Joint Subsidy Platform (JSP) at www.subsidydata.org to enhance transparency on the use of subsidies. The JSP is intended to facilitate access to information on the nature, size, and economic impact of subsidies, with a view to facilitating dialogue on their appropriate use and design.
May 24, 2023
Should policymakers be worried about the continued surge in underlying price increases?
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