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More Diversified Trade Can Make Middle East and Central Asia More Resilient
May 13, 2024
Reducing trade barriers, easing regulatory constraints, and upgrading infrastructure can mitigate challenges and help countries leverage new opportunities.
Austria: Selected Issues
May 13, 2024
Selected Issues
Austria: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Austria
May 13, 2024
Strong policy responses have helped to mitigate the impact of the recent
shocks. Output recovered rapidly from the pandemic and, in response to the energy
price shock, the authorities made use of available fiscal room to mitigate its impact
while preserving price signals to encourage lower gas consumption and taking steps to
secure access to additional gas supplies. Despite these efforts, the economy slipped
into recession over the last few quarters, with high energy prices, elevated inflation, and
higher interest rates weighing on output and demand. Inflation still persists above the
euro-area average even as it has steadily declined since January 2023, in particular as
services inflation has proved to be sticky amid high wage growth. Over the medium
term, demographic headwinds pose significant fiscal and growth challenges.
Maldives: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Maldives
May 13, 2024
Despite headwinds from the war in Ukraine, the Maldives’ economic recovery from the COVID-19 pandemic has shown resilience. The cyclical rebound and still favorable economic outlook provide an opportunity for the Maldives to address its large fiscal and external vulnerabilities. This calls for immediate policy actions to rebuild economic resilience and reduce debt to a sustainable level. Given that the Maldives is highly vulnerable to climate change, early actions to rein in debt vulnerabilities will help support the Maldives’ efforts to scale up the much-needed climate adaptation investments in a resource constrained context.
Kiribati: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Kiribati
May 10, 2024
Kiribati’s economy recovered strongly from the pandemic on the back of supportive fiscal measures including subsidies, grants, and (most recently) an increase in civil service wages. Inflation, which has decelerated from its recent peak, is projected to pick up again mainly due to increased domestic demand. Kiribati is among the most vulnerable countries to the effects of climate change. Infrastructure gaps compound already challenging constraints imposed by distance and dispersion, limiting the development of the private sector in the state-dominated economy, and cementing its reliance on imports, especially for essential commodities such as food and fuel.