Luxembourg: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Luxembourg
Luxembourg: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Luxembourg

Author: International Monetary

Publisher: International Monetary Fund

Published: 2021-05-25

Total Pages: 79

ISBN-13: 1513572997

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The economic impact of the pandemic has been much milder than initially foreseen, still the outlook remains challenging. The economy, dominated by financial services, adapted quickly to telework and benefited from unprecedented policy support, both domestically and globally. Uncertainty is unusually high, dominated by the virus dynamics in the short term, with downside risks relating to a sharp rise in global risk premia, deglobalization trends, and changes in international taxation.

Republic of Slovenia: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Slovenia
Republic of Slovenia: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Slovenia

Author: International Monetary

Publisher: International Monetary Fund

Published: 2021-05-25

Total Pages: 62

ISBN-13: 1513573004

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The pandemic is inflicting much suffering, which has been met with swift, substantial, and well-coordinated policy responses. The anti-crisis measures have helped preserve jobs, provide liquidity to companies and income support to the vulnerable groups. They averted a larger decline in output and kept unemployment under control. After contracting by 5.5 percent in 2020, real GDP is projected to grow by 3.9 percent in 2021 and 4.5 percent in 2022, as vaccinations help achieve herd immunity. However, risks to the outlook are large and tilted to the downside, given the epidemiological situation.

Turkey: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Turkey
Turkey: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Turkey

Author: International Monetary

Publisher: International Monetary Fund

Published: 2021-06-11

Total Pages: 95

ISBN-13: 1513573179

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In Turkey, as in other countries, the human and economic toll of the COVID-19 pandemic has been severe. Thousands of lives have been tragically lost and many livelihoods compromised. The initial policy response to the pandemic—and subsequent sharp growth rebound—set Turkey apart from its peers. Rapid monetary and credit expansion and large liquidity support meant that Turkey was among the few countries to experience positive economic growth in 2020. But these policies also aggravated pre-existing economic and financial vulnerabilities. Higher inflation, increased dollarization, and a large shift in the current account position increased pressure on the lira and gave rise to heavy foreign exchange sales, which led in turn to steep reserve declines from already-low levels. A policy shift in late 2020—mainly towards tighter and more transparent monetary policy and slower credit growth—was both welcome and necessary. But the durability and depth of the shift were called into question in March 2021, following the change in central bank leadership, as the lira weakened markedly and interest rate spreads widened.

Spain: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Spain
Spain: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Spain

Author: International Monetary

Publisher: International Monetary Fund

Published: 2022-02-16

Total Pages: 88

ISBN-13:

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The Spanish economy is recovering from the deep recession caused by the COVID pandemic and employment is already above its pre-pandemic level. A highly successful vaccination campaign helped limit the impact of the recent wave of infections on hospitalizations and economic activity. Output is expected to return to its pre-pandemic level by the end of 2022. However, there is significant uncertainty around the recovery path related to the evolution of the pandemic and the duration of global supply bottlenecks. The pace of absorption and the effectiveness of use of Next Generation EU (NGEU) funds will also affect growth in the coming years. In the near term, the key policy challenge is to continue to provide targeted pandemic support while facilitating resource reallocation and a transformation to a greener and more inclusive economy.

Republic of Poland: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Poland
Republic of Poland: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Poland

Author: International Monetary

Publisher: International Monetary Fund

Published: 2022-02-24

Total Pages: 92

ISBN-13:

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The Polish economy has rebounded strongly, with policy actions limiting the damage from the pandemic-induced recession by supporting employment and avoiding unnecessary bankruptcies. While the pandemic continues to take a toll on lives, the economy has been less impacted by successive waves of the pandemic.

Republic of Kazakhstan: 2021 Article IV Consultation-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for Kazakhstan
Republic of Kazakhstan: 2021 Article IV Consultation-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for Kazakhstan

Author: International Monetary

Publisher: International Monetary Fund

Published: 2022-04-11

Total Pages: 66

ISBN-13:

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Activity returned to its pre-COVID level in 2021. Inflation remains well above the NBK’s 4–6 percent target band, and spillovers from sanctions on Russia will exacerbate price pressures and weaken economic growth in 2022. Kazakhstan benefits from strong fiscal and external buffers but risks to the outlook are elevated due to the uncertain impact on Kazakhstan of the sanctions on Russia and heightened domestic tensions since the January social unrest episode. In the medium term, non-oil growth under the baseline is expected to converge to about 4 percent. Sustainable growth will require greater economic diversification. Climate-related challenges are acute for Kazakhstan given its outsized hydrocarbon sector, high per-capita greenhouse gas emissions, and low domestic energy prices.

Principality of Andorra: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Principality of Andorra
Principality of Andorra: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Principality of Andorra

Author: International Monetary

Publisher: International Monetary Fund

Published: 2021-06-11

Total Pages: 51

ISBN-13: 1513573152

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Andorra, the IMF’s newest member since October 2020, participated in its first Article IV consultation with a commitment to further enhance transparency. Tourism and banking-related services dominate economic activity in the euroized economy. The country enjoys long-standing political stability, a good track-record of fiscal discipline, a gender-balanced work force, and internationally competitive ski resorts. The authorities are managing the pandemic well with universal testing and expanded hospital capacity that kept fatality rates very low despite high case-loads. The testing strategy helped Andorra implement more targeted internal restrictions than in neighboring countries. At the same time, emergency fiscal measures stabilized real incomes and supported firms.

Luxembourg
Luxembourg

Author: International Monetary

Publisher: International Monetary Fund

Published: 2023-05-24

Total Pages: 78

ISBN-13:

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Growth and employment have slowed somewhat, reflecting mostly weaker external demand, tighter financial conditions, and confidence effects. A large fiscal support package in the run up to the election has alleviated the impact of the energy shock on consumers and firms, with energy price controls limiting the pass-through to inflation and hence wage increases in a context of automatic wage indexation.

Cyprus: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Cyprus
Cyprus: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Cyprus

Author: International Monetary

Publisher: International Monetary Fund

Published: 2022-06

Total Pages: 79

ISBN-13:

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Cyprus is highly exposed to the fallout from the war in Ukraine through trade with Russia. This new challenge comes against the background of the lingering effects of the pandemic and financial vulnerabilities dating from the 2012–13 crisis. Growth is projected to slow from 51⁄2 percent in 2021 to around 2 percent this year. Recovery will regain momentum in 2023, and is projected to continue in the medium term, supported by investments and structural reforms in the Recovery and Resilience Plan.

Luxembourg
Luxembourg

Author: International Monetary Fund. European Dept.

Publisher: International Monetary Fund

Published: 2018-04-03

Total Pages: 61

ISBN-13: 1484349997

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This 2018 Article IV Consultation highlights that the economic growth in Luxembourg reached 2.3 percent in 2017, above the European Union average, and was driven by net exports of financial services and private consumption. Growth is projected at 3.5 percent for 2018, with continued strong job creation, and a temporary slowdown in inflation. In 2017, buoyant corporate tax revenues contributed to a fiscal surplus of 1.4 percent of GDP. The full impact of 2016 tax reform, and a continued need for high public investment are expected to result in a small fiscal surplus over the medium-term.