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

Author: International Monetary

Publisher: International Monetary Fund

Published: 2021-06-03

Total Pages: 104

ISBN-13: 1513573020

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A nascent recovery is underway in Thailand following the COVID-19 downturn. Ample policy buffers, underpinned by judicious management of public finances, allowed the authorities to implement a multipronged package of fiscal, monetary, and financial policies to mitigate the COVID-19 impact on households, businesses, and the financial system. This, together with rigorous containment measures, led to a successful flattening of the infection curve during most of 2020. Nevertheless, the pandemic has taken a large toll on the economy, potentially inducing long-term scarring and increasing inequality.

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

Author: International Monetary

Publisher: International Monetary Fund

Published: 2022-04-28

Total Pages: 135

ISBN-13:

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Malaysia’s economy is showing signs of a gradual yet steady recovery thanks to the authorities’ impressive vaccine rollout, swift and coordinated implementation of multi-pronged support measures. The recovery nevertheless remains uneven and the output gap sizeable, with significant downside risks. Going forward, the authorities should calibrate macroeconomic policies to the pace of the recovery, while preserving policy space given pandemic-related uncertainties, and simultaneously accelerate structural reforms.

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

Author: International Monetary

Publisher: International Monetary Fund

Published: 2022-06-21

Total Pages: 82

ISBN-13:

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Greece has weathered the pandemic well, with a considerably stronger-than-expected recovery. Reforms progressed in several areas, including digitalization, privatization, improving the fiscal policy mix, and bank balance sheet repair. Greece finalized its early repayment to the IMF on April 4 and is expected to graduate from the quarterly European Institutions’ Enhanced Surveillance framework on schedule by August 2022. Despite the adverse impact of the war in Ukraine, growth is projected to remain robust at 3.5 percent this year. High energy prices are expected to push up average inflation to 6.1 percent. Public debt is on a downward trajectory and rollover risks appear manageable. The external position last year was moderately weaker than that consistent with fundamentals and desirable policies.

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

Author: International Monetary

Publisher: International Monetary Fund

Published: 2021-07-16

Total Pages: 83

ISBN-13: 1513586033

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Singapore entered the COVID-19 pandemic with sizable policy space and robust economic policy frameworks, yet facing longer-term challenges. The economy has been severely impacted by the pandemic, but a bold, comprehensive, and coordinated policy package has helped cushion the economic fallout. Following a record contraction in the first half of 2020, activity has rebounded, and growth is projected to strengthen to 6 percent in 2021, underpinned by a recovery in domestic demand and a positive contribution from net exports. The uncertainty surrounding the outlook is larger than usual.

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

Author: International Monetary

Publisher: International Monetary Fund

Published: 2022-02-11

Total Pages: 127

ISBN-13:

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South Africa’s subpar economic performance over the last decade has weakened its macroeconomic fundamentals and social indicators. In response to formidable COVID-19-related challenges, government expenditure surged, and, amid declining revenue, the budget deficit widened significantly. The South African Reserve Bank (SARB) and the Prudential Authority (PA) preserved adequate liquidity conditions and financial-sector stability. The cyclical recovery from the deep contraction has been faster than expected but its strength is unlikely to be sustained. Benign global market conditions have supported asset performance, although term premia are elevated due to fiscal risks. Bank soundness indicators remain solid, but a deepening bank-sovereign nexus raises some concerns.

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

Author: International Monetary

Publisher: International Monetary Fund

Published: 2021-09-20

Total Pages: 73

ISBN-13: 1513597108

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Brunei’s economic performance—which was strong before the COVID-19 pandemic—has been buffeted by the health crisis and a pandemic-induced oil and gas price shock. The authorities responded fast and decisively. The number of new infections was quickly suppressed, thanks to a swift public health response, effective health measures and non-pharmaceutical interventions. Strong fiscal and regulatory policy responses helped sustain production and household income and consumption. Past diversification efforts and reforms bore fruit when it was most needed. As a result, the economy performed strongly in 2020, with real GDP posting positive growth of 1.1 percent—a rare outcome amidst negative growth in the region. Economic activity is projected to strengthen in 2021-22, albeit at varying speeds across sectors, and to continue improving over the medium term on the back of further diversification. The outlook is, however, subject to unusual uncertainty, with significant risks skewed to the downside. Sustained strong policy actions are needed to ensure continued resilience, while nurturing green, digital and inclusive growth.

Thailand
Thailand

Author: International Monetary Fund. Asia and Pacific Dept

Publisher: International Monetary Fund

Published: 2022-09-16

Total Pages: 93

ISBN-13:

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Thailand’s economy is recovering from an unprecedented crisis emanating from multiple waves of the COVID-19 pandemic. Ample policy space has allowed a swift and bold policy response and vaccine rollout has accelerated. However, the recovery is weak and uneven across sectors, with inflation rapidly rising driven by energy prices. Downside risks dominate the outlook, sharpening policy tradeoffs. The pandemic has also brought to the fore the urgency for Thailand to identify new growth drivers to reverse the pre-pandemic trend of declining productivity growth and meet the challenges of the post-pandemic world.

People's Republic of China
People's Republic of China

Author: International Monetary Fund. Asia and Pacific Dept

Publisher: International Monetary Fund

Published: 2017-08-15

Total Pages: 77

ISBN-13: 1484314727

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This Selected Issues paper examines the drivers and prospects for high levels of savings in China. China has one of the highest levels of national savings in the world, which is at the heart of its external and internal imbalances. High and rising household savings have mainly resulted from demographic changes as a result of the one-child policy and the breakdown of the social safety net during the transition from a planned to a market economy. Demographic changes will put downward pressure on national savings. Policy efforts to strengthen the social safety net and reduce income inequality are also needed to reduce savings further and faster and to boost consumption.

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

Author: International Monetary

Publisher: International Monetary Fund

Published: 2022-02-07

Total Pages: 67

ISBN-13:

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Early and decisive measures successfully prevented an outbreak of COVID-19 in Nauru, and as of January 2022 there have been no COVID-19 cases on the island. Strong pandemic policy measures supported the economy, which continued to expand in FY20 and FY21. Nauru’s remoteness and size constrain potential growth and it is severely exposed to the negative effects of climate change on sea levels and the ocean stock of tuna. Development challenges are exacerbated by limited capacity and a high incidence of non-communicable diseases (NCDs).

Federated States of Micronesia: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Federated States of Micronesia
Federated States of Micronesia: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Federated States of Micronesia

Author: International Monetary

Publisher: International Monetary Fund

Published: 2021-11

Total Pages: 81

ISBN-13: 1616350938

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The COVID-19 pandemic and related containment measures have put severe strains on the economy. The economic policy response has been strong and generally appropriate, helping counter the negative effects of the pandemic. Nevertheless, as the international borders remain shut, the economic contraction is likely to deepen in FY2021. A slow recovery is expected for FY2022 driven by a gradual border reopening. The FSM is facing significant medium-term uncertainty, owing to the possible expiration of grants and other assistance provided under the Compact Agreement with the United States. The FSM is also highly vulnerable to climate change-induced natural disasters.