Suchergebnisse

KEY ISSUESContext. The economy is growing at a moderate pace. Abstracting from the impact ofnew large-scale natural gas production, GDP growth is estimated to have moderated to about 2½ percent in 2013, owing in large part to weak investment and exports. Some pick up is expected in 2014, but the underlying momentum is weaker than before.Despite notable progress, Israel's public debt (68 percent of GDP) remains high, while continued house price increases pose risks of a boom-bust cycle in the housing market.Policy priorities. The key policy challenge is to maintain near-term growth at potential

KEY ISSUESContext. With a strong policy framework, Luxembourg has weathered the crisis well, andthe economy is rebounding. The fiscal position remains sound, and the large financial sector has been resilient. But trend growth has slowed substantially. The financial sector will have to adjust to a changing external landscape, public finances will come under strain from losses in e-VAT revenue and strong expenditure growth, and Luxembourg's cost competitiveness is being eroded. A new government took office in December 2013.Fiscal policy. A moderate but sustained fiscal consolidation is essential

This 2014 Article IV Consultation highlights that Hungaryâ??s economy has emerged from the 2012 recession and posted 1.1 percent growth in 2013, mainly driven by government investment and consumption, and also net exports. Private demandâ??although strengthening on the back of accommodative monetary conditions and improved market confidenceâ??remained weak, and credit to the retail and corporate sectors continued to contract, albeit at a slowing pace. Hungaryâ??s medium-term growth prospects remain subdued, as private consumption is still hampered by the ongoing repair of householdsâ?? balance

KEY ISSUESStand-by Arrangement (SBA): A 24-month SBA with access of SDR 1,751.34 million (about ?1.98 billion, 170 percent of quota) was approved by the Executive Board on September 27, 2013. The second and third tranches of SDR 194.7 million each (cumulative SDR 584.1 million) would be made available upon completion of the first and second reviews. Balance-of-payments assistance of ?2 billion is also available from the European Union (EU). The authorities treat both arrangements as precautionary.Program status: Four of five end-December 2013 quantitative performance criteria and four of five

KEY ISSUESThe Irish economy is in the early stages of recovering from an exceptionally severe banking crisis. Following a smooth exit from the EU-IMF supported program, strong job creation and other indicators suggest Ireland's economic recovery is broadening. Together with other European periphery countries, Ireland currently enjoys favorable financial market conditions. Nonetheless, important challenges remain, with unemployment still high, credit continuing to contract, and significant public and private balance sheet fragilities.Policies to help sustain the recovery and progressively reduc

This paper reviews Maliâ??s 2012â??2017 Poverty Reduction and Growth Strategy Paper. Maliâ??s GDP was CFAF 1,741.89 billion in 2012; real growth was ?1.2 percent, that is, excluding inflation (2.7 percent in 2011). The decline of 3.9 points in growth between 2011 and 2012 was finally stemmed, despite the major shocks that Mali had to face in 2012. The dual security and institutional shock had a negative impact on the entire economy, and more particularly on certain subsectors such as construction and public works, the hotel industry, and commerce. The GDP growth rate was ?1.2 percent in 2012

KEY ISSUESContext:? Germany fundamentals are sound: balance sheets are generally healthy,unemployment is at a historic low, and the fiscal position is strong.? While a recovery is underway, medium-term growth prospects are subdued and thecurrent account surplus remains high. The economy also faces a still weakinternational environment, lingering uncertainty (including about future energycosts), and fast approaching adverse demographic changes.? Germany could do more to increase its growth, thus strengthening its role as anengine of euro area recovery.Policy recommendations:? Germany has the fi

OVERALL ASSESSMENT This Report on the Observance of Standards and Codes (ROSC)—Data Module provides an update of the assessment conducted in February 2006, which was based on the July 2003 version of the IMF's Data Quality Assessment Framework (DQAF). This ROSC Data Module is the first complete report based on the May 2012 vintage of the DQAF that covers six datasets, namely, national accounts (NA), consumer price index (CPI), producer price index (PPI), government finance statistics (GFS) and public sector debt statistics, monetary statistics, and balance of payments (BOP) and internation

This paper discusses Ukraineâ??s 2013 Article IV Consultation and First Post-Program Monitoring. The Ukrainian economy has been in recession since mid-2012, and the outlook remains challenging. In Januaryâ??September 2013, GDP contracted by 1Â1D percent year-over-year, reflecting lower demand for Ukrainian exports and falling investments. Consumer prices stayed flat, held down by decreasing food prices and tight monetary policy. The fiscal stance loosened in 2012â??2013, contributing to the buildup of vulnerabilities. Ukraine remains current on all its payments to the IMF, and the authorities h

Informationsschrift über Investition und Besteuerung in Japan. Dargestellt werden knapp allgemeine Daten zu Japan, die Haltung der Regierung gegenüber ausländischen Investitionen, Arbeits- und Lohnregelungen, Kapitaltransaktionen, die Möglichkeiten der Etablierung eines Unternehmens und recht ausführlich die verschiedenen Besteuerungen, Steuergesetze und Steuerkredite in Japan. (DÜI-Xyl)