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Switzerland 2022 Article Iv Consultation Press Release Staff Report And Statement By The Executive Director For Switzerland
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Book Synopsis Switzerland: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Switzerland by : International Monetary
Download or read book Switzerland: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Switzerland written by International Monetary and published by International Monetary Fund. This book was released on 2022-06-20 with total page 73 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recovery was strong in 2021, but there are headwinds from the war in Ukraine. 2021 output was 1 percent higher than in 2019, but 2 percent below pre-Covid trends; unemployment is back to pre-crisis levels. Inflation has picked up (2.5 percent in April), but below other advanced economies. Strong exports/merchanting led to a higher current account surplus. Although the energy mix (nuclear, hydro) has limited exposure to Russia, exposures of commodity traders and indirect channels could be important. Growth is likely to slow to 21⁄4 percent in 2022 (3⁄4 ppt. drag from the war). Risks are to the downside (war escalation, Covid developments, real estate). Covid outlays are lower in 2022, but still large (1.2 percent of GDP). Outlays related to Ukraine are likely to be accommodated as extraordinary. The Swiss National Bank is closely monitoring inflation, seeing it returning to the 0–2 percent range this year. The authorities reactivated the sectoral CCyB for residential real estate. They are pursuing pension and labor reforms, climate initiatives, energy security, and renewed EU engagement.
Book Synopsis Switzerland: 2021 Article IV Consultation-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for Switzerland by : International Monetary
Download or read book Switzerland: 2021 Article IV Consultation-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for Switzerland written by International Monetary and published by International Monetary Fund. This book was released on 2021-06-21 with total page 69 pages. Available in PDF, EPUB and Kindle. Book excerpt: Switzerland has navigated the COVID-19 pandemic well. The pandemic has had major social and economic impacts, but an early, strong, and sustained health and economic policy response helped contain the contraction of activity. Coordinated efforts targeting households and firms stemmed a loss of purchasing power and a rise of unemployment and bankruptcies. Recovery has commenced, but uncertainty and risks remain high, dominated by pandemic dynamics. The rebound should deepen, as vaccination proceeds, containment is eased, and domestic and global demand picks up. Fiscal support has been rightly extended in 2021, and monetary policy remains accommodative. Policies should remain supportive until there are clear signs of sustained recovery; the authorities should expand support if needed. Redirection to fostering green, digital transformation with attention to low-income earners will be needed, including to ensure that prolonged emergency support does not hinder structural changes in the economy.
Author :International Monetary Fund. European Dept. Publisher :International Monetary Fund ISBN 13 : Total Pages :67 pages Book Rating :4.4/5 (2 download)
Book Synopsis Switzerland by : International Monetary Fund. European Dept.
Download or read book Switzerland written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2023-06-07 with total page 67 pages. Available in PDF, EPUB and Kindle. Book excerpt: Growth slowed in 2022 to 2.1 percent and should decline to 0.8 percent in 2023, with risks on the downside. Inflation was 2.9 percent in March and may remain above 2 percent until 2024, due to wage pressures and rent increases. The current account surplus is expected to moderate to 7.8 percent of GDP in 2023 (global slowdown, normalization of merchanting trade). The focus of fiscal policy has shifted to offsetting extraordinary outlays while addressing medium-term spending needs within the debtbrake rule. Monetary policy is focused on reducing inflation. Credit Suisse challenges led to state-facilitated acquisition by UBS. Otherwise, financial sector buffers remain strong, but risks have increased. Pension reforms and EU dialogue progressed. Challenges are aging and skill gaps, energy security, green transition, and geo-economic fragmentation.
Book Synopsis Denmark: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Alternate Executive Director for Denmark by : International Monetary
Download or read book Denmark: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Alternate Executive Director for Denmark written by International Monetary and published by International Monetary Fund. This book was released on 2022-06-16 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: The strength of the economic recovery bodes well for the rebound in activity to persist, but uncertainty remains high due to the war in Ukraine and the pandemic, with risks tilted to the downside. With employment above pre-pandemic levels, however, labor market pressures have increased. High energy prices have propelled inflation to a historic high. The current account remains elevated. High household debt constitutes a key source of risk as house price growth remains strong.
Author :International Monetary Fund. European Dept. Publisher :International Monetary Fund ISBN 13 : Total Pages :74 pages Book Rating :4.4/5 (2 download)
Book Synopsis Switzerland by : International Monetary Fund. European Dept.
Download or read book Switzerland written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2024-06-24 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: Growth is recovering gradually (projected at 1.3 percent in 2024) after slowing in 2023 (0.8 percent). A tight monetary stance and disinflation abroad have brought inflation within SNB’s 0–2 percent price stability range, and the SNB lowered its policy rate in March 2024, ahead of other major central banks. The external current account has remained in surplus but declined, while the general government surplus declined in 2023. Fiscal fundamentals are strong with low debt levels, but mounting spending pressures and remaining future financing gaps in the pension system, including stemming from the recent vote on a 13th monthly pension payment, need to be addressed. The state-facilitated acquisition of Credit Suisse (CS) by UBS stabilized markets, and the authorities have published reform proposals based on their review of the transaction and the TBTF framework. Negotiations with the EU restarted. Climate policy progressed. Medium-term challenges include labor shortages and skill gaps.
Book Synopsis Finland: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Finland by : International Monetary
Download or read book Finland: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Finland written by International Monetary and published by International Monetary Fund. This book was released on 2022-01-31 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: With strong policy support, Finland suffered a relatively mild economic contraction in 2020 followed by a swift recovery in 2021. Medium-term growth prospects are less strong, due to adverse demographics and low productivity growth—trends that precede the pandemic. Public debt has increased due to pandemic-related support and will remain on a rising trajectory in the medium term, largely reflecting permanent spending increases.
Book Synopsis South Africa: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for South Africa by : International Monetary
Download or read book South Africa: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for South Africa written by International Monetary and published by International Monetary Fund. This book was released on 2022-02-11 with total page 127 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Republic of Congo: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Congo by : International Monetary
Download or read book Republic of Congo: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Congo written by International Monetary and published by International Monetary Fund. This book was released on 2021-10-05 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt: The COVID-19 pandemic and oil price shocks have taken a deep toll on the Congolese economy, weighing on incomes and inequality. Debt sustainability challenges precluded Fund financial assistance during the pandemic, and the Extended Credit Facility (ECF) arrangement, approved in 2019, expired in April 2021 without having completed the first review. Recently, debt sustainability has been restored owing to the authorities’ debt restructuring strategy and current and projected higher oil prices. However, the risk of debt distress remains high given liquidity risks and vulnerabilities to negative oil price shocks. The authorities are actively negotiating the resolution of pending external arrears. Until this process is concluded and the negotiations with two external creditors are finalized, debt is classified as being “in distress.”
Book Synopsis Nigeria: 2021 Article IV Consultation-Press Release; Staff Report; Staff Statement, and Statement by the Executive Director for Nigeria by : International Monetary
Download or read book Nigeria: 2021 Article IV Consultation-Press Release; Staff Report; Staff Statement, and Statement by the Executive Director for Nigeria written by International Monetary and published by International Monetary Fund. This book was released on 2022-02-09 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt: The economy is recovering from a historic downturn thanks to policy support, rebounding oil prices and international financial assistance. Benefiting from the authorities’ pro-active approach, COVID-19 infection rates and fatalities have been contained. With higher oil prices and the country entering into the 2023 Presidential election cycle, there are risks of delays in much needed fiscal and exchange rate reforms. Macroeconomic and structural policies should build confidence and ensure a robust exit from the crisis.
Book Synopsis United Kingdom: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the United Kingdom by : International Monetary
Download or read book United Kingdom: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the United Kingdom written by International Monetary and published by International Monetary Fund. This book was released on 2022-02-23 with total page 109 pages. Available in PDF, EPUB and Kindle. Book excerpt: The UK’s rapid vaccination campaign enabled it to start to reopen the economy in the Spring of 2021. With highly accommodative policies, the recovery has been faster than expected. However, capacity constraints and rising price pressures have emerged while new Covid-19 variants have raised new uncertainties. The government has allowed all initial pandemic support programs to sunset but has loosened near-term fiscal policy while specifying a back-loaded medium-term consolidation plan. With continued above-target inflation readings, the BoE made a first move to raise the policy rate in December. Macroprudential policies are returning to more standard risk settings. The near-term growth outlook remains strong, but so too are price pressures, while the financial cycle remains ahead of the economic cycle. The pandemic and Brexit have magnified structural challenges. Real GDP would remain below its pre-pandemic trend by about 2–21⁄4 percent in the medium term. Risks are considerable in the period ahead, centering on new Covid-19 waves and spillovers from tensions in Eastern Europe.
Download or read book France written by International Monetary and published by International Monetary Fund. This book was released on 2023-01-30 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt: France saw a robust recovery from the Covid-19 shock but is now facing the repercussions of Russia’s war in Ukraine. In 2021, output rebounded by 6.8 percent and recovered to pre-crisis levels. The recovery was broad-based and faster than in most other European countries. While France is less directly exposed to the energy shock, the war in Ukraine is dampening the recovery by denting confidence and exacerbating supply-side difficulties. Inflation has surged but remains well-below peers thanks to energy price controls and subsidies. These and other measures to support purchasing power keep the fiscal deficit elevated despite the unwinding of Covid-19 support. While capacity utilization remains below pre-crisis levels, labor market conditions have further tightened.
Book Synopsis Fault Lines After COVID-19 by : Robert Z. Aliber
Download or read book Fault Lines After COVID-19 written by Robert Z. Aliber and published by Springer Nature. This book was released on 2023-10-28 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores the central economic and political issues defining the modern world. With contributions from a number of world renowned economists, a range of topical debates are discussed in an accessible and practical manner. The topics discussed include the current economic and political backdrop, global economic shifts, challenges within central banking and financial integration, the international monetary and financial system, and geopolitical tensions. Particular attention is given to the transition to a low carbon economy, the perils of public debt, the post-COVID-19 recovery, and the conflict in Ukraine. This book aims to envisage the economic challenges and opportunities that will be faced in the years to come. It will be relevant to students, researchers, and policymakers interested in economic policy and the political economy. Chapter-No.17 is available open access under a Creative Commons Attribution 4.0 International License via link.springer.com.
Book Synopsis Principality of Andorra by : International Monetary Fund. African Dept.
Download or read book Principality of Andorra written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2024-03-06 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: After a remarkable recovery, the Andorra economy continues to grow slightly above potential despite significant external headwinds. Headline inflation is elevated amidst persistent core inflation and a tight labor market. The banking sector remains profitable, well-capitalized, and liquid.
Author :International Monetary Fund. Asia and Pacific Dept Publisher :International Monetary Fund ISBN 13 : Total Pages :90 pages Book Rating :4.4/5 (2 download)
Book Synopsis India by : International Monetary Fund. Asia and Pacific Dept
Download or read book India written by International Monetary Fund. Asia and Pacific Dept and published by International Monetary Fund. This book was released on 2022-12-23 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt: The economy has rebounded from the pandemic-related downturn but is facing new headwinds. The authorities have responded with fiscal policy measures to support vulnerable groups and to mitigate the economic impact of commodity price increases, as well as with front-loaded monetary policy tightening to address elevated inflation. A world class public digital infrastructure is facilitating innovation, productivity improvements and access to services. Further structural reforms, including to address the adverse impact of climate change, are needed to secure strong and sustainable growth.
Author :International Monetary Fund. Asia and Pacific Dept Publisher :International Monetary Fund ISBN 13 : Total Pages :80 pages Book Rating :4.4/5 (2 download)
Book Synopsis Singapore by : International Monetary Fund. Asia and Pacific Dept
Download or read book Singapore written by International Monetary Fund. Asia and Pacific Dept and published by International Monetary Fund. This book was released on 2024-07-31 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: Following a slowdown in 2023, growth is projected to recover gradually to 2.1 percent in 2024. After reaching 6.1 percent in 2022, inflation has steadily declined to 2.7 percent in April 2024. The pace of disinflation has nonetheless been gradual, with signs of persistent price pressures including from a tight labor market. With risks to global growth now broadly balanced, downside risks to growth outlook have diminished relative to last year, but Singapore remains vulnerable to a deepening of geoeconomic fragmentation. Inflation risks remain tilted to the upside.
Author :International Monetary Fund. European Dept. Publisher :International Monetary Fund ISBN 13 : Total Pages :74 pages Book Rating :4.4/5 (2 download)
Book Synopsis Denmark by : International Monetary Fund. European Dept.
Download or read book Denmark written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2024-09-13 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: Denmark has demonstrated remarkable resilience in the face of the energy crisis, high inflation, and tighter financial conditions. In recent years, growth has been increasingly driven by an exceptional surge in the pharmaceutical sector, while the rest of the economy has largely stagnated. Staff expect robust growth to continue in the near term, driven by pharmaceutical exports, the reopening of the Tyra natural gas field, and a gradual recovery in the non-pharmaceutical sectors. With the sharp decrease in global energy prices and lackluster domestic demand, inflation has fallen sharply. The positive outlook is, however, clouded by considerable external risks, most notably geopolitical tensions. The financial system has remained stable, although risks remain due to still-high interest rates and vulnerabilities in the commercial real estate markets.
Download or read book Vanuatu written by International Monetary and published by International Monetary Fund. This book was released on 2023-03-22 with total page 115 pages. Available in PDF, EPUB and Kindle. Book excerpt: Following a successful COVID-19 containment strategy, the border reopened in July 2022, and tourism is returning to Vanuatu. Economic activity is expected to be strong in the near term, with real GDP growing around 3.4 percent in 2023, as tourism and construction activities resume. High imported prices are likely to stoke inflation and push the current account into deficit, while fiscal policy will turn more expansionary. The Economic Citizenship Program (ECP) is facing significant challenges, with important implications for revenue and governance, while Air Vanuatu, the national airline, is facing serious operational and financial difficulties. Key structural vulnerabilities relating to climate change, limited infrastructure development capacity, and weak governance, persist.
