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Suriname
This Selected Issues paper focuses on constructing a high-frequency economic growth indicator for Suriname. Most economic data for Suriname are available only with a substantial time lag and on a low-frequency basis, impeding such analyses. This paper presents a simple econometric model that closely approximates GDP in recent years. The model estimates are used to construct a monthly indicator of economic activity for Suriname. The indicator provides information about the pace of economic activity close to real time, typically with a one- to two-month lag.
Jamaica
This paper discusses Jamaica’s Request for Purchase Under the Rapid Financing Instrument (RFI). The Jamaican authorities have proactively responded to the coronavirus disease 2019 (COVID-19) pandemic. Nevertheless, despite the authorities’ best efforts, the pandemic is severely impacting the Jamaican economy, as a sudden stop in tourism and falling remittances are generating a sizable balance-of-payments need. Moreover, the economic outlook remains subject to an unusually high degree of uncertainty. The disbursement under the RFI will strengthen reserves and help catalyze additional support from other international financial institutions and development partners. The authorities’ policy response to the COVID-19 crisis is appropriate, including the timely adoption of targeted measures to support jobs and provide resources to vulnerable segments of the population. Once the crisis abates, building on their demonstrated commitment to reform and stability-oriented measures, the authorities should continue the implementation of their ambitious reform agenda to support the economic recovery and ensure strong and sustainable economic growth.
Mexico
The Mexican economy has exhibited resilience in the face of a complex external environment. However, the country still faces significant challenges, namely to preserve macro-economic stability, and foster stronger and inclusive growth. These challenges are complicated by the uncertainty associated with the future economic relations with the United States and the future political landscape in Mexico. Prospects hinge on steadfast implementation of the structural reform agenda that would boost growth and improve living standards, supported by continued fiscal consolidation that would put the public debt ratio on a sustainable downward path.
Uruguay
This Selected Issues paper examines the drivers and implications of the agricultural land price boom in Uruguay. It finds that almost half of the increase in agricultural land prices between 2000 and 2010 can be explained by commodity price dynamics. At the same time, farmland prices are estimated to have played an important role in the transmission of commodity price shocks to economic activity, accounting for about 30 percent of the effect of commodity price shocks on GDP growth in the region. The paper also examines the performance of Uruguay’s exports and external balances over the past decade.
United States
This staff report on United States 2013 Article IV Consultation highlights economic policies and development. The economy grew at an annual rate of 1.8 percent in the first quarter of 2013, held down by sharp cuts in public spending, and economic indicators suggest that growth has remained weak in the second quarter of the year. Employment gains averaged about 200,000 over the first half of 2013, up from 180,000 in the previous six months. The unemployment rate continued to fall from its October 2009 peak of 10 percent to 7.6 percent in June 2013, although much of the improvement reflects lower labor force participation.
2017 Staff Guidance Note on the Fund's Engagement with Small Developing States
"This guidance note highlights the unique economic characteristics and constraints facing small developing states. It provides operational guidance on Fund engagement with such countries, including on how small state characteristics might shape Fund surveillance and financial support, program design, capacity building activities, and collaboration with other institutions and donors. The note updates the previous version that was published in May 2014. It incorporates modifications resulting from Board papers and related Executive Board discussions that have taken place since the March 2013 Board papers on small states, which provided the foundations of the original guidance note. Based on th...
Mexico
Mexico has recovered more gradually from the pandemic than its peers and economic activity is expected to slow in the second half of this year and into 2023. Inflation increased as the economy emerged from the COVID-19 shock but is expected to plateau in the second half of 2022 and then gradually decline.
Staff Guidance Note on the Application of the Joint Bank-Fund Debt Sustainability Framework for Low-Income Countries
Low-income countries (LICs) face significant challenges in meeting their development objectives while at the same time ensuring that their external debt remains sustainable. In April 2005, the Executive Boards of the International Monetary Fund (IMF) and the International Development Association (IDA) endorsed the Debt Sustainability Framework (DSF), a tool developed jointly by IMF and World Bank staff to conduct public and external debt sustainability analysis in low-income countries. The DSF aims to help guide the borrowing decisions of LICs, provide guidance for creditors’ lending and grant allocation decisions, and improve World Bank and IMF assessments and policy advice.
Trinidad and Tobago
Selected Issues
St. Vincent and the Grenadines
This paper highlights St. Vincent and The Grenadines’ Request for Disbursement Under the Rapid Credit Facility (RCF). The coronavirus disease 2019 (COVID-19) pandemic poses a major challenge to St. Vincent and the Grenadines. The tourism sector, a key driver of economic growth in the country, has come to a complete halt with ripple effects across the economy. The authorities have responded to the pandemic by swiftly implementing containment measures and a fiscal package, which includes an increase in funding for the health sector, various public construction projects to generate jobs, financial support to agriculture and fishery sector, and programs to support displaced workers and the mos...
