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Diplomatic List
Directory of foreign diplomatic officers in Washington.
Algeria
This paper offers Algeria's recent experience with macroeconomic stabilization and systemic transformation from a centrally planned to a market economy. The analyses focuses on the period since 1994 when Algeria embarked on a comprehensive reform program that has benefitted from IMF support, first through a one-year Stand-by Arrangement, and from May 1995, through a three-year arrangement under the Extended Fund Facility. To better understand this experience, this paper provides some background information on Algeria's political history and economic developments during the period preceding the Stand-By arrangement.
Adjusting to New Realities
This paper addresses concerns that the Middle East and North Africa (MENA) region, with the exception of the GCC economies, has lagged behind in trade liberalization. This delay has adversely affected production efficiency and consumer welfare and could reduce the region’s ability to attract foreign investment. Against this background, the paper examines the major challenges facing MENA if it is to benefit from the opportunities presented by the Uruguay Round and the European Union Mediterranean Initiative. It concludes with an overview of measures that MENA countries will need to implement to benefit from these trade-enhancing initiatives.
Globalization and Growth Prospect in Arab Countries
Globalization—the intensification of international trade and finance linkages underpinned by economic liberalization and technological change—presents both challenges and opportunities to Arab countries. After reviewing this region’s disappointing performance in integration and growth, this paper analyzes the empirical relationship between the two and concludes that integration is necessary if high growth rates are to be attained and the region is not to become marginalized. It then identifies the main obstacles to the integration of Arab countries into the world economy and reviews recent progress in overcoming them. On this basis, the paper derives some policy prescriptions.
Paraguay
Recent developments: Paraguay continues to recover from last year’s severe drought, with economic growth for 2023 expected at 4.5 percent. The recovery of agricultural exports is also contributing to an improved external current account, easing potential pressures on the exchange rate. In the context of a continued tight monetary policy stance, inflation has been declining over the last twelve months. The government successfully reduced the fiscal deficit to 3 percent of GDP, and fiscal policies remain on the envisaged consolidation path. Paraguay’s financial and banking sector remains stable. On April 30, Paraguay held national elections in which the candidate for the ruling Colorado party, Santiago Peña, was elected President by a significant margin.
Haiti
This 2019 Article IV Consultation discusses that driven by popular frustration with high levels of corruption and inequality, Haiti has been experiencing a protracted political crisis and prolonged civil unrest. The baseline scenario assumes some stabilization in the political situation by early 2020 but no major political or economic reforms. This would allow growth to recover only gradually and in the absence of sustained implementation of good policies and structural reforms, potential growth would remain low at about 1.4 percent over the medium term. Downside risks, both domestic and external, remain elevated. A prolongation of political instability, extreme natural disaster, drop in rem...
Diplomatic List
Directory of foreign diplomatic officers in Washington.
The Economy of the Middle East and North Africa in 1997
The economy of the Middle East and North Africa improved considerably in 1996, and remained favorable in 1997. This paper, by Mohamed A. El-Erian and Susan Fennell, presents an assessment of the recent experience of the MENA economies and examines prospects for 1998 and beyond.
Fintech in Latin America and the Caribbean: Stocktaking
In Latin America and the Caribbean (LAC), financial technology has been growing rapidly and is on the agenda of many policy makers. Fintech provides opportunities to deepen financial development, competition, innovation, and inclusion in the region but also creates new and only partially understood risks to consumers and the financial system. This paper documents the evolution of fintech in LAC. In particular, the paper focuses on financial development, fintech landscape for domestic and cross border payments and alternative financing, cybersecurity, financial integrity and stability risks, regulatory responses, and considerations for central bank digital currencies.
Dominican Republic
This 2018 Article IV Consultation highlights that after three years of robust expansion, the economy of the Dominican Republic moderated to close to its potential level. Economic activity is estimated to have expanded by 4.6 percent in 2017, following above-potential growth of 7.1 percent on average during 2014–16. The growth moderation was concentrated in the first three quarters of 2017. The economic outlook remains positive. The monetary easing in mid-2017 is expected to support a continued recovery in economic activity in 2018. Lower lending rates and stronger credit growth following the easing, combined with higher real wages and employment, are expected to continue to support domestic demand.
