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Romania: Near-Term Stability, Medium-Term Challenges

With sharply reduced external imbalances likely to be sustained and government deficit set to remain less than 3% of GDP, near-term risks appear well

Czech Republic: A Cautious Return To Growth

Real GDP growth recovered in the second quarter and short-term indicators suggest further firming in the third quarter. Domestic demand remains very w

Colombia: Strengthening the Fiscal Framework

Authorities have taken advantage of relatively robust growth and rising oil revenues to strengthen the fiscal framework. The 2011 structural fiscal ru

Morocco: Challenges of Achieving Higher Growth

Growth is expected to accelerate from 2.8% in 2012 to 4.4% in 2013 driven by a strong rebound in agricultural output. Nonagricultural growth slowed to

Poland: Fiscal Woes Risk to Undo Pension Reform

With the fiscal deficit set to widen to 4.5% of GDP this year, the government has proposed another downsizing of the funded pension pillar. The propos

Philippines: Financial Market Fundamentals Favorable

The restoration of macroeconomic balance has helped insulate domestic conditions from recurring global financial turmoil and volatile capital flows. T

Russia: Weak Growth Likely to Persist Over the Medium Term

Real GDP growth stalled in 2013, alongside high inflation, and a narrowing current account surplus, suggesting that the economy is operating near its

Brazil: That Elusive Little Thing Called Confidence

Confidence has weakened under the weight of sluggish growth, increased political uncertainty and policy inconsistency. Confidence erosion augurs that

Chile: A Tricky Electoral Reform

Popular discontent with the political establishment has increased pressure to reform the electoral system. Both the government and opposition have adv

Argentina: Rising Balance-of-Payments Pressures

Draconian controls on foreign exchange outflows have failed to ease strains on external accounts. International reserves have declined and underlying



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