Country Reports
2023
December 15, 2023
Republic of Kazakhstan: Technical Assistance Report-National Accounts Statistics Mission
Description: A technical assistance mission assisted the Bureau of National Statistics (BNS) under the Agency for Strategic Planning and Reforms of the Republic of Kazakhstan in developing discrete quarterly estimates of Gross Domestic Product by expenditure (GDPE). The mission assisted BNS staff in developing chain-linked time series of GDPE components by applying the benchmarking and annual overlap techniques. The results were compared to the cumulative estimates currently published on the BNS website. The new estimates of quarterly GDPE better reflect the precise quarterly structure of the economy. These improvements to data and methods will improve the understanding of the Kazakhstan economy, both for domestic policymaking and international surveillance.
December 15, 2023
Ireland: 2023 Article IV Consultation-Press Release; and Staff Report
Description: Ireland’s economy has shown remarkable resilience in the face of consecutive shocks. Following two years of impressive performance, growth, as measured by real GNI*, is projected to moderate to a still solid pace at 2½ percent in 2023–24. Inflation is expected to further ease, reaching 2 percent toward late 2025. The fiscal position has strengthened considerably on the back of strong tax revenues, but the headline numbers mask some underlying vulnerabilities. The large and complex financial system has remained resilient so far and will continue to be tested by tighter financial conditions. The positive economic outlook is clouded by considerable external risks.
December 15, 2023
Philippines: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Philippines
Description: After a strong recovery from the pandemic in 2022, growth moderated in the first half of 2023 due to external headwinds, fiscal underspending, and normalization of pent-up demand. Inflation decelerated from the peak in early 2023 supported by domestic policy tightening despite a recent uptick related to resurgent commodity prices. Growth is projected to rebound in the second half of 2023 and 2024 while inflation is expected to gradually approach the target. Risks to the growth outlook are tilted to the downside, mainly stemming from persistently high inflation, globally and locally, and a highly uncertain global economic and geopolitical environment. Upside risks to the inflation outlook include higher commodity prices and potential second-round effects.
December 14, 2023
Bangladesh: 2023 Article IV Consultation, First Reviews Under the Extended Credit Facility Arrangement, Arrangement Under the Extended Fund Facility, and the Resilience and Sustainability Facility Arrangement, Requests for a Waiver of Nonobservance of a Performance Criterion, and Modifications of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Bangladesh
Description: Bangladesh is navigating multi-faceted economic challenges. Russia’s war in Ukraine disrupted the strong economic recovery from the COVID-19 pandemic and threatened macroeconomic stability. Continued global financial tightening, coupled with existing vulnerabilities, has challenged near-term macroeconomic management. On the back of import compression, the current account deficit narrowed considerably. Nevertheless, amid an unprecedented reversal of the financial account, the overall balance of payments has deteriorated, leading to a continuous decline in foreign exchange reserves. Recent developments have underscored the need to expedite long-standing structural reforms to put the economy on an inclusive and green growth path.
December 14, 2023
Republic of Armenia: 2023 Article IV Consultation and Second Review Under the Stand-By Arrangement and Request for Modifications of Performance Criteria and Monetary Policy Consultation Clause-Press Release; Staff Report; and Statement by the Executive Director
Description: Armenia’s growth accelerated in 2022 and remained strong in 2023, boosted by an inflow of foreign exchange, migrants, and businesses, mainly from Russia. Inflation, which peaked in the wake of the war in Ukraine, has quickly subsided. However, the regional security situation worsened significantly in September 2023, after Azerbaijan’s government took full control of Nagorno-Karabakh, which triggered the exodus of about 100,000 ethnic Armenians into Armenia. The government has responded with prompt policy measures to support their immediate needs.
December 14, 2023
Gulf Cooperation Council: Economic Prospects and Policy Challenges for the GCC Countries; IMF Country Report No. 23/413; December 5, 2023
Description: The GCC region’s non-hydrocarbon growth momentum remains strong, driven by higher domestic demand, increased gross capital inflows, and reform implementation. Oil production – which depends on OPEC+ decisions – will be subdued in the near term. Inflation is contained and current account surpluses are high. Fiscal balances remain healthy, supported by fiscal reforms and high oil prices. The primary non-oil deficits are expected to decrease to 24 percent of GDP by 2028, with higher non-oil revenue reflecting sustained fiscal and structural reforms and contained expenditures. High global uncertainty is weighing on the outlook.