narrowing, window to press ahead with structural, fiscal, and financial reforms.
Executive Board Assessment 2
Executive Directors noted that the Italian economy has been recovering steadily in recent years, supported by accommodative policies, a favorable global environment, and the authorities’ reformefforts. Notwithstanding the progress made, long-standing structural weaknesses, high public debt, and impaired bank balance sheets continue to pose challenges.
Directors commended the authorities for their ongoing efforts to reform the economy. They stressed that
; and trade liberalization has also continued.
Executive Board Assessment
Executive Directors welcomed Syria’s strong macroeconomic performance in recent years, as manifested in the rapid non-oil GDP growth, comfortable level of foreign reserves, and low and declining government debt. This performance reflected both robust regional demand and the authorities’ reformefforts to shift toward a more market-based economy.
At the same time, Directors observed that oil production and exports are declining, and Syria has already become a net oil importer. Inflation