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International Monetary Fund. Asia and Pacific Dept
Hong Kong SAR’s economy is recovering strongly as ample policy space has allowed the enaction of swift and bold policy responses to address the unprecedented crisis emanating from multiple shocks, including notably the pandemic. But the recovery remains uneven, with private consumption lagging, owing, in part, to a zero- COVID tolerance approach. The financial sector has remained resilient supported by significant buffers, strong institutional frameworks, and a well-functioning Linked Exchange Rate System (LERS). Increasing financial linkages with Mainland China bring both opportunities and challenges for growth and financial stability.
International Monetary Fund. European Dept.

Ireland, there is still some scope to further improve housing affordability and regional disparity. 2. Ireland has made significant progress in improving well-being . The country performs well in many dimensions of well-being of their population— jobs, education, health, social connections, safety, and life satisfaction—relative to other countries in the OECD Better Life Index 5 . It, however, underperforms compared to the average in the areas of work-life balance. Moreover, the OECD report on regional inequality points to the need for more investment in housing and

International Monetary Fund. European Dept.
This Article IV Consultation highlights that Sweden’s growth is expected to slow in 2019, with material downside risks from the global economy and domestic demand. A data-dependent approach to monetary policy is appropriate. Although underlying inflation is expected to rise gradually, uncertainties around this outlook have widened. Automatic fiscal stabilizers should operate fully, and the surplus should decline to the new medium-term target by 2020. The fiscal surplus is estimated to have declined to just under 1 percent of GDP in 2018. The report also discussed that labor market reforms should enhance employment of migrants and the low skilled. The social partners should update wage formation to reflect structural changes in the Swedish economy. Reforms to improve housing affordability are needed even as macroprudential measures help contain household debt vulnerabilities. The tightening of amortization requirements is well-targeted, and its effectiveness should be monitored. Plans to eliminate rent controls on new construction should be complemented by phasing out controls on existing apartments.
International Monetary Fund. European Dept.

average wage rises with productivity trends and inflation expectations, facilitating inflation returning to target and interest rate normalization. Reforms to improve housing affordability are needed even as macroprudential measures help contain household debt vulnerabilities . The tightening of amortization requirements is well-targeted and its effectiveness should be monitored. Plans to eliminate rent controls on new construction should be complemented by phasing out controls on existing apartments. Reforms of property taxes and interest deductibility, together with

International Monetary Fund. Western Hemisphere Dept.

CANADA A. Introduction B. Model C. Estimation D. Policy Objectives E. Results F. Summary and Policy Messages References FIGURES 1. Trends in Real House Prices and Household Debt 2. Housing Affordability – Median Multiple Index 3. Model Fit: Estimated Standard Deviations 4. Optimal Policy Frontiers 5. Instrument Volatility 6. Tax Volatility and the Share of Savers TABLES 1. Policy Options 2. Focus of Objectives APPENDIX I. Model and Estimation HOW TO IMPROVE HOUSING AFFORDABILITY IN CANADA’S DYNAMIC REGIONS? A

International Monetary Fund. Asia and Pacific Dept

Loss Functions (2012–2018) TABLES 1. Established IFT Central Banks Endogenous Interest Rate Forecasts 2. Macroeconomic Performance under Different Monetary Regimes (1981–2017) 3. Descriptive Statistics on Output Gaps (2009–2017) References HOUSING AFFORDABILITY IN NEW ZEALAND AND POLICY RESPONSE A. Introduction B. How Much Has Housing Affordability Declined? C. Supply-Side Policy Response to Improve Housing Affordability D. Demand-Side Policy Response to Housing Imbalances E. Summary and Conclusions BOXES 1. Demand Impact of

International Monetary Fund. European Dept.

inflation. The 2017–18 budget eases fiscal policy despite solid growth prospects and could lead to a reversal of the decline in Israel’s public debt ratio. Fiscal adjustment to achieve a 2 percent deficit on average is needed, while supporting education and training reforms with added resources and raising infrastructure spending to enhance potential growth. The recent strengthening of commitment controls should aid medium-term fiscal management, but political ownership of fiscal targets is key. Supply-side bottlenecks need to be addressed to improve housing