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Cover IMF Staff Country Reports
Luxembourg: Selected Issues
International Monetary Fund. European Dept.
This paper studies the two vital issues of Luxembourg’s economy: investment IMF-World Bank linkages and lessons and challenges in accommodating migrants and refugees. The Luxembourg investment fund industry, second in the world after the United States, has grown rapidly since the global financial crisis. Risks in investment funds are attracting global attention, and the linkages between Luxembourg funds and banks could contribute to transmitting financial volatility to the financial system and the real economy. Past experience of handling migration flows and a positive public attitude have helped the authorities to mobilize resources for accommodating sharply rising refugee inflows from mid-2015.
Keywords:
ISCR; CR; refugee; Luxemburg; economic migrant; asylum seeker; migrant; refugee influx; employment promotion program; Banque Centrale du Luxembourg; refugee surge; incoming refugee; refugee arrival; Luxembourg's society; Mutual funds; Asset valuation; Migration; Asset management; Corporate bonds; Global; Middle East
Cover IMF Staff Country Reports
Front Matter
International Monetary Fund. European Dept.

Luxembourg and to Banks Abroad 7. Effects of Shocks LESSONS AND CHALLENGES IN ACCOMMODATING MIGRANTS AND REFUGEES A. Coping with the Current Refugee Influx B. The Immediate Fiscal Costs and Long-term Gains C. Performance of Past Migrants in Luxembourg’s Economy D. Comparing the Incoming Refugees with the Past Migrants Living in Luxembourg E. Facilitating Employment of Refugees and Long-term Unemployed BOXES 1. Net Fiscal Impact of Immigration 2. Migrants, Cross-Border Workers, and Refugees FIGURES 1. Asylum Applications 2. Estimated

Keywords:
ISCR; CR; refugee; Luxemburg; economic migrant; asylum seeker; migrant
Cover Staff Discussion Notes
The Refugee Surge in Europe: Economic Challenges
Mr. Shekhar Aiyar, Ms. Bergljot B Barkbu, Nicoletta Batini, Mr. Helge Berger, Ms. Enrica Detragiache, Allan Dizioli, Mr. Christian H Ebeke, Ms. Huidan Huidan Lin, Ms. Linda Kaltani, Mr. Sebastian Sosa, Mr. Antonio Spilimbergo, and Petia Topalova
Against the background of political turmoil in the Middle-East, Europe faces an unprecedented surge in asylum applications. In analyzing the economic impact of this inflow, this paper draws from the experience of previous economic migrants and refugees, mindful of the fact that the characteristics of economic migrants can be different from refugees. In the short-run, additional public expenditure will provide a small positive impact on GDP, concentrated in the main destination countries of Germany, Sweden and Austria. Over the longer-term, depending on the speed and success of the integration of refugees in the labor market, the increase in the labor force can have a more lasting impact on growth and the public finances. Here good policies will make an important difference. These include lowering barriers to labor markets for refugees, for example through wage subsidies to employers, and, in particular, reducing legal barriers to labor market participation during asylum process, removing obstacles to entrepreneurship/self-employment, providing job training and job search assistance, as well as language skills. While native workers often have legitimate concerns about the impact of immigrants on wages and employment, past experience indicates that any adverse effects are limited and temporary.
Keywords:
SDN; pay; immigrant; asylum seeker; refugee; displaced people; entry wage; Euro Area; Migration; Refugees; Labor Market; unemployment rate; subsidy program; wage subsidy; EU country; labor force; wage gap; private sector; aggregate demand; wage assimilation; labor market integration; Labor markets; Europe
Cover Departmental Papers
Responding to Shocks and Maintaining Stability in the West African Economic and Monetary Union
Ms. Christina Kolerus, Ms. Aleksandra Zdzienicka, Mr. Ermal Hitaj, and Mr. Douglas J Shapiro
The West African Economic and Monetary Union (WAEMU), like other monetary unions, faces a number of challenges in dealing with macroeconomic shocks. The region experiences a large number of exogenous shocks: climate-related (e.g., droughts, floods), with a heavy toll on populations and agriculture, but also economic (e.g., terms of trade), with a large impact on key sectors and the cost of living. More generally business cycle synchronization within the WAEMU seems low. Addressing these shocks, while preserving the stability of the union, is therefore a critical issue in the WAEMU.This paper discusses these issues and suggests possible reforms.
Keywords:
DPPP; DP; WAEMU country; financial market; exchange rate; business cycle; current account; trade elasticity; excess reserves; exports to Mali; debt relief; Monetary unions; Debt sustainability; Debt sustainability analysis; Business cycles; West Africa; Global; WAEMU government securities market
Cover IMF Staff Country Reports
Bangladesh: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Bangladesh
International Monetary Fund. Asia and Pacific Dept
This 2018 Article IV Consultation highlights that the Bangladesh economy continues to perform well with robust and stable growth. The strong growth comes with stable inflation, moderate public debt, and greater resilience to external shocks. The country continues to make steady progress in reducing poverty and improving social indicators. Real GDP growth in FY2017 (ending September 30) further accelerated to 7.3 percent from 7.1 percent in the previous fiscal year. The macroeconomic situation is expected to remain robust in FY2018. Growth is projected at about 7 percent with strong domestic demand. Inflation is expected to remain below 6 percent, close to Bangladesh Bank’s target as flood-related pressure on food prices eases with the rice harvest recovery.
Keywords:
ISCR; CR; government; debt; deficit; real GDP; reform initiative; government of Bangladesh; Bangladesh economy; Our Bangladesh authorities; agent banking system; Public and publicly-guaranteed external debt; Credit; Global; South Asia
Cover IMF Staff Country Reports
Kingdom of the Netherlands: 2015 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Kingdom of the Netherlands-Netherlands
International Monetary Fund. European Dept.
This paper presents the overview of the Dutch economy. After a double-dip recession that ended in early 2014, a strengthening but moderate recovery led by exports and investment is underway, although lower production and exports of natural reduced gas reduced growth in the second quarter of 2015, without however interrupting its momentum. Unemployment is falling slowly and inflation is low, but positive. Credit has continued to decline, but demand for credit is gradually rebounding. The Dutch banking system is emerging from its restructuring. The economy now appears set on a gradual path of recovery, and growth is expected to reach 1.9 percent this year and in 2015, supported by an improving domestic demand.
Keywords:
ISCR; CR; mortgage interest deductibility; government; IMF staff calculation; output gap; government finance statistics data; money market rate; authorities' expectation; staff's analysis; refugee influx; balance of payments manual; Pension spending; Self-employment; Labor taxes; Housing prices; Global
Cover IMF Staff Country Reports
Sudan: First Review Under the Staff-Monitored Program
International Monetary Fund. Middle East and Central Asia Dept.
KEY ISSUES Political Context: Sudan is embarking on a difficult national dialogue with the opposition and some armed groups in the Blue Nile and South Kordofan regions. The objective is to break the current destructive cycle of instability and prepare for the upcoming presidential election in 2015. This dialogue, if successful, could help create the conditions needed to address the challenges that emerged after the secession of South Sudan, including sustaining a much-needed broad economic recovery and adjusting the economy to its new potential. The current staff monitored program (SMP) is providing an adequate policy framework and a path in this direction. Macroeconomic situation and outlook: Tight monetary conditions and improved fiscal performance, together with lower food prices, contributed to lower inflation at end-March. However, the curb market exchange rate further depreciated against the U.S. dollar on account of the uncertainties in the oil market triggered by the South Sudan conflict, further widening the gap between the official and curb market rates to more than 50 percent. The outlook for 2014 remains broadly favorable, with growth expected to reach 2.5 percent, and inflation to continue its downward trend to about 18 percent. Program performance: Performance under the SMP through end-March 2014 was affected by adverse shocks and security spillovers. All end-March quantitative benchmarks were met, except for the ones on net international reserves and net domestic assets of the Central Bank of Sudan (CBOS). The indicative targets on social spending and the non-oil primary deficit were also missed by a slight margin. Corrective actions have been taken to ensure that these targets will be met in the second quarter. Urgent measures are needed to address the gap between the official and curb market exchange rates. The authorities have also made good progress toward meeting their end-June structural benchmarks. Risks remain large and tilted to the downside. The uncertain political transition, the volatile domestic oil market, and the fragile security environment may slow down the reform momentum. The recent peace agreement between the warring factions in South Sudan, if implemented, would improve the risk outlook.
Keywords:
ISCR; CR; government; authority; deficit monetization; monetary policy mix; Sudanese authorities; debt situation; strong belief; Currencies; Monetary base; Debt relief; Exchange rate flexibility; Inflation; Global
Cover IMF Staff Country Reports
Luxembourg: 2016 Article IV Consultation-Press Release; Staff Report; Informational Annex; and Statement by the Executive Director for Luxembourg
International Monetary Fund. European Dept.
This paper discusses growth prospects and downside risks of Luxembourg’s economy. Luxembourg’s small open economy plays a pivotal role in intermediating global capital flows. Deep-rooted traditions of fiscal prudence, business-friendly regulation, a skilled labor force, and low and predictable taxes have made Luxembourg a global financial center, home of multinational companies, and one of the richest countries in the European Union (EU). However, financial market stress could affect Luxembourg’s performance. In case of severe external shocks, unraveling financial exposures could prompt dislocations in markets or institutions beyond the scope of the national authorities. The European Banking Union and EU financial regulations frameworks are particularly positive for Luxembourg.
Keywords:
ISCR; CR; government; GDP; Luxemburg; potential GDP; General government balance; public debt projection; April update; Luxembourg's medium-term objective; liability positions vis-à-vis nonresident; Mutual funds; Pension spending; Financial sector; Commercial banks; Global; Europe; Middle East
Cover IMF Staff Country Reports
IMF Executive Board Concludes 2015 Article IV Consultation with Kingdom of the Netherlands
International Monetary Fund. European Dept.

-than-expected growth in the euro area and emerging markets. The Netherlands is receiving many refugees, and there will be unpredictable but significant near term costs to accommodating them. However, in the longer term, there will be demographic and growth dividends if incoming refugees are effectively integrated. With the economy having turned the corner, and public sector balance sheets now being repaired, it is now time to refocus the policy agenda on structural reforms. Key priorities for the Dutch authorities include: furthering tax reform to reorient the tax burden away from

Keywords:
ISCR; CR; mortgage interest deductibility; government; IMF staff calculation; output gap; social housing sector; policy priority; second-pillar pension system; Housing prices; Self-employment
Cover IMF Staff Country Reports
Republic of Estonia: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Estonia
International Monetary Fund. European Dept.
Estonia’s economy is vulnerable to the fallout from the war in Ukraine given its geographical proximity to Russia, the geopolitical context, and high passthrough from global energy prices to domestic inflation. Although direct exposures to Russia and Ukraine through trade, services, and financial channels appear to be contained, the war is already significantly affecting economic confidence. Nevertheless, economic activity has progressively adapted to the pandemic, rebounding strongly in 2021, and as of mid-2022, remaining resilient to the headwinds from the war. Inflation has surged into double digits and is increasingly broad-based.