Croatia continues to enjoy economic growth, price stability, and rising international reserves under the Stand-By Arrangement. Executive Directors commended this and stressed the need for prudent macroeconomic policies, structural reforms, fiscal consolidation, and tight monetary policy. They appreciated partial privatization of the state-owned oil company and strengthening of the financial supervision. They also emphasized the need to focus on restructuring and privatization of public enterprises to sustain high rates of economic growth and advance the prospects of Croatia's European Union accession.
The staff report for the Philippines’ 2008 Article IV Consultation is focused on economic developments and policies. A deepening of the global economic downturn presents downside risks to this outlook. Inflation is expected to reach 9½ percent in 2008 and decline to 6 percent in 2009, led by a decline in commodity prices and weaker demand. Bank surveillance has been strengthened and steps have been taken to reduce risks related to off-balance sheet activities.
After three years of recession, the economy grew by 2.9 percent in 2000, supported by a revival of investment in primarily foreign-owned firms and a modest increase in household consumption. Against the background of a still nascent recovery, fiscal policy was expansionary in 2000, with the general government deficit (excluding privatization receipts and bank restructuring costs) increasing by nearly 1 percentage point to 4.1 percent of GDP. Executive Directors noted that flexibility in the conduct of monetary policy is key to ensuring that inflation remains under control.
The Libyan economy remains saddled with extensive controls, restrictions, and subsidies that continue to distort prices and resource allocations, hinder efficiency and competitiveness, and impede the performance of the economy. Executive Directors commended the liberalizing of the economy, and stressed the need to improve macroeconomic management, remove trade restrictions, accelerate structural reforms, and tighten monetary and fiscal policies. They supported the authorities' request for technical assistance from the IMF in the areas of statistics, financial programming, development of money markets, and financial instruments, and tax reform.
This 2002 Article IV Consultations highlights that following a period of inaction on the structural front and a protracted recession, economic growth in the Czech Republic has picked up. Underlying this performance have been supportive macroeconomic policies, large foreign direct investment, and steady progress with structural reform. However, enterprise restructuring has led to rising structural unemployment and large regional disparities in unemployment rates. Sizable losses were accumulated by banks, which had to be transferred to the government to allow the banks to be sold to strategic investors, adding to medium-term fiscal pressures.