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Books and Analytical Papers > IMF Staff Country Reports

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Cover IMF Staff Country Reports
Czech Republic: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper examines—through the lenses of a structural model of global value chains—policies that could smooth the transition to the production of electric vehicles in Czechia economy context. In particular, the paper analyzes the impacts of a broad set of policies related to increasing labor productivity, boosting production capabilities in the current set of specialties, and moving up the global value chain. Czechia automotive sector’s value-added share and skill intensity are comparatively lower in the regional context. IMF analysis investigates the potential impact of a transition to electric vehicles in Europe, through a combination of data and modeling techniques. The paper also introduces a stylized structural model of automotive global value chains that includes distinct production of electric and combustion vehicles. The model describes the inter-connectedness of trade and imbeds domestic capability features, including specialization along the global value chain. The model is also calibrated to capture key features of Czechia and Germany’s positions in global value chains, as well as key differences between electric and combustion vehicle production.
Keywords:
electric vehicle production in Czechia; model illustration; Czechia economy; I. model description; consumers from Czechia; Global value chains; Labor productivity; Employment; Skilled labor; Global
Cover IMF Staff Country Reports
Republic of Moldova: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper provides a systematic assessment of Moldova’s governance and institutional frameworks. It follows guidelines approved by the IMF executive board, which were developed to deliver systematic and even-handed analysis on macroeconomically critical governance and institutional vulnerabilities. This paper also focuses on seven key areas for IMF engagement: corruption, rule of law, regulatory framework, fiscal governance, financial sector oversight, anti-money laundering/combating the financing of terrorism, and central bank governance. The analysis is based on internationally comparable data, diagnosis from IMF technical assistance reports, as well as other expert assessments. Strengthening the judiciary and rule of law and accelerating state-owned enterprises (SOE) reform are clear priorities. The widespread nature of governance vulnerabilities and institutional weaknesses in Moldova, combined with capacity constraints, creates challenges for policy formulation and prioritization. Policy efforts should therefore focus on strengthening rule of law and reforming Moldova’s judiciary system, as well as building capacity and increasing the autonomy of key institutions. Steadfast SOE reform would foster competition, investment, and productivity, while reducing fiscal risks.
Keywords:
ISCR; CR; Moldova; firm; government; IMF staff calculation; IMF governance framework; CFT framework; inflation-targeting regime; judiciary system; discretionary power; revenue institution; Anti-money laundering and combating the financing of terrorism (AML/CFT); Corruption; Global competitiveness; Global; Europe; Tax evasion
Cover IMF Staff Country Reports
Czech Republic: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper investigates the direct and indirect exposure of the Czech Republic to these external risks. The Czech Republic is a small open economy that has become increasingly reliant on export-driven growth over the last three decades. Domestic value-added in foreign exports as a share of gross exports in the Czech Republic is higher than the average share of the European Union 28. Services have a relatively low contribution to value-added in gross exports. Given the high integration of the Czech Republic into global value chains, it is crucial to take supply chain linkages into account when assessing the impact of trade shocks. The exposure to Germany is even more pronounced at the sectoral level. Manufacturing of machinery and transportation vehicles account for a large share of exports and imports in the Czech Republic. Although the impact of the US-China trade disputes on the Czech Republic would likely be limited, a hard Brexit scenario or lower demand in Germany could have sizable effects.
Keywords:
ISCR; CR; GVC participation; demand; gross output; export destination; Brexit scenario result; US-China trade disputes; export dependency; gross export; Czech Republic's economy; Exports; Tariffs; Global value chains; Imports; Trade disputes; Global; publication service; No. 19/161
Cover IMF Staff Country Reports
Myanmar: Selected Issues
International Monetary Fund. Asia and Pacific Dept
This Selected Issues paper analyzes banking sector developments in Myanmar. It highlights that latent banking sector risks are surfacing, following a period of rapid credit growth and as banks adjust to updated financial regulations. Over time banks will need to enhance their credit risk management, and reduce the over-reliance on collateral values to safeguard lending. A banking system action plan has been developed, to enhance the banking system’s resilience, as well as strengthen the supervisory and resolution framework. The ongoing overhaul of the prudential framework and financial sector reforms will strengthen the banking sector and its role in supporting the economy.
Keywords:
ISCR; CR; Myanmar; bank; private bank; value chain; FDI; IMF staff calculation; growth takeoff; private bank lending; policy bank; banking system action plan; increase bank capital; FDI inflow; Commercial banks; Credit; Global value chains; Financial inclusion; Global; Asia and Pacific
Cover IMF Staff Country Reports
Mauritius: Selected Issues
International Monetary Fund
This Selected Issues paper assesses the external competitiveness of Mauritius over the period 1980–2007, with particular attention to the most recent years. The paper estimates the equilibrium real exchange rate using the macroeconomic balance approach, the single-equation equilibrium exchange rate approach, and the capital-enhanced equilibrium exchange rate approach. A wealth of structural competitiveness indicators are also analyzed. The findings indicate that the real exchange rate at the end of 2007 was broadly in line with its equilibrium value.
Keywords:
ISCR; CR; price; nominal exchange rate; interest rate; CPI inflation; forecasting exercise; inflation distribution; Mauritian rupee; liberalization inflation development; Inflation; Price controls; Exchange rates; Consumer price indexes; Real effective exchange rates; Global; inflation process; Mauritius exchange rate; price variability; Nominal effective exchange rate; Real exchange rates
Cover IMF Staff Country Reports
People’s Republic of China—Hong Kong Special Administrative Region: Selected Issues
International Monetary Fund
This Selected Issues paper reviews medium-term fiscal challenges for Hong Kong Special Administrative Region (Hong Kong SAR). It focuses on key considerations that need to be evaluated when formulating a medium-term reserves policy in the face of fiscal challenges, such as accommodating future spending pressures and revenue fluctuations. The broad conclusion of the paper is that fiscal reserves will likely remain an important feature of future fiscal policy. The paper also discusses more general aspects of Hong Kong SAR’s economy’s competitiveness, and the outlook for Hong Kong SAR’s financial center.
Keywords:
ISCR; CR; revenue; revenue volatility; Hong Kong SAR; market; price competitiveness; Mainland bank; SAR resident; business cost; renminbi deposit; Competition; Insurance; Fiscal risks; Financial integration; Global; Asia and Pacific
Cover IMF Staff Country Reports
Islamic Republic of Afghanistan: Selected Issues and Statistical Appendix
International Monetary Fund
This Selected Issues paper provides a preliminary view on Afghanistan’s external competitiveness through a review of some macroeconomic, microeconomic, and institutional indicators. It discusses the rebuilding of domestic revenue, and analyzes the macroeconomic impact of the drug economy and the counternarcotics efforts. The paper provides, whenever available, statistical information on the real, fiscal, monetary, and external sectors. It also contains a list of state-owned enterprises and an updated summary of the tax system as of end-December 2005.
Keywords:
ISCR; CR; Afghanistan; government; reform; opium production; import partner; farm gate price; export value; export firm; Pakistani rupee; Income; Exports; Consumption taxes; Income and capital gains taxes; Asia and Pacific; Central Asia; Sub-Saharan Africa; Global
Cover IMF Staff Country Reports
The Kingdom of Swaziland: Statistical Appendix
International Monetary Fund
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
Keywords:
ISCR; CR; Swaziland; investment climate; garment export; export; holding; CMA country; CMA agreement; Swaziland rank; Global competitiveness; Exchange rates; Exports; Agricultural commodities; Nominal effective exchange rate; Africa
Cover IMF Staff Country Reports
Nepal: Selected Issues and Statistical Appendix
International Monetary Fund
This Selected Issues paper examines the effect of political instability on economic growth in Nepal. It uses publicly avail