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International Monetary Fund. External Relations Dept.

This paper discusses quantitative indicators that measure such macroeconomic variables as the growth of national product, inflation. The importance of considering several indicators in a dynamic context becomes particularly relevant during periods when needed economic and financial adjustment measures are undertaken. Rationales given for maintaining negative real interest rates in developing countries range from keeping down the cost of servicing the public sector’s debt, or of investment, to avoiding the consequences of other policies.

International Monetary Fund

Syria faces two interrelated medium-term challenges posed by the prospective decline in its oil reserves. The recently approved five-year plan (FYP) laid down a comprehensive strategy to address these challenges. Syria’s public finances are headed for challenging times in the coming 10–15 years. Large fiscal deficits have marked the economic history of many developed and developing countries alike during the 1970s and 1980s, with damaging consequences to their economies. Although financial markets can help keep the deficit bias in check, market discipline has proved mostly inadequate.