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International Monetary Fund. Middle East and Central Asia Dept.

This paper studies the main sources for growth in Algeria within a cross-country analysis and draws policy recommendations to support faster growth. In Section 1, a growth accounting exercise framework has been explained, and in Section 2, the determinants for growth are identified. This study examines the factors behind the recent increase in inflation and the policies that should be implemented to bring inflation back to the level targeted by the monetary authorities. Two approaches used to explore the determinants of inflation were discussed.

International Monetary Fund

This Selected Issues paper and Statistical Appendix analyzes sources of economic growth in Benin. It concludes that the policies implemented since the early 1990s paved the way for higher growth rate by raising total factor productivity as well as capital accumulation. The paper examines the cotton sector reform in Benin and the subsidies by major producing countries. It also analyzes recent trends in Benin’s external competitiveness, and conducts an analysis of the equilibrium exchange rate to assess whether the movements in the real effective exchange rate in Benin were consistent with the underlying macroeconomic fundamentals.

International Monetary Fund

This Selected Issues paper reviews Canada’s business tax system, looking at the incentive effects of the country’s business tax regime and their implications for output and employment. It presents estimates of marginal effective tax rates on corporate-source income in Canada and comparator countries across sectors, asset classes, means of finance, and asset ownership. The paper also examines labor markets in Canada. It notes that unemployment rates in Canada have risen across all demographic groups, industries, and regions, although young and less-educated workers and workers in agriculture and primary industries have been most severely affected.

International Monetary Fund. Western Hemisphere Dept.

This Selected Issues paper for Chile describes the postcrisis recovery experience. The recovery from the 2008–2009 global crisis has been markedly different both among advanced and emerging economies. The steady improvement in the labor wedge-distortions related to the consumption leisure decision helped support the recovery. In Chile, the growth generated by this improvement, was sufficient to overcome the relatively weak performance of efficiency (TFP). Chile’s recovery has been characterized by strong investment growth, 0.8 percentage points higher than the precrisis trend. The establishment of the Financial Stability Council in 2011 is an important step to ensure close coordination among the institutions involved in Chile’s financial prudential framework.

International Monetary Fund

This Selected Issues paper assesses the implications of a significant increase in the flow of external financing and grants on real GDP growth in Ethiopia. The paper presents an analysis of the sources of growth during 1991/92–2003/04, as well as an assessment of potential GDP growth. The paper also seeks to assess the historical relationship between foreign aid and the performance of the external sector in Ethiopia to establish whether foreign aid inflows have had an adverse effect on the tradable goods sector in the past.

International Monetary Fund. European Dept.

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.

International Monetary Fund

This Selected Issues paper examines the sources of real growth in Guinea. It identifies and quantif