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International Monetary Fund. European Dept.

This paper examines the selected issues related to the economy of Denmark: divergence in house prices, house prices in Denmark's cities, macroprudential policies, and product market reform and firm productivity. Recent house price developments in Denmark have been characterized by a growing divergence between different parts of the country, with big cities experiencing much more rapid price increases than other parts. House price booms and busts in Denmark, like in many other countries, are a big-city phenomenon. Macroprudential policies can help contain risks for households, the financial system, and the broader economy, but they should be carefully calibrated to avoid an undue drag on growth.

International Monetary Fund

Australia's economy has continued to perform remarkably well, despite encountering major adverse shocks. Fiscal policy, with an objective of maintaining a balanced budget, will help support the economy. Maintaining a sound and stable macroeconomic environment is essential. Reforms of the personal income tax system are critical elements. A comprehensive reform of the complex system of income support payments would provide stronger incentives for labor force participation. Maintenance of competitive product markets will contribute to faster innovation and productivity and income growth. The financial system is sound.

International Monetary Fund. European Dept.

2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Germany

International Monetary Fund. European Dept.
This 2016 Article IV Consultation highlights broad-based economic recovery in the Netherlands, which has been gathering speed. Real growth is forecast to reach 2.1 percent in 2016 owing to strong consumption and investment, reflecting improving confidence and rising housing prices, while net exports are expected to slow as a result of weak external demand. Unemployment has been rapidly declining against the backdrop of an increasing labor supply. The economy is expected to keep its momentum in the coming years. Domestic consumption and investment are forecast to remain the main drivers of growth, prompting a gradual decline in the current account surplus. Inflation is expected to pick up along with the closing of the output gap.
International Monetary Fund
This Selected Issues paper on Australia highlights the IMF’s new Global Integrated Monetary and Fiscal Model (GIMF), which is used to examine the macroeconomic implications of alternative fiscal responses to higher revenue. Lower labor and capital income taxes, along with higher public investment, will generate the largest economic gains in the long term. The model shows that saving a portion of the additional revenue in the short term can help alleviate demand pressures and increase overall domestic savings.
International Monetary Fund. European Dept.
This Article IV Consultation highlights that the Dutch economy has grown faster than the euro area average over the past few years reflecting recovering consumption and investment, and strong net exports. Progress with tackling long-standing imbalances in the households and corporate sectors, and thus external imbalances, has lagged. Households remain highly leveraged and their consumption constrained by a stagnating disposable income. In the corporate sector, dominated by large multinational corporations, investment is low but savings are high, and developments are diverging with domestic small and medium enterprises relatively stagnant. Strong fiscal performance in recent years has boosted buffers that can now be used to reduce distortions and strengthen potential growth. The report recommends that it is important to harmonize tax benefits and social security contributions for different types of employment to reduce labor market duality while increasing overall labor market flexibility. Using fiscal space to address household and corporate imbalances is desirable and is unlikely to jeopardize long-term fiscal sustainability.
International Monetary Fund
This 2017 Article IV Consultation highlights that economic activity in Hong Kong Special Administrative Region has gained momentum since the second half of 2016 amid robust domestic demand and recovering external demand. Growth is projected to have risen by 3.7 percent in 2017, up from 2 percent in 2016. The strong growth momentum is expected to continue in the near term with annual growth of 2.8 percent in 2018. Consumption is projected to continue to be supported by a tight labor market and investment is expected to remain strong, with major infrastructure and housing projects in the pipeline. The economy is expected to continue to grow at about 3 percent over the medium term, close to its potential.
International Monetary Fund
Although not escaping the global slowdown, the Spanish economy has weathered it relatively well. The discussions focused on minimizing short-term risks and on identifying the structural reform priorities for the next government. However, household indebtedness has continued to rise rapidly, recently surpassing the EU average; the authorities viewed the related risks to growth as contained. The discussions also centered on issues of fiscal policy implementation. Although unemployment has been halved since the mid-1990s, it remains high and a number of rigidities persist.
International Monetary Fund
Australia's economy has continued to perform remarkably well, despite encountering major adverse shocks. Fiscal policy, with an objective of maintaining a balanced budget, will help support the economy. Maintaining a sound and stable macroeconomic environment is essential. Reforms of the personal income tax system are critical elements. A comprehensive reform of the complex system of income support payments would provide stronger incentives for labor force participation. Maintenance of competitive product markets will contribute to faster innovation and productivity and income growth. The financial system is sound.