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International Monetary Fund

The Angolan government’s efforts to achieve macroeconomic stability to bring inflation and fiscal deficit considerably down are paying off despite high vulnerability to oil revenue shocks. The expected overall growth of up to 7 percent will be contributed to by increased oil production, multiple public investment programs, tax administration reforms, and inflation control. Concentrating on a medium-term fiscal framework, structural transformation and diversification are expected to reinforce the economy. The Executive Board, which welcomed the Stand-By-Arrangement and Financial Sector Assessment Program (FSAP), suggested removing exchange restrictions.

International Monetary Fund

This study relates Australian household saving more closely to movements in asset market using event study analysis and econometric analysis. In this study, the policy challenges for Australia from rebalancing in China, a temporary growth slowdown in China, and a recession in advanced countries are analyzed. The Globally Integrated Monetary and Fiscal Model (GIMF) is used for policy challenges. The impact of the mining boom on the Australian labor market is also discussed in this paper.

International Monetary Fund

This Selected Issues paper for Canada presents comprehensive and broad-based analysis of the role of domestic and external shocks. Canada’s economic history illustrates the important role played by external as well as domestic macroeconomic disturbances. Canada’s economy slowed in 2001 because of the global slowdown, although by less than in many other countries. In 2003, the recovery has been interrupted by a series of shocks that moderated growth. Fluctuations in Canadian real GDP are explained by external and domestic cycles.

International Monetary Fund

Between 1980 and 1995, labor productivity in the business sector grew at an average annual rate in Canada, which was slightly faster than productivity growth in Germany, but significantly slower than labor productivity growth in France, Italy, Japan, and the United States. To better understand developments in labor productivity, it is useful to decompose its growth rate into changes in the capital/labor ratio and in total factor productivity. The contribution of information technology to labor productivity growth has been more modest in Canada than in the United States.

Mr. Itai Agur, Mr. Damien Capelle, Mr. Giovanni Dell'Ariccia, and Mr. Damiano Sandri
This paper reviews the theoretical arguments in favor and against MF and presents an empirical assessment of the risks that it may pose for inflation.
Changyong Rhee and Katsiaryna Svirydzenka
The Asia-Pacific region was the first to be hit by the COVID-19 pandemic; it put a strain on its people and economies, and policymaking became exceptionally difficult. This departmental paper contains the assessment of the key challenges facing Asia at this critical juncture and policy advice to the region both to address the current challenges and to build the foundations for a more sustainable and inclusive future. The paper focuses on (1) adjusting to the COVID-19 shock, (2) using unconventional policies when policy space is limited, (3) dealing with debt, and (4) helping the vulnerable and greening the recovery. The paper first presents the different ways countries are adjusting to the COVID-19 shock.
International Monetary Fund

This paper examines the Uruguay Round and its implications for the Dominican Republic. The ratification of the Uruguay Round Agreement has several implications for the Dominican Republic. Certain regulatory and legislative reforms will have to be addressed, some new specific institutional mechanisms developed, and several commitments will have to be implemented. In addition, the competitiveness of the Dominican Republic regarding several export products may be affected. The paper highlights that the Dominican Republic has committed to unifying all import charges to no more than a harmonized level of 40 percent.