On February 16-20, the IMF’s Statistics Department hosted the first in a series of meetings to discuss updates to the System of National Accounts 1993. The manual sets standards for the measurement of GDP and serves as a reference guide for most economic and financial statistics. Impetus to update it stems from changes in the economic environment over the past decade, advancements in methodological research, and efforts to further harmonize various macroeconomic statistics.
The key findings of the Republic of Palau’s 2010 Article IV Consultation shows that the single most important issue in Palau remains fiscal policy, including its effect on medium-term growth, as fiscal consolidation proceeds. The global financial crisis followed on the heels of a massive terms-of-trade shock, leading to a sharp curtailment of foreign direct investment and private credit. Tourism tumbled following an airline bankruptcy, and construction activity fell as major infrastructure projects reached completion.