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International Monetary Fund. External Relations Dept.
For policymakers around the world, finding ways to promote faster growth is a top priority. But what exactly do economists know and not know about growth? What direction should future research and policymaking take? This issue explores this topic, starting with a major World Bank study and research coming out of Harvard University that urges less reliance on simple formulas and the elusive search for best practices, and greater reliance on deeper economic analysis to identify each country's binding constraint(s) on growth. Other articles highlight IMF research on pinpointing effective levers for growth in developing countries and Africa's experience with growth accelerations. Also in the issue are pieces examining global economic imbalances, rapid credit growth in Eastern and Central Europe, and ways to boost productivity growth in Europe and Japan. In Straight Talk, Raghuram Rajan argues that if we want microfinance to become more than a fad, it has to follow the clear and unsentimental path of adding value and making money. Asian Development bank's Haruhiko Kuroda sets out his vision for a new financial architecture in Asia. Finally, Picture This takes an in-depth look at global employment trends.
International Monetary Fund. External Relations Dept.
For policymakers around the world, finding ways to promote faster growth is a top priority. But what exactly do economists know and not know about growth? What direction should future research and policymaking take? This issue explores this topic, starting with a major World Bank study and research coming out of Harvard University that urges less reliance on simple formulas and the elusive search for best practices, and greater reliance on deeper economic analysis to identify each country's binding constraint(s) on growth. Other articles highlight IMF research on pinpointing effective levers for growth in developing countries and Africa's experience with growth accelerations. Also in the issue are pieces examining global economic imbalances, rapid credit growth in Eastern and Central Europe, and ways to boost productivity growth in Europe and Japan. In Straight Talk, Raghuram Rajan argues that if we want microfinance to become more than a fad, it has to follow the clear and unsentimental path of adding value and making money. Asian Development bank's Haruhiko Kuroda sets out his vision for a new financial architecture in Asia. Finally, Picture This takes an in-depth look at global employment trends.
International Monetary Fund. European Dept.
This 2017 Article IV Consultation highlights that the Bulgarian economy is performing well. Growth has been on an upward trend and is estimated to reach 3.8 percent in 2017 and 2018, driven by strong exports, easier financial conditions, and growing confidence. The current account remained in surplus in 2017, despite rapid wage growth. The economy shows signs of a closing output gap. Headline inflation turned positive in 2017 and inflationary pressure is rising. Fiscal outcomes have been stronger than budgeted in recent years, reflecting mainly revenue overperformance and under-execution of capital spending. The main challenge is to translate this recent recovery into sustained and inclusive growth and convergence with other European Union countries.
Mr. Christian Keller and Peter S. Heller

For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.

International Monetary Fund

2011 Article IV Consultation—Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Bulgaria