This Selected Issues paper examines economic developments in Bolivia during 1990–97. Macroeconomic developments in 1997 were generally sound. Economic growth for the year remained moderately robust while inflation continued on a downward path. However, the structural reforms adopted since 1995 generated fiscal costs of about 3 percent of GDP in 1997, with the 1996 pension reform accounting for about half of these costs. The paper also reviews Bolivia’s growth performance over 1960–97 and assesses the factors behind that performance.
This paper analyzes Bolivia’s growth performance with a focus on the regional and sectoral patterns of growth, and examines the sources of growth. It discusses the evolution of the hydrocarbon sector, its importance in the economy, and reforms. It also analyzes the intergovernmental fiscal relations system and changes to the revenue sharing arrangements, and suggests possible areas for reform. It assesses measures of reserve adequacy in Bolivia and also provides a look at the external debt after the applications of the main debt relief plans in the past 10 years.
International Monetary Fund. External Relations Dept.
Europe’s upswing is showing momentum, creating bright prospects for 2007 and 2008, according to Michael Deppler, head of the IMF’s European Department. “The situation in Europe, which improved markedly last year, is set for a sustained expansion,” he told journalists at an April 14 press briefing during the IMF-World Bank Spring Meetings. Europe as a whole is expected to see growth of 3.4 percent in 2007, against 3.7 percent last year (see table). The euro area is set to expand by at least 2.3 percent this year.
This study, another in the series focusing on special issues in transition, reviews the experience of output decline and recovery in the 25 countries of eastern and central Europe and the Baltics, Russia, and other countries of the former Soviet Union. Although these countries began the process of economic transformation with similar circumstances of output decline, the extent of decline, its duration, and the sustainability of recovery in growth varied considerably. The authors explore the factors behind this variation and find that the most important policies promoting early and sustained recovery were ones that supported financial stabilization and structural reforms in key areas such as private sector development, the tax system, economic liberalization, and secure property rights.
This Selected Issues paper on Hungary describes the main factors behind the evolution of output in Hungary since 1990, and examines Hungary’s future growth prospects with specific focus on the role that structural and macroeconomic policies can play in enhancing those prospects. In this paper, the shortfall in growth relative to the other advanced transition economies is attributed to relatively slow progress with macroeconomic stabilization, stalled structural reform between 1993 and mid-1995, and specific features in the design of Hungary’s reform program. The paper also analyzes debt dynamics in Hungary.
The transition from predominantly socialist ownership and central planning to a market economy with private ownership is a complex process involving profound changes in the political, economic, institutional, legal, and social domains. While there may not be a simple unifying theme to capture this complexity, the quest for economic recovery and sustained growth is certainly an important common thread for all the transition countries. This paper reviews the record of growth performance in 25 countries, comprising central and eastern Europe (CEE) and the Baltics, Russia, and other countries of the former Soviet Union (BRO).