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International Monetary Fund. Strategy, Policy, & Review Department
The IMF was created 80 years ago to promote macroeconomic and financial stability, facilitate a balanced expansion of international trade, and ensure a smooth functioning of the world economy. Even as the world has evolved profoundly, the institution’s mission is as relevant today as it was then. At this time of great flux in the world economy, when policymakers are focused on the immediate fallout from the trade issues, this Global Policy Agenda sets a high-level roadmap to ensure that the IMF continues to serve as a trusted advisor to policymakers, a reliable lender of last resort during crises to resolve balance of payments problems, a champion of strong policy frameworks, and a convener to confront common economic challenges. As we continuously adapt to changing conditions, we will remain engaged with our members to meet their needs over the medium and long term.
International Monetary Fund. European Dept.
Greece's near-term economic outlook remains favorable, establishing a solid foundation to address remaining crisis legacies and structural imbalances necessary for achieving sustainable growth in the medium to long term. Real GDP has continued its robust expansion, driven by public investment and structural reforms in the context of the Next Generation EU (NGEU), alongside steady growth of private consumption. The public debt-to-GDP ratio, while still high, is on a firm downward trajectory. However, remaining crisis legacies and structural challenges arising from the still low level of overall investment, an unfavorable demographic outlook, sluggish productivity growth, and increasing climate risks are weighing on medium-term growth prospects.
International Monetary Fund. European Dept.
Real GDP growth is expected to strengthen further in 2025 after a moderate recovery in 2024. Supportive policies and recovering real incomes will boost private domestic demand as inflation has been successfully brought under control. Real GDP growth is projected to rise to 1.9 percent in 2025. However, the external environment is turning less supportive, amid ongoing geo-economic fragmentation, while slower productivity growth and an aging population are dampening potential growth.
International Monetary Fund. European Dept.
This paper presents Seventh Review under the Extended Arrangement under the Extended Fund Facility (EFF), Requests for Modification of a Performance Criterion, Rephasing of Access, and Financing Assurances Review. Ukraine’s economy remains resilient, and performance remains strong under the EFF despite challenging conditions. The authorities met all end-December and continuous quantitative performance criteria, the prior action for this review, and the majority of structural benchmarks. Sustained reform momentum, progress at domestic revenue mobilization, as well as full and timely disbursement of external support during the program period, is necessary to safeguard macroeconomic stability, restore fiscal and debt sustainability, and improve governance. While the financial sector remains stable, vigilance is needed given heightened risks. Institutional weaknesses in the security markets regulator need to be tackled. Looking ahead, improving Ukraine’s capital markets infrastructure will be one of the key steps to attracting foreign capital for reconstruction.
International Monetary Fund. European Dept.

On behalf of the Ukrainian authorities, I would like to express their deep appreciation to the IMF staff for the in-depth report, the constructive engagement during the recent mission to Kyiv and Warsaw, and the continued virtual dialogue with the authorities.

International Monetary Fund. European Dept.

1. Russia’s full-scale war in Ukraine has now lasted over three years. Ukraine has been under intensified pressure on the Eastern frontlines, while continued aerial attacks on civilian and energy infrastructure are taking a severe humanitarian toll. More than 6.9 million refugees remain outside Ukraine, on top of the 3.7 million internally displaced persons. The updated World Bank Rapid Damage and Needs Assessment (RDNA4) estimates reconstruction and recovery needs of US$524 billion, significantly above last year’s assessment. Nevertheless, the Ukrainian economy and its people remain resilient, thanks in part to sustained donor support, a robust energy situation, and the authorities’ perseverance in maintaining macroeconomic and financial stability while advancing structural reforms, including on the path to the EU accession.

International Monetary Fund. Communications Department

THE BIG PICTURE: Barbados’s economy grew at an annual pace of 3.9 percent in the first nine months of 2024 as tourists flocked to the Caribbean island’s white-sand beaches. Labor market conditions improved, with unemployment falling to the lowest rate since 2008. Above, a racehorse from the Garrison Savannah racetrack swims with its groom in the early morning at Pebbles Beach, outside Bridgetown. IMF Photo/Kim Haughton.