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Republic of San Marino: Staff Report for the 2012 Article IV Consultation
Author:
International Monetary Fund
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2012: Issue 108
Language:
English
Publication Date:
08 May 2012
DOI:
https://doi.org/10.5089/9781475503418.002
ISBN:
9781475503418
ISSN:
1934-7685
Pages:
57
Keywords:
ISCR; CR; recession; bank; Sammarinese economy; statistics; economy; private sector; Sammarinese labor market rigidity; Sammarinese authorities; staff project; attendant recapitalization; GDP contraction; Financial sector; Loans; Financial statements; Global
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This 2012 Article IV Consultation highlights that rising unemployment, stagnant wage growth, and lower confidence have all contributed to falling private consumption and low inflation in San Marino. Financial sector balance sheets have continued to compress on the back of steady outflows of deposits. Directors have welcomed the measures taken to contain the 2012 budget deficit but called for a comprehensive medium-term consolidation plan, given growing fiscal risks. Directors have also stressed the need for a deficit-financing plan, which could involve issuing debt instruments on capital markets.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund