United States

Author:
Publisher:
ISBN:
Size: 53.36 MB
Format: PDF, ePub
View: 3998

Download Read Online

United States. "The 2014 Article IV Consultation focused on five broad themes to strengthen the recovery and improve the long-term outlook: raising productivity growth and labor force participation, confronting poverty, keeping public debt on a sustained downward path, smoothly managing the exit from zero policy rates, and securing a safer financial system. Main policy issues. Policies are needed to boost longer-term potential output through investments in infrastructure, raising educational outcomes, improving the tax structure, and developing and expanding a skilled labor force (including through immigration reform, job training, and providing childcare assistance for working families). Forging agreement on a credible, medium-term consolidation plan should be a high priority and include steps to lower the growth of health care costs, reform social security, and increase revenues. In the absence of such a comprehensive agreement, efforts should still focus on identifying more modest opportunities to relax the near- term budget envelope, paid for with future fiscal savings. An enduring consequence of the past recession has been a jump in the number of families living in poverty. Improved employment prospects and economic growth will be essential to reverse this upward movement. An expansion of the Earned Income Tax Credit and an increase in the minimum wage should also be part of the solution. The goal for monetary policy is to manage the exit from zero interest rates in a manner that allows the economy to converge to full employment with stable prices while avoiding financial instability and negative spillovers to the global economy. This is a complex undertaking. To facilitate it, steps could be taken to expand the Fed's communications toolkit so as to provide greater clarity on how the Federal Open Market Committee assesses progress toward its longer-run goals. Continued regulatory oversight is needed to counter the emergence of financial imbalances, particularly those that may be growing outside of the banking system. Policies should also be deployed to keep mortgage credit accessible and attract more private capital into housing finance while minimizing risks to taxpayers. The U.S. external position is assessed to be broadly consistent with medium-term fundamentals and desirable policies"--Abstract.

United States 2014 Article Iv Consultation Staff Report Press Release

Author: International Monetary Fund. Western Hemisphere Dept.
Publisher: International Monetary Fund
ISBN: 1484347870
Size: 78.49 MB
Format: PDF, ePub, Docs
View: 2805

Download Read Online

United States 2014 Article Iv Consultation Staff Report Press Release. Focus. The 2014 Article IV Consultation focused on five broad themes to strengthen the recovery and improve the long-term outlook: raising productivity growth and labor force participation, confronting poverty, keeping public debt on a sustained downward path, smoothly managing the exit from zero policy rates, and securing a safer financial system. Main policy issues. • Policies are needed to boost longer-term potential output through investments in infrastructure, raising educational outcomes, improving the tax structure, and developing and expanding a skilled labor force (including through immigration reform, job training, and providing childcare assistance for working families). • Forging agreement on a credible, medium-term consolidation plan should be a high priority and include steps to lower the growth of health care costs, reform social security, and increase revenues. In the absence of such a comprehensive agreement, efforts should still focus on identifying more modest opportunities to relax the near- term budget envelope, paid for with future fiscal savings. • An enduring consequence of the past recession has been a jump in the number of families living in poverty. Improved employment prospects and economic growth will be essential to reverse this upward movement. An expansion of the Earned Income Tax Credit and an increase in the minimum wage should also be part of the solution. • The goal for monetary policy is to manage the exit from zero interest rates in a manner that allows the economy to converge to full employment with stable prices while avoiding financial instability and negative spillovers to the global economy. This is a complex undertaking. To facilitate it, steps could be taken to expand the Fed’s communications toolkit so as to provide greater clarity on how the Federal Open Market Committee assesses progress toward its longer-run goals. • Continued regulatory oversight is needed to counter the emergence of financial imbalances, particularly those that may be growing outside of the banking system. Policies should also be deployed to keep mortgage credit accessible and attract more private capital into housing finance while minimizing risks to taxpayers. • The U.S. external position is assessed to be broadly consistent with medium-term fundamentals and desirable policies.

Belgium 2014 Article Iv Consultation Staff Report Press Release

Author: International Monetary Fund. European Dept.
Publisher: International Monetary Fund
ISBN: 1475525265
Size: 26.57 MB
Format: PDF, Kindle
View: 1274

Download Read Online

Belgium 2014 Article Iv Consultation Staff Report Press Release. The 2014 Article IV Consultation discusses economic developments and policies in Belgium. It highlights that despite its resilience, the Belgium economy has been losing competitiveness due to higher labor cost and lower productivity growths than peer countries. The government has taken measures to close the wage gap, but it is highlighted that the economy also needs to become more productive and adaptable through deeper product and labor market reforms. The supervisory and regulatory frameworks are being strengthened with a new draft banking law that restrains trading activities and improves the recovery and resolution framework.

Switzerland 2014 Article Iv Consultation Staff Report Press Release And Statement By The Executive Director For Switzerland

Author: International Monetary Fund. European Dept.
Publisher: International Monetary Fund
ISBN: 1498362230
Size: 30.20 MB
Format: PDF, Kindle
View: 3992

Download Read Online

Switzerland 2014 Article Iv Consultation Staff Report Press Release And Statement By The Executive Director For Switzerland. This 2014 Article IV Consultation outlines that the growth of the Swiss economy has gathered pace, but inflation remains close to zero. The recovery is expected to continue and inflation should rise gradually although the output gap will progressively close. The fiscal position is healthy, with a broadly neutral stance projected for 2014. Despite improved market confidence toward the euro area and tapering in the United States, the exchange rate has remained close to the floor. The authorities have taken several measures to contain risks, including raising the countercyclical capital buffer and adopting prudential measures to tighten lending standards and conditions.

Algeria 2014 Article Iv Consultation Staff Report Press Release And Statement By The Executive Director For Algeria

Author: International Monetary Fund. Middle East and Central Asia Dept.
Publisher: International Monetary Fund
ISBN: 1498385117
Size: 26.46 MB
Format: PDF, ePub, Docs
View: 4586

Download Read Online

Algeria 2014 Article Iv Consultation Staff Report Press Release And Statement By The Executive Director For Algeria. This 2014 Article IV Consultation highlights that economic activity in Algeria has picked up in 2014, with real GDP growth projected to reach 4 percent following 2.8 percent growth in 2013. The hydrocarbon sector is expected to expand for the first time in eight years, while nonhydrocarbon growth remains supportive. Inflation has decelerated sharply to 2.1 percent, thanks in part to tighter monetary policy. The fiscal deficit is expected to widen to more than 7 percent owing to lower hydrocarbon revenue, a sharp increase in capital expenditure, and continued high current spending. Fiscal savings are expected to decline for the second consecutive year.

Republic Of Azerbaijan 2014 Article Iv Consultation Staff Report Press Release

Author: International Monetary Fund. Middle East and Central Asia Dept.
Publisher: International Monetary Fund
ISBN: 1498365868
Size: 29.81 MB
Format: PDF, Docs
View: 1002

Download Read Online

Republic Of Azerbaijan 2014 Article Iv Consultation Staff Report Press Release. This 2014 Article IV Consultation highlights that recent economic developments in Azerbaijan have been favorable. In 2013, a stabilization of oil output and strong non-oil growth at nearly 10 percent helped lift overall GDP growth to 5.8 percent. Inflation remained low, averaging 2.4 percent, restrained by soft food prices and a stable exchange rate. The impact of regional market turbulence in early 2014 has been limited, with few signs of lower manat demand or capital flight. Economic prospects over the near and medium term are positive, if underpinned by fiscal consolidation and supported by reforms to spur non-oil private sector activity.

Russian Federation 2014 Article Iv Consultation Staff Report Informational Annex Press Release

Author: International Monetary Fund. European Dept.
Publisher: International Monetary Fund
ISBN: 1498396828
Size: 32.42 MB
Format: PDF, Docs
View: 4680

Download Read Online

Russian Federation 2014 Article Iv Consultation Staff Report Informational Annex Press Release. This 2014 Article IV Consultation highlights that the Russian Federation’s growth slowdown that began in 2011, reflecting structural constraints, continued in 2013 despite accommodative policies. Real GDP growth slowed to 1.3 percent owing to a contraction in investment while consumption remained robust owing to strong real wage growth and an unsecured consumer credit boom. The general government balance moved from a modest surplus in 2012 to a deficit of slightly more than 1 percent of GDP in 2013. The IMF staff projects real GDP growth at 0.2 percent in 2014 with considerable downside risks.

Costa Rica 2014 Article Iv Consultation Staff Report Press Release Staff Statement And Statement By The Executive Director For Costa Rica

Author: International Monetary Fund. Western Hemisphere Dept.
Publisher: International Monetary Fund
ISBN: 1498336523
Size: 70.41 MB
Format: PDF
View: 2984

Download Read Online

Costa Rica 2014 Article Iv Consultation Staff Report Press Release Staff Statement And Statement By The Executive Director For Costa Rica. The economy recovered quickly from the global crisis of 2008–09, with healthy growth and low inflation. Growth has, however, slowed recently and is expected to remain subdued in the short run, since gains from recovery in the U.S. will be offset by the closure of the Intel manufacturing plant. Inflation is elevated, owing primarily to exchange rate (XR) depreciation triggered by global repricing of emerging market assets in early 2014. Risks to the outlook are tilted to the downside. Absent consolidation, large fiscal deficits would make public debt dynamics unsustainable in the long-run.

Colombia 2014 Article Iv Consultation Staff Report Press Release And Statement By The Executive Director For Colombia

Author: International Monetary Fund. Western Hemisphere Dept.
Publisher: International Monetary Fund
ISBN: 149837414X
Size: 68.31 MB
Format: PDF, ePub
View: 5059

Download Read Online

Colombia 2014 Article Iv Consultation Staff Report Press Release And Statement By The Executive Director For Colombia. KEY ISSUES Context. Colombia’s economic performance has been robust, underpinned by a very strong policy framework. Last year, real GDP grew by 4.3 percent, with low inflation. The country has a strong external position; the financial system is sound; and fiscal policy remains guided by a structural fiscal balance rule. The authorities intend to undertake an ambitious infrastructure program to be executed through public-private partnerships. Outlook and risks. Real GDP growth is projected to converge to potential (about 4½ percent) in 2014, with inflation remaining within the 2–4 percent target range. The medium-term outlook is favorable, but risks are tilted to the downside. Colombia’s important and growing ties with the global economy expose the economy to external risks. The most important sources of risk are a decline in oil prices, a deterioration in global financial conditions, and volatility from the normalization of monetary policy in the U.S. Near-term policy mix. The current policy mix is broadly adequate. As the ongoing economic recovery takes hold, monetary and fiscal policies are expected to shift to a more neutral stance. Colombia continues to rely on a flexible exchange rate to absorb external shocks. The authorities are also taking advantage of abundant foreign inflows, primarily foreign direct investment, to strengthen their international reserve buffer. Medium-term challenges. Colombia’s key challenge is to sustain strong and inclusive growth with macroeconomic stability. To this purpose, it will be important to: (i) adhere to the fiscal consolidation plan, supporting it with revenue mobilization; (ii) address the infrastructure gap, without increasing fiscal risks; (iii) enhance the social security system by increasing coverage and improving equity, and containing health care costs; (iv) address remaining weaknesses in financial sector supervision; and (v) foster financial inclusion.

Euro Area Policies 2014 Article Iv Consultation Staff Report Press Release And Statement By The Executive Director

Author: International Monetary Fund. European Dept.
Publisher: International Monetary Fund
ISBN: 1498381251
Size: 42.80 MB
Format: PDF, Mobi
View: 3772

Download Read Online

Euro Area Policies 2014 Article Iv Consultation Staff Report Press Release And Statement By The Executive Director. This 2014 Article IV Consultation highlights that the euro area recovery is taking hold. Real output has expanded for four consecutive quarters, and financial market sentiment has improved markedly. Complementary policy actions have supported demand, boosted investor confidence, and eased financial conditions. At the national level, governments have made further progress repairing sovereign and bank balance sheets and implementing structure reforms to restore competitiveness. At the area-wide level, the ECB has taken a wider range of measures to support demand and address fragmentation. Over the medium term, there is a risk of stagnation, which could result from persistently depressed domestic demand owing to deleveraging, insufficient policy action, and stalled structural reforms.