View of informal settlement in Windhoek, Namibia. Electrification is considered a crucial investment to unlock the economic potential of these areas and substantially improve the living condition of the inhabitants.
Against the backdrop of the Russia-Ukraine conflict and its impacts on food and fuel prices worldwide, representatives of the private and development sectors attending an online conference organized by the African Development Bank expressed consensus that exploiting Africa’s natural gas resources offered benefits for...
Israel’s impressive economic performance continued in 2022. GDP increased 6.5 percent in 2022, led by domestic demand, with an increase in investment and consumption and with a minimal contribution from the government, as fiscal consolidation gained pace. Supported by strong economic growth and prudent fiscal policies, debt-to-GDP ratios fell to about 61 percent in 2022, down from about 71 percent during the Pandemic. Inflation remained high, at about 5 percent by end 2022, with the Central Bank of Israel following a tightening monetary policy to bring inflation rates on check. External demand was negative on net, as imports outgrew exports.
Haiti faces a challenging macroeconomic outlook amid a humanitarian crisis. The country has been hit hard by economic spillovers from Russia’s invasion of Ukraine, with food price inflation triggering a hunger crisis. This global shock has been compounded by a dire security situation, which has heightened the economy’s fragility, hampered activity, and generated supply-side bottlenecks which have further fueled inflation. External shocks and the volatility of the security situation have resulted in a macroeconomic environment that has been worse than had been envisaged at the time of the program’s approval by IMF management in June 2022.
Reforms are urgently needed to resolve the energy crisis and tackle structural unemployment.
Policy Paper No. 2023/025
The euro area economy has shown remarkable resilience in the aftermath of Russia’s invasion of Ukraine and the largest terms of trade shock in several decades, thanks to a strong policy response. However, economic activity has weakened and inflation—although gradually declining—remains elevated. Monetary policy must continue to tighten to bring inflation to target in a timely manner. Fiscal consolidation should also proceed to ease inflation pressures and rebuild fiscal space. A swift agreement on the reform of the EU economic and fiscal governance framework would support fiscal sustainability over the longer term.
Transcript of the MD's Press Conference on the Euro Area Article IV Consultation
Good morning and a warm welcome to everyone. We are here today to share our economic assessment for the euro area. Before I start however, let me share a few thoughts on the EU Parliament’s adoption of the Artificial Intelligence Act. It is very encouraging to see the EU putting the groundbreaking technology of Artificial Intelligence at the forefront of its policy agenda. AI has enormous promise and potential, but we must make sure that it works for all, and that the use of AI is safe. In that sense, we welcome the approval of the AI Act by the European Parliament.
