Mauritius: 2014 Article IV Consultation-Staff Report; Press Release; and Statement by the Executive Director for Mauritius
KEY ISSUES Context: The Mauritian economy has grown steadily despite weak activity in Europe, its main trading partner. Growth was supported by fiscal stimulus and accommodative monetary policy. The economy is operating slightly below potential, domestic investment has fallen, and the planned medium...
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Format: | Elektronisch E-Book |
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Sprache: | English |
Veröffentlicht: |
Washington, D.C
International Monetary Fund
2014
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Schriftenreihe: | IMF Staff Country Reports
Country Report No. 14/107 |
Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 URL des Erstveröffentlichers |
Zusammenfassung: | KEY ISSUES Context: The Mauritian economy has grown steadily despite weak activity in Europe, its main trading partner. Growth was supported by fiscal stimulus and accommodative monetary policy. The economy is operating slightly below potential, domestic investment has fallen, and the planned medium-term fiscal consolidation has been delayed. Outlook and risks: The economic outlook for 2014 is broadly positive with growth projected at 33⁄4 percent and inflation at 41⁄2 percent. The main short-term risk would be renewed Euro area financial stress; medium-term risks relate to weak future reform efforts. Fiscal policy: The 2014 fiscal stance is neutral. Staff recommended initiating fiscal adjustment already in 2014 to smooth the planned medium-term adjustment. Staff projects debt to be sustainable, but recommended additional medium-term fiscal adjustment efforts to safely reach the legally-mandated 2018 debt target. Monetary policy: The moderately accommodative monetary policy is appropriate but should be forward looking to anticipate inflationary pressures. Excess liquidity has to be removed to improve the monetary transmission mechanism despite likely, but justified, losses for the Bank of Mauritius. Staff suggested sharing the cost of monetary policy. External sustainability: Standard quantitative measures together with a persistently high current account deficit, weak export performance, and wage growth in excess of productivity suggest a moderate overvaluation. International reserves appear adequate. Long-term growth: Staff suggested fiscal adjustment and structural reforms to reduce external vulnerabilities and improve long-term growth. Reforms to public enterprises, social safety nets, pensions, local governments, and the general business environment could lift longer-term growth rates to reach high income status faster than projected. Financial sector: The financial sector remains well-capitalized and profitable. Stress tests show a broad resilience of the system. BOM started using macro-prudential tools and is improving coordination with the nonbank supervisor |
Beschreibung: | 1 Online-Ressource (85 p) |
ISBN: | 1484367588 9781484367582 |
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520 | 3 | |a KEY ISSUES Context: The Mauritian economy has grown steadily despite weak activity in Europe, its main trading partner. Growth was supported by fiscal stimulus and accommodative monetary policy. The economy is operating slightly below potential, domestic investment has fallen, and the planned medium-term fiscal consolidation has been delayed. Outlook and risks: The economic outlook for 2014 is broadly positive with growth projected at 33⁄4 percent and inflation at 41⁄2 percent. The main short-term risk would be renewed Euro area financial stress; medium-term risks relate to weak future reform efforts. Fiscal policy: The 2014 fiscal stance is neutral. Staff recommended initiating fiscal adjustment already in 2014 to smooth the planned medium-term adjustment. Staff projects debt to be sustainable, but recommended additional medium-term fiscal adjustment efforts to safely reach the legally-mandated 2018 debt target. | |
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language | English |
oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-033733938 |
oclc_num | 1337122972 |
open_access_boolean | |
owner | DE-20 DE-824 DE-70 DE-155 DE-BY-UBR DE-29 DE-22 DE-BY-UBG DE-473 DE-BY-UBG DE-1102 DE-703 DE-859 DE-706 DE-384 DE-860 DE-19 DE-BY-UBM DE-739 DE-355 DE-BY-UBR DE-Aug4 DE-1049 DE-12 DE-91 DE-BY-TUM |
owner_facet | DE-20 DE-824 DE-70 DE-155 DE-BY-UBR DE-29 DE-22 DE-BY-UBG DE-473 DE-BY-UBG DE-1102 DE-703 DE-859 DE-706 DE-384 DE-860 DE-19 DE-BY-UBM DE-739 DE-355 DE-BY-UBR DE-Aug4 DE-1049 DE-12 DE-91 DE-BY-TUM |
physical | 1 Online-Ressource (85 p) |
psigel | ZDB-1-IMF |
publishDate | 2014 |
publishDateSearch | 2014 |
publishDateSort | 2014 |
publisher | International Monetary Fund |
record_format | marc |
series2 | IMF Staff Country Reports |
spelling | International Monetary Fund African Dept oth Mauritius 2014 Article IV Consultation-Staff Report; Press Release; and Statement by the Executive Director for Mauritius Washington, D.C International Monetary Fund 2014 1 Online-Ressource (85 p) txt rdacontent c rdamedia cr rdacarrier IMF Staff Country Reports Country Report No. 14/107 KEY ISSUES Context: The Mauritian economy has grown steadily despite weak activity in Europe, its main trading partner. Growth was supported by fiscal stimulus and accommodative monetary policy. The economy is operating slightly below potential, domestic investment has fallen, and the planned medium-term fiscal consolidation has been delayed. Outlook and risks: The economic outlook for 2014 is broadly positive with growth projected at 33⁄4 percent and inflation at 41⁄2 percent. The main short-term risk would be renewed Euro area financial stress; medium-term risks relate to weak future reform efforts. Fiscal policy: The 2014 fiscal stance is neutral. Staff recommended initiating fiscal adjustment already in 2014 to smooth the planned medium-term adjustment. Staff projects debt to be sustainable, but recommended additional medium-term fiscal adjustment efforts to safely reach the legally-mandated 2018 debt target. Monetary policy: The moderately accommodative monetary policy is appropriate but should be forward looking to anticipate inflationary pressures. Excess liquidity has to be removed to improve the monetary transmission mechanism despite likely, but justified, losses for the Bank of Mauritius. Staff suggested sharing the cost of monetary policy. External sustainability: Standard quantitative measures together with a persistently high current account deficit, weak export performance, and wage growth in excess of productivity suggest a moderate overvaluation. International reserves appear adequate. Long-term growth: Staff suggested fiscal adjustment and structural reforms to reduce external vulnerabilities and improve long-term growth. Reforms to public enterprises, social safety nets, pensions, local governments, and the general business environment could lift longer-term growth rates to reach high income status faster than projected. Financial sector: The financial sector remains well-capitalized and profitable. Stress tests show a broad resilience of the system. BOM started using macro-prudential tools and is improving coordination with the nonbank supervisor Online-Ausg International Monetary Fund African Dept Sonstige oth http://elibrary.imf.org/view/IMF002/21297-9781484367582/21297-9781484367582/21297-9781484367582.xml Verlag URL des Erstveröffentlichers Volltext |
spellingShingle | Mauritius 2014 Article IV Consultation-Staff Report; Press Release; and Statement by the Executive Director for Mauritius |
title | Mauritius 2014 Article IV Consultation-Staff Report; Press Release; and Statement by the Executive Director for Mauritius |
title_auth | Mauritius 2014 Article IV Consultation-Staff Report; Press Release; and Statement by the Executive Director for Mauritius |
title_exact_search | Mauritius 2014 Article IV Consultation-Staff Report; Press Release; and Statement by the Executive Director for Mauritius |
title_exact_search_txtP | Mauritius 2014 Article IV Consultation-Staff Report; Press Release; and Statement by the Executive Director for Mauritius |
title_full | Mauritius 2014 Article IV Consultation-Staff Report; Press Release; and Statement by the Executive Director for Mauritius |
title_fullStr | Mauritius 2014 Article IV Consultation-Staff Report; Press Release; and Statement by the Executive Director for Mauritius |
title_full_unstemmed | Mauritius 2014 Article IV Consultation-Staff Report; Press Release; and Statement by the Executive Director for Mauritius |
title_short | Mauritius |
title_sort | mauritius 2014 article iv consultation staff report press release and statement by the executive director for mauritius |
title_sub | 2014 Article IV Consultation-Staff Report; Press Release; and Statement by the Executive Director for Mauritius |
url | http://elibrary.imf.org/view/IMF002/21297-9781484367582/21297-9781484367582/21297-9781484367582.xml |
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