Republic of San Marino: 2024 Article IV Consultation-Press Release and Staff Report
Republic of San Marino: 2024 Article IV Consultation-Press Release and Staff Report
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Volume/Issue:
Volume 2024
Issue 330
Publication date: December 2024
ISBN: 9798400294488
$20.00
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Topics covered in this book
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Banks and Banking , Economics- Macroeconomics , Public Finance , Business and Economics - Statistics , Sta balance of payments statistics , article IV consultation discussion , Sta government finance statistics , Sta GDDS metadata development , currency of San Marino , Fiscal stance , Nonperforming loans , Pension spending , Global , Europe
Summary
San Marino has shifted to a new growth model during the last decade. As the
once oversized banking sector embarked on a painful deleveraging process following
the Great Financial Crisis, manufacturing and nonfinancial service exporting sectors
grew, underpinned by cost-competitiveness in labor and strong balance sheets. Prudent
fiscal policy and access to international capital markets helped weather the pandemic
and energy crises. However, San Marino is a small state subject to very high volatility
and the financial sector remains vulnerable, suggesting that larger-than-usual fiscal
buffers are needed.
