IMF staff concludes visit to San Marino

IMF staff concludes visit to San Marino

F.P. Report
WASHINGTON, DC: An International Monetary Fund (IMF) mission led by Borja Gracia visited San Marino during April 4-8, 2022, to discuss with the Sammarinese authorities recent economic developments. At the conclusion of the visit, Mr. Gracia made the following statement:
San Marino enjoyed a robust recovery last year supported by booming exports and a rebound in tourism. The favorable external environment and supportive policies led to GDP growth estimated above 5 percent as activity in various sectors and employment exceeded pre-pandemic levels.
However, by the end of last year and more recently with the war in Ukraine, the global environment experienced a sudden deterioration. Higher commodity prices, supply disruptions, and heightened uncertainty will lower growth and increase inflation but the full impact is still uncertain.
In this context, discussions have focused on the challenges that the new environment poses including the impact on the Sammarinese economy and the outlook going forward as well as the implications of volatile global financial markets for San Marino’s debt management strategy. In this connection, the authorities are considering several options reflecting the different scenarios that could materialize going forward.
The current environment also highlights the need to continue implementing structural reforms that increase the potential of the economy and make it more resilient in an increasingly unpredictable world. Discussions will continue in the context of the Article IV consultation scheduled to take place in October.

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