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Republic of San Marino: 2024 Article IV Consultation-Press Release and Staff Report

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  • International Monetary Fund

Abstract

The 2024 Article IV Consultation discusses that San Marino’s economy has remained resilient, with economic activity stabilizing at high levels and record employment, despite the regional slowdown and high interest rates. Growth has slowed due to weakening external demand but remains positive as the decline in manufacturing activity has been offset by strong performance in the service sector. With easing financing conditions and the stabilization of external demand, growth is expected to pick up gradually. Inflation has declined to below two percent and it is expected to remain at low levels. The fiscal position is stronger than expected. The government has saved the cyclical tax revenues, kept expenditures in check, and achieved strong primary balance in 2023. Structural reforms are critical to lift potential growth. The conclusion of the EU association negotiations, which signals strong commitment to deeper integration with the EU, is welcome. The successful implementation of the agreement is a priority to enhance productivity and the authorities should ensure sufficient resources and staff are available to support implementation without undermining the fiscal consolidation path.

Suggested Citation

  • International Monetary Fund, 2024. "Republic of San Marino: 2024 Article IV Consultation-Press Release and Staff Report," IMF Staff Country Reports 2024/330, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2024/330
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