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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

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.

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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