Federated States of Micronesia: 2012 Article IV Consultation

International Monetary Fund

No 2013/016, IMF Staff Country Reports from International Monetary Fund

Abstract: The Federated States of Micronesia (FSM) is highly dependent on external aid. Following a recession in FY2006–08, the FSM economy has grown by 2–2½ percent for FY2010 and FY2011. The economy remains dependent on the large public sector, although the fisheries and agriculture sectors have shown signs of growth. Despite some deterioration in current account balance, external balance also has sustained a stable flow of official transfers. However, economic growth is likely to slow in the near term owing to a decline in public sector demand.

Keywords: ISCR; CR; FSM authorities; government; Micronesia; government development priority; FSM economy; IMF staff estimate; government balance; FSM government; Public enterprises; Inflation; Pacific Islands; Global; Asia and Pacific (search for similar items in EconPapers)
Pages: 48
Date: 2013-01-17
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