Luxembourg: Staff Report for the 2012 Article IV Consultation
International Monetary Fund, Jul 3, 2012 - Business & Economics - 69 pages
This 2012 Article IV Consultation highlights that economic growth in Luxembourg slowed in 2011 amid the euro area sovereign debt crisis. Reflecting sluggish external demand, economic activity is expected to further weaken, with growth projected to decline to ½ percent in 2012. Executive Directors have welcomed the continued stability of Luxembourg’s economy despite the turbulence in the euro area. They have commended the authorities on measures taken to strengthen the financial sector and to implement recommendations from the Financial Stability Assessment Program update.
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accou account balance ANNEX assets Baseline Belgium France Germany benefit indexation Beveridge Curve Canton capital change in percent Compensation of employees competitiveness contribution countries current account current expenditure developments e-commerce economy employment protection legislation Employmentshare Eurostat Figure A4 fiscal consolidation Fiscal multipliers fiscal sustainability France Germany Italy France Germany Luxembourg full pension further reforms Germany Luxembourg Switzerland global financial crisis Global Insight impact Increase the statutory international investment position INTERNATIONAL MONETARY FUND inversely related labor market programs loans Luxembourg authorities Luxembourg Switzerland UK macroeconomic minimum retirement age MONETARY FUND Figure needed OECD ofGDP output pension benefit Pension Reform percent of GDP Product market regulations Real value added revenues Skill mismatches social safety net Spain Source Stability and Convergence staff calculation STATEC statutory retirement age Survival rate Switzerland UK USA UK USA Source unemployment rate value added share wage indexation