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Republic of san marino 2010 article iv consultation

Over the last half decade, San Marino's economy has managed to weather the implosion of its offshore banking model, the global crisis, and Italy's decision to put San Marino on a tax blacklist. Together, these shocks resulted in a loss of a third of output since 2008, caused banking system NPLs to rise to over 40 percent-with the largest bank requiring 13 percent of GDP in public support-and pushed up net public debt by some 20 percent of GDP (from virtually nil five years ago). Looking forward, the economy is stabilizing, reflecting the inclusion of San Marino in Italy's tax whitelist, but do.

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  • "Over the last half decade, San Marino's economy has managed to weather the implosion of its offshore banking model, the global crisis, and Italy's decision to put San Marino on a tax blacklist. Together, these shocks resulted in a loss of a third of output since 2008, caused banking system NPLs to rise to over 40 percent-with the largest bank requiring 13 percent of GDP in public support-and pushed up net public debt by some 20 percent of GDP (from virtually nil five years ago). Looking forward, the economy is stabilizing, reflecting the inclusion of San Marino in Italy's tax whitelist, but do."@en
  • "KEY ISSUESContext: The global crisis and tense relations with Italy triggered a 30 percent GDPcontraction since 2008 and a sea change in San Marino's off-shore banking model. Thebanking system has undergone deep restructuring, with several banks intervened andthe largest bank requiring large injections of public capital. The economic downturn andbank recapitalization needs have put significant pressure on public finances. Nevertheless, the very recent exit from the Italy's tax black list should facilitate therecovery and the transition to a new growth model. Challenges: Lay foundations for susta."@en
  • "In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries."@en
  • "Republic of San Marino: 2009 Article IV Consultation - Staff Report; Staff Supplement; Public Information Notice; and Statement by the Executive Director for the Republic of San Marino."@en

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  • "Electronic books"@en

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  • "Republic of san marino 2010 article iv consultation"@en
  • "Republic of San Marino"@en

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