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

Author: International Monetary Fund. European Dept.

Volume/Issue: Volume 2024 Issue 330

Publication date: December 2024

ISBN: 9798400294488

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Banks and Banking , Exports and Imports , Economics- Macroeconomics , Public Finance , Taxation - General , Securities , Exports , Fiscal stance , Value-added tax , Nonperforming loans , Commercial banks , Pension spending

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Summary

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.