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Republic of San Marino: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of San Marino

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  • International Monetary Fund

Abstract

The 2025 Article IV Consultation discusses that San Marino’s economy maintains positive momentum. Its diversified growth model proved to be resilient to shocks. Growth is higher than expected, and fiscal primary balance is strong. Continuing reforms underpinned further reduction in banking sector vulnerabilities, however, significant challenges remain. Notwithstanding recent fiscal overperformance, additional consolidation is essential to mitigate financing risks, build fiscal buffers, and ensure the debt-to-gross domestic product ratio continues to decline. Key priorities include implementing income tax reform, containing the public wage bill, and improving public spending efficiency. External downside risks prevail, driven by uncertainty. Domestic risks stem from financial sector legacy issues. On the upside, faster implementation of the EU association agreement could lift growth. Financial sector reforms should be further advanced to improve asset quality, increase capitalization, and accelerate banks’ cost structure adjustments. Structural reforms, needed to boost economy-wide productivity, should be prioritized, including those aimed at the implementation of the EU association agreement.

Suggested Citation

  • International Monetary Fund, 2025. "Republic of San Marino: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of San Marino," IMF Staff Country Reports 2025/312, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2025/312
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