Response •  I would like to emphasize two points here. First, how far is IMF advice based on country-specific factors? Second, is the Fund’s surveillance even handed? •  Viewed from these two standpoints, there is a lot of scope for improvement.
The latter would also be underpinned by the ongoing efforts of structural reform. On the other hand, it is important to note that downside risks for growth persist, and that a negative output gap is expected to prevail until the end of 2017.