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This 2019 Article IV Consultation with Federated States of Micronesia (FSM) highlights that the economy has performed well in recent years, with relatively high growth and low inflation. Fiscal and current account balances have recorded large surpluses since 2017, owing to the authorities’ decision to save revenue windfalls. Nonetheless, the FSM faces significant medium-term uncertainty as various economic supports under the Compact Agreement with the United States are set to expire in 2023. Unless they are renewed, the FSM is expected to lose access to Compact grants, giving rise to a fiscal cliff in 2023; banking sector oversight by the Federal Deposit Insurance Corporation; and post-disaster rehabilitation assistance. The country is highly vulnerable to climate change, while private sector activity remains anaemic. It is recommended to improve resilience to climate change by strengthening capacity to implement adaptation projects. Over the medium term, disaster risks should be mitigated by using disaster insurance and disaster-contingent foreign financing.

Micronesia (Federated States) --- Federated States of Micronesia --- FSM --- Mikronezii Federativnye Shtaty --- Mikronezii︠a︡ (Federated States) --- Federasi Mikronesia --- Gefedereerde State van Mikronesië --- Mikronesië (Federated States) --- Föderierte Staate vo Mikronesie --- Estatos Federatos de Micronesia --- Estaos Federaos de Micronesia --- Tetãvorekuéra Ñembyatypyre Mikyonésiagua --- Mikyonésiagua (Federated States) --- Mikroneziya Federativ Ştatları --- Mikroneziya (Federated States) --- Micronesia Liân-pang --- Микронезия Федератив Штаттары --- Mikronezii︠a︡ Federativ Shtattary --- Микронезия (Federated States) --- Федэратыўныя Штаты Мікранезіі --- Fedėratyŭnyi︠a︡ Shtaty Mikranezii --- Мікранезіі (Federated States) --- Mikranezii (Federated States) --- Maykronisya (Federated States) --- Федеративни щати Микронезия --- Federativni shtati Mikronezii︠a︡ --- Savezne Države Mikronezije --- Mikronezije (Federated States) --- Stadoù Kevreet Mikronezia --- Mikronezia (Federated States) --- Микронези (Federated States) --- Mikronezi (Federated States) --- Estats Federats de Micronèsia --- Микронезин Федеративлă Штачĕсем --- Mikronezin Federativlă Shtachĕsem --- Pederadong Estados sa Micronesia --- Federativní státy Mikronésie --- Federados Estados de Micronesia --- Taleithiau Ffederal Micronesia --- Mikronesien (Federated States) --- Mikronesiens Forenede Stater --- Föderierte Staaten von Mikronesien --- Eʼeʼaahjí Tónteel Bikáaʼdi Kéyah Ałhidadiidzooígíí --- Mikroneesia Liiduriigid --- Mikroneesia (Federated States) --- Ομόσπονδες Πολιτείες της Μικρονησίας --- Omospondes Politeies tēs Mikronēsias --- Μικρονησία (Federated States) --- Mikronēsia (Federated States) --- Estados Federados de Micronesia --- Federacio de Mikronezio --- Federaciaj Ŝtatoj de Mikronezio --- Estaus Federaus de Micronésia --- Mikronesiako Estatu Federatuak --- ミクロネシア連邦 --- Mikuroneshia Renpō --- Mikuroneshiarenpō --- Staat Mikronesien --- Economic conditions. --- Budget Systems --- Budget --- Budgeting & financial management --- Budgeting --- Climate --- Debt Management --- Debt --- Debts, External --- Debts, Public --- Econometrics & economic statistics --- Environment --- Exports and Imports --- External debt --- Extra-budgetary funds --- Finance --- Finance: General --- Global Warming --- International economics --- International Lending and Debt Problems --- National Budget --- Natural Disasters and Their Management --- Natural Disasters --- Natural disasters --- Public debt --- Public finance & taxation --- Public Finance --- Public financial management (PFM) --- Revenue administration --- Revenue --- Sovereign Debt --- Statistics --- Taxation, Subsidies, and Revenue: General --- Micronesia, Federated States of