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KEY ISSUESContext. The Republic of the Marshall Islands (RMI) is going through a period of outputfluctuations. The economy expanded in FY2012 by 3.2 percent, supported by export growth,but in FY2013 is estimated to have slowed to 0.8 percent due to the postponement ofinfrastructure projects. A fiscal deficit of 0.8 percent of GDP was recorded in FY2012 andanother deficit of similar magnitude is estimated for FY2013.Outlook and Risks. A growth rebound is expected in FY2014, assuming the resumption ofinfrastructure projects. A sustained increase in growth is hindered by the scheduled reductionin

Cover -- CONTENTS -- CORRESPONDENT BANKING RELATIONSHIP PRESSURES -- A. Background -- B. Trends and Drivers of CBR Pressures -- C. Impact of CBR Pressures -- D. Actions to Address CBR Pressures -- THE SOV-RMI'S DECENTRALIZED DIGITAL CURRENCY -- A. Introduction -- B. Some Background on Privately Issued Virtual Currencies/Crypto Assets -- C. The SOV -- D. Some Considerations About the Potential Benefits of the SOV -- E. Some Considerations About the Potential Risks and Challenges of the SOV -- F. Conclusion -- FIGURE -- 1. Initial Issuance of 24 Million SOV, and Distribution of RMI's 12 Million SOV -- References.

Cover -- CONTENTS -- BACKGROUND -- DEVELOPMENTS, OUTLOOK AND RISKS -- A. Recent Developments and Outlook -- B. Risks and Spillovers -- PROTECTING FINANICAL STABILITY -- A. Avoiding Risks from Issuing a Digital Currency as Legal Tender -- B. Enhancing Financial Sector Supervision to Address CBR Risks -- SECURING LONG-TERM FISCAL SUSTAINABILITY -- ADAPTING TO CLIMATE CHANGE -- PROMOTING SUSTAINABLE GROWTH -- DATA -- STAFF APPRAISAL -- BOXES -- 1. Fishing License Revenues -- 2. Social Security Reform -- 3. Implications from Natural Disaster and Climate Change -- FIGURES -- 1. Real Sector Developments -- 2. Fiscal Sector Developments -- 3. External and Credit Developments -- TABLES -- 1. Selected Economic Indicators, FY2014-23 -- 2. Statement of Government Operations, FY2014-23 -- 3. Balance of Payments, FY2014-23 -- 4. External Vulnerability Indicators, FY2014-17 -- 5. Deposit Money Banks, FY2014-17 -- APPENDICES -- I. The Compact Trust Fund and Its Long-Term Outlook -- II. External Sector Assessment -- III. Risk Assessment Matrix -- IV. MDG and Strategic Surveillance Matrix -- V. Main Recommendations of the 2016 Article IV Consultation -- CONTENTS -- FUND RELATIONS -- RELATIONS WITH OTHER IFIS -- STATISTICAL ISSUES.

Doing business 2020 is the 17th in a series of annual studies investigating the regulations that enhance business activity and those that constrain it. Doing business presents quantitative indicators on business regulations and the protection of property rights that can be compared across 190 economies - from Afghanistan to Zimbabwe - and over time. Regulations affecting 12 areas of the life of a business are covered: starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts, resolving insolvency, employing workers, and contracting with the government. The employing workers and contracting with the government indicator sets are not included in this year's ranking on the ease of doing business. Data in doing business 2020 are current as of May 1, 2019. The indicators are used to analyze economic outcomes and identify what reforms of business regulation have worked, where, and why. This economy profile presents indicators for Marshall Islands; for 2020, Marshall Islands ranks 153.