Fiscal Monitor, October 2012: Taking Stock: A Progress Report on Fiscal Adjustment
International Monetary Fund, Oct 8, 2012 - Business & Economics - 114 pages
With growth weakening in many parts of the world and downside risks on the rise, fiscal consolidation remains challenging. However, considerable progress has been made in strengthening fiscal accounts following their sharp deterioration in 2008-09. This issue of the Fiscal Monitor takes stock of this progress, focusing on its size, composition, and implications for employment and social equity. The issue finds that most countries--and especially advanced economies--have made significant headway in rolling back fiscal deficits, but that efforts at controlling debt stocks are taking longer to yield results. The mix of revenue and expenditure policies employed by countries with sizable fiscal consolidation needs has differed, with advanced economies in general relying more on spending retrenchment than emerging markets and low-income countries. Both spending and revenue measures have important implications for employment and social equity, the issue finds, and these implications need to be taken into account if the large consolidation efforts underway are to be sustainable.
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adjusted primary balance advanced economies assets bank Bloomberg L.P. bond yields budget CAPB CG CG crisis Cyclically Adjusted Balance cyclically adjusted primary Czech Republic debt ratios deﬁcit deﬁned emerging market emerging market economies estimates and projections Estonia euro area European Commission Financial ﬁnancing ﬁscal adjustment ﬁscal balance ﬁscal consolidation Fiscal Monitor ﬁscal policy Fiscal projections Full exemption Fund 0ctober 2012 Fund October 2012 GDP is shown Germany GG CG Gini Greece gross debt growth IMF staff estimates impact income inequality increase inﬂation International Monetary Fund Ireland Italy Japan Latvia Lithuania low-income countries macroeconomic market economies measures medium-term Monetary Fund 0ctober Monetary Fund October NFPS CG overall balance percent of GDP percent of potential percentage points Portugal potential GDP projections are based public debt reﬂect reforms signiﬁcant Slovenia social beneﬁts Sources Spain spending SS A GG Stability Statistical Table targets tax wedge unemployment United Kingdom