Fiscal Monitor, October 2012: Taking Stock: A Progress Report on Fiscal Adjustment: Taking Stock: A Progress Report on Fiscal Adjustment

October 8, 2012

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Fiscal Monitor, October 2012: Taking Stock: A Progress Report on Fiscal Adjustment: Taking Stock: A Progress Report on Fiscal Adjustment, (USA: International Monetary Fund, 2012) accessed December 22, 2024

Summary

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.

Subject: Fiscal consolidation, Fiscal policy, Fiscal stance, Income inequality, Macroeconomic and fiscal forecasts, National accounts, Public debt, Public financial management (PFM)

Keywords: Africa, Asia and Pacific, Asset swap, Budgetary objective, Country abbreviation, Def, East Africa, Europe, Fiscal consolidation, Fiscal stance, FM, Government finance statistics manual, Income inequality, Interest rate, Macroeconomic and fiscal forecasts, Middle East, North Africa, Potential GDP, Term

Publication Details

Pages:

114
Volume:

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DOI:

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Issue:

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Series:

Fiscal Monitor No. 2012/002
Stock No:

FMOEA2012002
ISBN:

9781616353919
ISSN:

2219-276X

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