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

FMOEA2012002 Image
Price:  $40.00

Release Date: © October, 2012
ISBN : 978-1-61635-391-9
Stock #: FMOEA2012002
Stock Status: Available

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With growth weakening in many parts of the world anddownside risks on the rise, fiscal consolidation remains challenging. However, considerable progress hasbeen made in strengthening fiscal accounts following their sharp deteriorationin 2008-09. This issue of the FiscalMonitor takes stock of this progress, focusing on its size, composition,and implications for employment and social equity. The issue finds that mostcountries--and especially advanced economies--have made significant headway inrolling back fiscal deficits, but that efforts at controlling debt stocks aretaking longer to yield results. The mix of revenue and expenditure policiesemployed by countries with sizable fiscal consolidation needs has differed,with advanced economies in general relying more on spending retrenchment thanemerging markets and low-income countries. Both spending and revenue measureshave important implications for employment and social equity, the issue finds,and these implications need to be taken into account if the large consolidationefforts underway are to be sustainable.

More publications in this series: Fiscal Monitor