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International Monetary Fund. Fiscal Affairs Dept.

Abstract

Global fiscal risks remain very high, stemming from several unresolved, interrelated challenges:

International Monetary Fund. Fiscal Affairs Dept.

Abstract

Global fiscal risks remain very high, stemming from several unresolved, interrelated challenges:

International Monetary Fund. Fiscal Affairs Dept.

Abstract

The average fiscal deficit of advanced economies is set to narrow by 1½ percent of GDP in 2013 (in both headline and cyclically adjusted terms), the fastest pace since consolidation efforts started in 2011. This average, however, reflects different trends across countries: some economies are stepping up adjustment efforts, while others are tapering them off, and still others are adopting a looser stance to support growth. Nevertheless, relative to previous projections, fiscal deficits are somewhat larger in most countries, reflecting a weaker economic environment (Figure 1, Table 1). Although 2014 budgets are in most cases still to be fleshed out, fiscal tightening is expected to moderate significantly next year as a large part of the consolidation has already taken place or is close to completion. On average, close to two-thirds of the adjustment required to reach medium-term targets has been achieved in the 10 most highly indebted countries, with the notable exception of Japan.

International Monetary Fund. Fiscal Affairs Dept.

Abstract

The average fiscal deficit of advanced economies is set to narrow by 1½ percent of GDP in 2013 (in both headline and cyclically adjusted terms), the fastest pace since consolidation efforts started in 2011. This average, however, reflects different trends across countries: some economies are stepping up adjustment efforts, while others are tapering them off, and still others are adopting a looser stance to support growth. Nevertheless, relative to previous projections, fiscal deficits are somewhat larger in most countries, reflecting a weaker economic environment (Figure 1, Table 1). Although 2014 budgets are in most cases still to be fleshed out, fiscal tightening is expected to moderate significantly next year as a large part of the consolidation has already taken place or is close to completion. On average, close to two-thirds of the adjustment required to reach medium-term targets has been achieved in the 10 most highly indebted countries, with the notable exception of Japan.

International Monetary Fund. Fiscal Affairs Dept.

Abstract

Weakening growth and policy uncertainties cast a shadow over the fiscal outlook, even as budget deficits narrow and recent announcements by monetary authorities provide some respite on the financial front. Countries with stronger fiscal positions and lower public debt, including several emerging market economies, can afford to pause fiscal consolidation efforts, but in others adjustment must proceed at a pace that reflects medium-term adjustment needs, the state of the economy, and financing constraints. Where financing permits, flexibility should be allowed for automatic stabilizers to play in response to moderate growth shortfalls. Should growth fall well short of current expectations, countries with space should smooth their adjustment paths over 2013 and beyond. The United States and Japan must promptly define and enact clear and credible plans to return to fiscal sustainability over the medium term and buttress investor confidence.

International Monetary Fund. Fiscal Affairs Dept.

Abstract

Weakening growth and policy uncertainties cast a shadow over the fiscal outlook, even as budget deficits narrow and recent announcements by monetary authorities provide some respite on the financial front. Countries with stronger fiscal positions and lower public debt, including several emerging market economies, can afford to pause fiscal consolidation efforts, but in others adjustment must proceed at a pace that reflects medium-term adjustment needs, the state of the economy, and financing constraints. Where financing permits, flexibility should be allowed for automatic stabilizers to play in response to moderate growth shortfalls. Should growth fall well short of current expectations, countries with space should smooth their adjustment paths over 2013 and beyond. The United States and Japan must promptly define and enact clear and credible plans to return to fiscal sustainability over the medium term and buttress investor confidence.

International Monetary Fund. Fiscal Affairs Dept.

Abstract

Almost all advanced economies have implemented significant fiscal adjustment since 2010. Nevertheless, their current fiscal positions differ significantly, primarily reflecting uneven starting conditions and differences in the impact of the crisis on their fiscal accounts, rather than variations in the extent of postcrisis adjustment.

International Monetary Fund. Fiscal Affairs Dept.

Abstract

Almost all advanced economies have implemented significant fiscal adjustment since 2010. Nevertheless, their current fiscal positions differ significantly, primarily reflecting uneven starting conditions and differences in the impact of the crisis on their fiscal accounts, rather than variations in the extent of postcrisis adjustment.