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International Monetary Fund. Fiscal Affairs Dept.

Abstract

Fiscal policy has recently gained prominence, both in public debate and in governments’ policy agendas (Figure 1.1). A reassessment of fiscal policy is taking place, stressing its greater role in fostering sustainable and inclusive growth and smoothing the economic cycle. At the same time, the high uncertainty surrounding the outlook and high levels of public debt require a better understanding and managing of fiscal risks. Therefore, fiscal policy has the difficult task of achieving more and better in a more constrained environment. This issue of the Fiscal Monitor shows how the evolution of the debate on fiscal policy can shed new light on fiscal developments and help frame policy recommendations to countries.

International Monetary Fund. Fiscal Affairs Dept.

Abstract

Fiscal policy has recently gained prominence, both in public debate and in governments’ policy agendas (Figure 1.1). A reassessment of fiscal policy is taking place, stressing its greater role in fostering sustainable and inclusive growth and smoothing the economic cycle. At the same time, the high uncertainty surrounding the outlook and high levels of public debt require a better understanding and managing of fiscal risks. Therefore, fiscal policy has the difficult task of achieving more and better in a more constrained environment. This issue of the Fiscal Monitor shows how the evolution of the debate on fiscal policy can shed new light on fiscal developments and help frame policy recommendations to countries.

International Monetary Fund. Fiscal Affairs Dept.

Abstract

Without substantial mitigation of greenhouse gas emissions, global temperatures are projected to rise by around 4°C above preindustrial levels by 2100 (they have already increased by 1°C since 1900).1 Global warming causes major damage to the global economy and the natural world and engenders risks of catastrophic and irreversible outcomes such as rising sea levels, extreme weather events (already more frequent) leading to loss of life, and the possibility of much higher warming scenarios.2 Carbon dioxide (CO2) emissions from fossil fuel combustion account for a dominant (63 percent) and growing share of global greenhouse gas emissions and are the most immediately practical to control (Figure 1.1, panel 1).3 Policy action is thus urgently needed to curtail emissions. The longer that action is delayed, the greater the accumulation in the atmosphere, and the more abrupt and costly will be the necessary action to stabilize global temperatures.

International Monetary Fund. Fiscal Affairs Dept.

Abstract

Without substantial mitigation of greenhouse gas emissions, global temperatures are projected to rise by around 4°C above preindustrial levels by 2100 (they have already increased by 1°C since 1900).1 Global warming causes major damage to the global economy and the natural world and engenders risks of catastrophic and irreversible outcomes such as rising sea levels, extreme weather events (already more frequent) leading to loss of life, and the possibility of much higher warming scenarios.2 Carbon dioxide (CO2) emissions from fossil fuel combustion account for a dominant (63 percent) and growing share of global greenhouse gas emissions and are the most immediately practical to control (Figure 1.1, panel 1).3 Policy action is thus urgently needed to curtail emissions. The longer that action is delayed, the greater the accumulation in the atmosphere, and the more abrupt and costly will be the necessary action to stabilize global temperatures.

International Monetary Fund. Fiscal Affairs Dept.

Abstract

The global economy remains fragile at this time. While the recovery in advanced economies is softening, many emerging market and developing economies have experienced a significant economic slowdown and some large countries show signs of distress. Global risk aversion has risen, and commodity prices have continued to fall since the April 2015 Fiscal Monitor. The weaker outlook and concerns about the ability of policymakers to provide an adequate and swift policy response have amplified downward risks and clouded global prospects. In this challenging environment, a comprehensive policy package is urgently needed to boost growth and reduce vulnerabilities.

International Monetary Fund. Fiscal Affairs Dept.

Abstract

The global economy remains fragile at this time. While the recovery in advanced economies is softening, many emerging market and developing economies have experienced a significant economic slowdown and some large countries show signs of distress. Global risk aversion has risen, and commodity prices have continued to fall since the April 2015 Fiscal Monitor. The weaker outlook and concerns about the ability of policymakers to provide an adequate and swift policy response have amplified downward risks and clouded global prospects. In this challenging environment, a comprehensive policy package is urgently needed to boost growth and reduce vulnerabilities.

International Monetary Fund. Fiscal Affairs Dept.

Abstract

Fiscal efforts over the last five years have stabilized the average government debt-to-GDP ratio, albeit at a high level. Immediate pressures on public finances have eased with lower interest rates, but historically high debt ratios and a vacillating recovery, combined with looming pension and health costs, keep risks elevated.

International Monetary Fund. Fiscal Affairs Dept.

Abstract

Fiscal efforts over the last five years have stabilized the average government debt-to-GDP ratio, albeit at a high level. Immediate pressures on public finances have eased with lower interest rates, but historically high debt ratios and a vacillating recovery, combined with looming pension and health costs, keep risks elevated.

International Monetary Fund. Fiscal Affairs Dept.

Abstract

Depending on whether income inequality is assessed across or within countries, the picture that emerges can be starkly different. If inequality is examined at the global level, that is, abstracting from national boundaries, inequality has declined substantially over the past three decades. This decline reflects income convergence between developing and advanced economies aided by globalization and technological advancement. Income inequality within national boundaries, however, presents a mixed picture: some countries have experienced a reduction in inequality while others, particularly advanced economies, have seen a significant uptick in inequality. Although increased global integration and technological progress are widely recognized as having generated widespread economic growth and falling global inequality and poverty, the rising inequality in advanced economies, in conjunction with job insecurity and stagnating real incomes for a segment of the population, has led to growing public backlash against globalization.

International Monetary Fund. Fiscal Affairs Dept.

Abstract

Depending on whether income inequality is assessed across or within countries, the picture that emerges can be starkly different. If inequality is examined at the global level, that is, abstracting from national boundaries, inequality has declined substantially over the past three decades. This decline reflects income convergence between developing and advanced economies aided by globalization and technological advancement. Income inequality within national boundaries, however, presents a mixed picture: some countries have experienced a reduction in inequality while others, particularly advanced economies, have seen a significant uptick in inequality. Although increased global integration and technological progress are widely recognized as having generated widespread economic growth and falling global inequality and poverty, the rising inequality in advanced economies, in conjunction with job insecurity and stagnating real incomes for a segment of the population, has led to growing public backlash against globalization.