Business and Economics > Public Finance
Abstract
Global public debt is elevated. It is projected to exceed US$100 trillion in 2024 and will rise over the medium term. This chapter shows that risks to the debt outlook are heavily tilted to the upside. In a severely adverse scenario, global debt is estimated to be nearly 20 percentage points of GDP higher three years ahead than the baseline projection, reaching 115 percent of GDP. Much larger fiscal adjustments than currently planned are required to stabilize (or reduce) debt with high probability. Now is an opportune time for rebuilding fiscal buffers and delaying is costly. Rebuilding fiscal buffers in a growth-friendly manner and strengthening fiscal governance is essential to ensure sustainable public finances and financial stability.
Abstract
This guide is part of a series of Virtual Training to Advance Revenue Administration (VITARA) reference guides that has been developed based on the contents of the VITARA online modules. This reference guide deals with Human Resource Management (HRM) issues, HRM strategy, and, more generally, human capital in a tax administration. It introduces modern HRM practices for senior leaders of a tax administration including how HRM should be organized within a tax administration, the design of a career path, and adequate remuneration structure for tax administration officials. The guide identifies key areas of effective HRM and some of the supporting principles. It also defines what the function of learning and development is and why it is important for tax administrations. Hot topics such as workforce analysis, culture, values, ethics, HR analytics, training, and knowledge management are also covered.