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This chapter discusses the size of current consolidation requirements and the pace at which budget positions should be strengthened in the context of a set of macroeconomic projections to 2025.
Large shifts in countries’ external current account positions can be disruptive, often reflecting sudden stops in the flows of external finance and leading to exchange rate and banking crises.
Turkey has considerably improved its terms of access to the global capital market. Progress in macroeconomic fundamentals has enhanced credibility and reduced risk premia and capital costs.
The oil price hike in 2007-08 underlined the vulnerability of Indonesia’s energy subsidy policy to oil price volatility. In addition to entailing significant economic and environmental costs, energy subsidies put pressure on the public budget and benefit mostly rich households.
Despite major progress over the last decade, more reforms are needed to meet Indonesia’s medium-term objectives for growth and poverty reduction. The Survey reviews the main challenges in the areas of energy subsidies, infrastructure, labour markets, education, health care and social protection.
The United States faces challenging budgetary prospects, as do most other OECD countries. The federal budget deficit widened considerably during the recession, reaching about 10% of GDP in both 2009 and 2010, reflecting the operation of automatic stabilizers and the policy response to the crisis
How can governments reap the potential benefits of public-private partnerships (PPPs) in the provision of infrastructure?
Portugal has made significant progress in modernising its economy over recent years but the country needs to further pursue structural reforms to restore competitiveness and thus move to more dynamic and sustainable growth.
Hungary has faced a considerable challenge to regain credibility following persistent and high fiscal deficits. Efforts during recent years have produced substantial results. These and other points are discussed in this working paper.
The economy is recovering from an externally driven recession. Public spending growth must be restrained as planned starting in 2011 to put public finances onto a sustainable path, including in the health sector where efficiency gains and quality improvements are possible.