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Economic downturns which have their roots in preceding credit excesses and debt overhang have tended historically to be long lasting, whether the financial sector remained healthy or not.
Despite a deep recession in 2009 and weak growth in subsequent years, Hungary’s fiscal position compares favourably with many other OECD countries.
Three main approaches can be used to assess infrastructure performance. The first employs macro econometric techniques to estimate the impact of the existing infrastructure capital stock on growth and to infer its growth maximising level.
Economic growth is projected to be strengthening from mid-2011 onwards, but will be insufficient to restore the sustainability of public finances.
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Fiscal consolidation: How much, how fast and by what means? OECD Economic Policy Papers, No. 1
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Large fiscal challenges will pre-occupy OECD governments for some time to come. The economic crisis that began in 2008 caused deficits to surge, and fiscal imbalances were swollen further by stimulus measures and bank rescue operations.
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Fiscal consolidation: How much is needed to reduce debt to a prudent level? OECD Economics Department Policy Notes, No. 11
The economic crisis has led to a surge in government deficits and pushed public indebtedness to 100% of GDP for the OECD as a whole in 2011. New research shows that bringing debt down to prudent levels will require sustained fiscal consolidation in most OECD countries.
Norway’s dual income tax system achieves high levels of revenue collection and income redistribution, without overly undermining economic performance and while paying attention to environmental externalities.
Hungarian debt level has steadily increased since 2001, with the debt-to-GDP ratio reaching about 84% at end-2011.