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OECD
THE PEOPLE AND THE BUDGET
Empowering public understanding of public finances
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Facing record public debt and mounting spending pressures, OECD countries must look beyond traditional tools to secure fiscal sustainability: it can no longer be achieved without public buy-in.
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Public finances in many OECD countries are under significant pressure
Persistent budget deficits, extensive support to households and businesses during recent crises, and sluggish economic growth have contributed to an increase in public debt to around 110% of GDP. Ageing populations will continue to create pressure for more expenditure on healthcare and pensions. Other areas, including defence, also face pressure for more spending.
Pensions, healthcare and long-term care are already significant components of public expenditures and will continue to drive pressures for increased spending. These areas will require special and continuous attention to ensure that spending levels remain sustainable. Countries are taking many savings measures in these areas.
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