Friday, April 13, 2012
[IWS] OECD: FISCAL CONSOLIDATION: HOW MUCH, HOW FAST AND BY WHAT MEANS? [12 April 2012]
IWS Documented News Service
Institute for Workplace Studies----------------- Professor Samuel B. Bacharach
School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies
16 East 34th Street, 4th floor---------------------- Stuart Basefsky
New York, NY 10016 -------------------------------Director, IWS News Bureau
FISCAL CONSOLIDATION: HOW MUCH, HOW FAST AND BY WHAT MEANS? [12 April 2012]
Press Release 12 April 2012
Fiscal Consolidation: How much, how fast and by what means?
12/04/2012 - The economic crisis that began in 2008 caused government deficits to surge and pushed public indebtedness to 100% of GDP for the OECD as a whole in 2011. In many countries, just stabilising debt, let alone bringing it down to a sustainable level, will be a major challenge. The poor state of public finances will require wide-ranging fiscal consolidation in most countries, particularly in those whose pre-existing imbalances have been aggravated by the crisis, as well as in those facing rapidly rising spending on health and long-term care.
Bringing debt down to prudent levels will require sustained fiscal consolidations of more than 3% of GDP in many, though not all countries. Some countries must anticipate extremely large efforts: Japan faces fiscal tightening of up to 12% of GDP, while consolidation in the United States, the United Kingdom and New Zealand is projected at more than 8% of GDP (see figure below, access the data In Excel).
An Economic Outlook Report, OECD Economics Policy Paper No. 1, 12 April 2012
[full-text, 31 pages]
Key policy messages
OECD Economics Department Policy Note No. 11
Economics Department Working Papers on fiscal consolidation
[full-text, 76 pages]
[full-text, 43 pages]
[full-text, 42 pages]
[full-text, 40 pages]
[full-text, 29 pages]
[full-text, 62 pages]
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