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- 1From:Country Report: BelgiumThe fiscal deficit will widen from an estimated 4.7% of GDP in 2022 to 5.3% of GDP in 2023, as automatic wage indexation, a rising interest-rate burden and social benefits keep public spending high, while revenue growth...
- 2From:Country Report: Sierra LeoneWe expect the fiscal deficit to narrow to 3.9% of GDP in 2023 and 2.5% of GDP in 2024, from an estimated 4.8% of GDP in 2022. Concessional loans and grants from donors and domestic borrowing will finance the fiscal...
- 3From:Country Report: Czech RepublicWhat's happened? On February 20th the Chamber of Deputies (the lower house of parliament) voted to reduce a pension increase set for June, in a move that is projected to save Kc19bn (US$850m) in state expenditure in...
- 4From:Country Report: HungaryWe forecast that the fiscal deficit will remain wide in 2023, at 4.8% of GDP. However, this will mark the beginning of significant fiscal consolidation after three years of general government deficits averaging over an...
- 5From:Country Report: SpainThe coronavirus pandemic led to a substantial deterioration in Spain's public finances. Our budget deficit estimate for 2022 is 4.6% of GDP, reflecting the emergency measures to limit the impact of soaring energy prices...
- 6From:Country Report: KazakhstanDespite initial plans to move towards fiscal consolidation in 2022, the social unrest in January and risks to economic activity prompted the government to delay those plans in order to increase social-support programmes....
- 7From:Country Report: ItalyThe pandemic led to a substantial deterioration in the public finances, with the public debt/GDP ratio increasing by more than 20 percentage points in 2020, to about 155% (the second highest in the euro zone after...
- 8From:Country Report: BhutanIn its budget for 2022/23 the government has slightly reduced its planned expenditure but forecasts a wider fiscal deficit, as revenue inflow is expected to decline more sharply. Despite a smaller budgeted fiscal outlay,...
- 9From:Country Report: Burkina FasoWe forecast that the budget deficit will increase from an estimated 4.1% of GDP in 2022 to 4.4% of GDP in 2023, owing to a rise in military spending to support the anti-jihadi effort. The share of defence and security...
- 10From:Country Report: MoroccoDuring the early part of the forecast period, Morocco will continue to face challenges from elevated-albeit declining-oil and food import prices and from slowdowns in major European markets. These will threaten growth...
- 11From:Country Report: Kyrgyz RepublicIn 2018 the government adopted a new fiscal rule, setting the fiscal deficit ceiling at 3% of GDP and a maximum range for public debt of 60-65% of GDP. We estimate a budget deficit of 0.3% of GDP in 2022, supported by a...
- 12From:Country Report: Czech RepublicSince 2021 the government has allocated about EUR11.2bn (US$12bn) in energy support measures, to be partly financed by new taxes on utilities and banks (Kc80bn). This comes after increasing spending on national defence...
- 13From:Country Report: TanzaniaReflecting the government's fiscal expansionism in the short term, we forecast that the fiscal deficit will widen from an estimated 3.6% of GDP in 2021/22 to 3.8% of GDP in 2022/23, driven partly by rising social and...
- 14From:Country Report: DenmarkRevenue will continue to shrink as a share of GDP in 2023, to 51% from an estimated 51.2% in 2022, in part owing to tax cuts. Meanwhile, expenditure will rise to 50.5% of GDP in 2023 from 49.7% in 2022. Denmark has also...
- 15From:Country Report: HondurasThe Castro administration's expansionary fiscal policies, which are embedded in the 2023 budget, will weaken the public finances this year. The financial plan includes a steep increase in expenditure, particularly in the...
- 16From:Country Report: KenyaWe expect the new government to remain committed to the ongoing IMF programme, meaning that fiscal consolidation will gather momentum during the forecast period, causing the budget deficit to narrow gradually, from a...
- 17From:Country Report: New ZealandNew Zealand will record a budget deficit throughout the forecast period, with the shortfall narrowing from the equivalent of 2.4% of GDP in 2022/23 to 0.1% in 2026/27. This compares with a slim average annual surplus in...
- 18From:Country Report: FinlandThe government's 2023 budget proposes a EUR8.1bn budget shortfall, up from the planned EUR6.9bn deficit in 2022. New discretionary expenditure includes EUR1.1bn for support measures in the form of reductions in...
- 19From:Country Report: SloveniaThe budget deficit narrowed from 7.8% of GDP in 2020 to 4.7% in 2021, and we estimate a further reduction to 3.5% in 2022, despite the loss of momentum in the economy, with tax receipts last year bolstered by high...
- 20From:Country Report: BelgiumWe estimate a large fiscal deficit of 4.9% of GDP in 2022 as measures to mitigate the energy crisis and the automatic indexation of public-sector wages kept expenditure high. The indexation of pensions and social...