Fiscal Monitor

Public Expenditure Reform: Making Difficult Choices

April 2014

Fiscal risks are abating somewhat but remain elevated. In advanced economies, recent policy moves have broadly stabilized public debt ratios, but medium-term prospects are still uncertain and debt remains at historic highs. Fiscal vulnerabilities are rising in both emerging market economies and low-income countries, although in most cases from relatively moderate levels. Across country groups, fiscal policy should aim at rebuilding policy space while strengthening the recovery and long-term growth prospects.


Front Matter

Chapter 1. Recent Fiscal Developments and the Short-Term Outlook

Chapter 2. Public Expenditure Reform: Making Difficult Choices

Methodological and Statistical Appendix

Back Matter