Vitor Gaspar

Vitor Gaspar is currently Special Advisor to the Managing Director, until the end of the month of November. Mr. Vítor Gaspar is Special Advisor to the Managing Director at the IMF. He was Director of the Fiscal Affairs Department (FAD) between June 2014 and October 2025. Mr. Gaspar was Portuguese Minister of State and Finance from 2011–13, and has held various positions in European and Portuguese institutions, including head of BEPA at the European Commission, Director-general of Research at the European Central Bank, Director of Economic Studies and Statistics at the Central Bank of Portugal, and Director of Economic Studies at the Portuguese Ministry of Finance. Mr. Gaspar holds a Ph.D. and a post-doctoral agregado in Economics from Universidade Nova de Lisboa; he graduated from Universidade Católica Portuguesa.

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Contents

• Global Debt Remains Above 235% of World GDP
  • Published: September 17, 2025
  • Authors: Vitor Gaspar, Carlos Eduardo Goncalves, Marcos Poplawski-Ribeiro
  • Summary: Decline in private lending offsets increase in public borrowing; notable differences persist across countries and income groups.
• Rising Global Debt Requires Countries to Put their Fiscal House in Order
  • Published: April 23, 2025
  • Authors: Era Dabla-Norris, Vitor Gaspar, Marcos Poplawski-Ribeiro
  • Summary: Amid heightened uncertainty, policymakers will need to deal with complex trade-offs between debt, slower growth, and new spending pressures
• Persistent Fall in Private Borrowing Brings Global Debt Down
  • Published: December 2, 2024
  • Authors: Vitor Gaspar, Carlos Gonçalves, Marcos Poplawski-Ribeiro
  • Summary: Empirical analysis points to low growth prospects as the main driver of this trend in 2023.
• Why Our World Needs Fiscal Restraint in Biggest-Ever Election Year
  • Published: April 17, 2024
  • Authors: Era Dabla-Norris, Vitor Gaspar, Marcos Poplawski-Ribeiro, Jiae Yoo
  • Summary: Governments should stay the course on fiscal consolidation amid mounting debt.
• Industrial Policy Is Not a Magic Cure for Slow Growth
  • Published: April 10, 2024
  • Authors: Era Dabla-Norris, Daniel Garcia-Macia, Vitor Gaspar, Li Liu
  • Summary: It can be tempting for countries to turn to industrial policy, but a policy mix supporting innovation more broadly can help boost economic growth
• The Fiscal and Financial Risks of a High-Debt, Slow-Growth World
  • Published: March 28, 2024
  • Authors: Tobias Adrian, Vitor Gaspar, Pierre-Olivier Gourinchas
  • Summary: Higher long-term real interest rates, lower growth, and higher debt will put pressure on medium-term fiscal trends and financial stability
• Fragile States Need Customized Support to Strengthen Institutions
  • Published: September 21, 2023
  • Authors: Tobias Adrian, Franck Bousquet, Dominique Desruelle, Vitor Gaspar, Bert Kroese
  • Summary: In the most vulnerable countries, strengthening state capacity must adapt to more frequent economic shocks, greater political instability, and fewer resources
• Countries Can Tap Tax Potential to Finance Development Goals
  • Published: September 19, 2023
  • Authors: Vitor Gaspar, Mario Mansour, Charles Vellutini
  • Summary: Emerging market and low-income economies have a significant untapped tax potential of 8 percent to 9 percent of GDP
• Global Debt Is Returning to its Rising Trend
  • Published: September 13, 2023
  • Authors: Vitor Gaspar, Marcos Poplawski-Ribeiro, Jiae Yoo
  • Summary: Although global debt recorded another significant decline in 2022, it is still high, with debt sustainability remaining a concern
• Fiscal Policy Can Promote Economic Stability and Address Risks to Public Finances
  • Published: April 12, 2023
  • Authors: Francesca Caselli, Vitor Gaspar, Gee Hee Hong, Paulo Medas
  • Summary: Following exceptional pandemic support, governments should foster disinflation and financial stability while protecting the most vulnerable and safeguarding public finances
• Fiscal Policy Can Help Tame Inflation and Protect the Most Vulnerable
  • Published: April 3, 2023
  • Authors: Vitor Gaspar, Carlos Eduardo Goncalves, Paolo Mauro, Marcos Poplawski-Ribeiro
  • Summary: Smart fiscal policy can help restore price stability and lessen the impact of the cost-of-living crisis.
• Riding the Global Debt Rollercoaster
  • Published: December 12, 2022
  • Authors: Vitor Gaspar, Paulo Medas, Roberto Perrelli
  • Summary: The weaker growth outlook and tighter monetary policy call for prudence in managing debt and conducting fiscal policy
• How Fiscal Restraint Can Help Fight Inflation
  • Published: November 21, 2022
  • Authors: Tobias Adrian, Vitor Gaspar
  • Summary: Fiscal policy can ease the task of monetary policy in reducing inflation while mitigating risks to financial stability
• Fiscal Policy Can Help People Rebound From Cost of Living Crisis
  • Published: October 12, 2022
  • Authors: Vitor Gaspar, Raphael Lam, Paolo Mauro, Roberto Piazza
  • Summary: Countries should prioritize protecting the vulnerable through targeted support while keeping a tight fiscal stance to help fight inflation
• European Fiscal Governance: A Proposal from the IMF
  • Published: September 5, 2022
  • Authors: Vitor Gaspar, Alfred Kammer, Ceyla Pazarbasioglu
  • Summary: High debt and rising interest rates put a premium on improved governance to anchor fiscal policy in EU member states.
• Governments Need Agile Fiscal Policies as Food and Fuel Prices Spike
  • Published: April 20, 2022
  • Authors: Jean-Marc Fournier, Vitor Gaspar, Paulo Medas, Roberto Accioly Perrelli
  • Summary: Spending imperatives from pandemic and war meet high debt and tight budget constraints.
• Tax Coordination Can Lead to a Fairer, Greener Global Economy
  • Published: April 12, 2022
  • Authors: Vitor Gaspar, Shafik Hebous, Paolo Mauro
  • Summary: Cooperation across countries can raise revenue, tackle inequality, and fight climate change.
• Dangerous Global Debt Burden Requires Decisive Cooperation
  • Published: April 11, 2022
  • Authors: Vitor Gaspar, Ceyla Pazarbasioglu
  • Summary: With elevated risks to sovereign debt, a global cooperative approach is necessary to reach an orderly resolution of debt problems and prevent defaults.
• Poor and Vulnerable Countries Need Support to Adapt to Climate Change
  • Published: March 23, 2022
  • Authors: Kristalina Georgieva, Vitor Gaspar, Ceyla Pazarbasioglu
  • Summary: By Kristalina Georgieva, Vitor Gaspar and Ceyla Pazarbasioglu
• Global Debt Reaches a Record $226 Trillion
  • Published: December 15, 2021
  • Authors: Vitor Gaspar, Paulo Medas, Roberto Perrelli
  • Summary: Policymakers must strike the right balance in the face of high debt and rising inflation.
• Fiscal Policy for an Uncertain World
  • Published: October 13, 2021
  • Authors: Vitor Gaspar, Sandra Lizarazo, Paulo Medas, Roberto Piazza
• When It Comes to Public Finances, Credibility Is Key
  • Published: October 7, 2021
  • Authors: Raphael Espinoza, Vitor Gaspar, Paolo Mauro
• Coming Together
  • Published: August 10, 2021
  • Authors: Vitor Gaspar, Gita Gopinath
  • Summary: Differences in vaccine access and the ability to deploy policy support are creating a growing divergence between advanced economies from many emerging market and developing economies.
• A Proposal to Scale Up Global Carbon Pricing
  • Published: June 18, 2021
  • Authors: Vitor Gaspar, Ian Parry
• A COVID-19 Recovery Contribution
  • Published: April 16, 2021
  • Authors: Vitor Gaspar, Michael Keen, Alexander Klemm, Paolo Mauro
• Tailoring Government Support
  • Published: April 7, 2021
  • Authors: Vitor Gaspar, Paolo Mauro, Raphael Lam, Mehdi Raissi
• Giving Everyone a Fair Shot
  • Published: April 1, 2021
  • Authors: David Amaglobeli, Vitor Gaspar, Paolo Mauro
• Asia-Pacific, the Gigantic Domino of Climate Change
  • Published: March 25, 2021
  • Authors: Vitor Gaspar, Chang Yong Rhee
• Government Support Is Vital as Countries Race to Vaccinate
  • Published: January 28, 2021
  • Authors: Vitor Gaspar, Raphael Lam, Paolo Mauro, Mehdi Raissi
• Fiscal Policy for an Unprecedented Crisis
  • Published: October 14, 2020
  • Authors: Vitor Gaspar, Paulo Medas, John Ralyea, Elif Ture
• Public Investment for the Recovery
  • Published: October 5, 2020
  • Authors: Vitor Gaspar, Paolo Mauro, Catherine Pattillo, Raphael Espinoza
• Corruption and COVID-19
  • Published: July 28, 2020
  • Authors: Vitor Gaspar, Martin Mühleisen, Rhoda Weeks-Brown
• Fiscal Policies for a Transformed World
  • Published: July 10, 2020
  • Authors: Vitor Gaspar, Gita Gopinath
  • Summary: Policymakers should tackle the rising poverty and inequality, as well as the structural weaknesses exposed by the crisis to better prepare for future shocks.
• Fiscal Policies for the Recovery from COVID-19
  • Published: May 6, 2020
  • Authors: Vitor Gaspar, Raphael Lam, Mehdi Raissi
• Fiscal Policies to Contain the Damage from COVID-19
  • Published: April 15, 2020
  • Authors: Vitor Gaspar, Mehdi Raissi, Raphael Lam
• Fiscal Policies to Protect People During the Coronavirus Outbreak
  • Published: March 5, 2020
  • Authors: Vitor Gaspar, Paolo Mauro
• Fiscal Policies to Curb Climate Change
  • Published: October 8, 2019
  • Authors: Vitor Gaspar, Paolo Mauro, Ian Parry, Catherine Pattillo
• Getting Real on Meeting Paris Climate Change Commitments
  • Published: May 3, 2019
  • Authors: Christine Lagarde, Vitor Gaspar
• High Debt Hampers Countries’ Response to a Fast-Changing Global Economy
  • Published: April 10, 2019
  • Authors: Vitor Gaspar, John Ralyea, Elif Ture
• Tackling Corruption in Government
  • Published: April 4, 2019
  • Authors: Vitor Gaspar, Paolo Mauro, Paulo Medas
• How Much Should You Save for Retirement?
  • Published: January 16, 2019
  • Authors: David Amaglobeli, Era Dabla-Norris, Vitor Gaspar
• The Wealth of Nations: Governments Can Better Manage What They Own and Owe
  • Published: October 10, 2018
  • Authors: Vitor Gaspar, Jason Harris, Alexander F. Tieman
• The Digital Accelerator: Revving Up Government in Asia
  • Published: September 26, 2018
  • Authors: Vitor Gaspar, Chang Yong Rhee
• Give Today’s Children a Chance
  • Published: September 24, 2018
  • Authors: Christine Lagarde, Vitor Gaspar
  • Summary: World leaders are gathering at the United Nations to discuss how to deliver on development for all that is economically, socially, and environmentally sustainable—“The 2030 Agenda for Sustainable Development,” and its 17 Sustainable Development Goals (SDGs).
• Steering the World Toward More Cooperation, Not Less
  • Published: September 6, 2018
  • Authors: Vitor Gaspar, Sean Hagan, Maurice Obstfeld
• Bringing Down High Debt
  • Published: April 18, 2018
  • Authors: Vitor Gaspar, Laura Jaramillo
• The Digital Gamble: New Technology Transforms Fiscal Policy
  • Published: April 12, 2018
  • Authors: Vitor Gaspar, Geneviève Verdier
• Taxes, Debt and Development: A One-Percent Rule to Raise Revenues in Africa
  • Published: December 5, 2017
  • Authors: Vitor Gaspar, Abebe Aemro Selassie
• Inequality: Fiscal Policy Can Make the Difference
  • Published: October 11, 2017
  • Authors: Vitor Gaspar, Mercedes García-Escribano
• Inequality: Tools from the Old Masters to Help Today’s Policymakers
  • Published: October 3, 2017
  • Authors: Vitor Gaspar, Paolo Mauro, Tigran Poghosyan
• Two to Tango—Inflation Management in Unusual Times
  • Published: June 15, 2017
  • Authors: Vitor Gaspar, Maurice Obstfeld, Chang Yong Rhee
• Five Keys to a Smart Fiscal Policy
  • Published: April 19, 2017
  • Authors: Vitor Gaspar, Luc Eyraud,
• Designed for Growth: Taxation and Productivity
  • Published: April 13, 2017
  • Authors: Vitor Gaspar, Laura Jaramillo
• Big Bad Actors: A Global View of Debt
  • Published: October 5, 2016
  • Authors: Vitor Gaspar, Marialuz Moreno Badia
• The Whole Can Be Greater Than the Sum of its Parts
  • Published: September 28, 2016
  • Authors: Vitor Gaspar, Maurice Obstfeld, Ratna Sahay
• An Argument for Paying Down Public Debt
  • Published: August 26, 2016
  • Authors: Vitor Gaspar, Julio Escolano
• Act Now, Act Together
  • Published: April 13, 2016
  • Authors: Vitor Gaspar, Luc Eyraud,
• Imagine What Fiscal Policy Could Do For Innovation
  • Published: March 31, 2016
  • Authors: Vitor Gaspar, Ruud de Mooij
• Climate Change: How To Price Paris
  • Published: January 11, 2016
  • Authors: Vitor Gaspar, Michael Keen, Ian Parry
• Corruption: A Hidden Tax on Growth
  • Published: November 5, 2015
  • Authors: Vitor Gaspar, Sean Hagan
• How to Manage the Commodity Roller Coaster
  • Published: October 7, 2015
  • Authors: Vitor Gaspar
• Uncertain Times, Difficult Choices
  • Published: September 28, 2015
  • Authors: Vitor Gaspar, Alejandro Werner
• Act Local, Solve Global: The $5.3 Trillion Energy Subsidy Problem
  • Published: May 18, 2015
  • Authors: Benedict Clements, Vitor Gaspar
• Measure to Measure: The Effect of Fiscal Policy on Growth and Stability
  • Published: April 15, 2015
  • Authors: Vitor Gaspar
• Fiscal Policy And Structural Reform
  • Published: March 27, 2015
  • Authors: Vitor Gaspar
• Dams And Dikes For Public Finances
  • Published: March 18, 2015
  • Authors: Vitor Gaspar, Richard Hughes, Laura Jaramillo
• Smart Fiscal Policy Will Help Jobs
  • Published: October 8, 2014
  • Authors: Vitor Gaspar

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Source: https://www.imf.org/en/blogs/authors/vitor%20gaspar