## IMF Fiscal Monitor -- Now Is the Time: Fiscal Policies for Sustainable Growth -- April 2015 _Fiscal Monitor, April 8, 2015_ ## Source details **Canonical URL:** [IMF Fiscal Monitor -- Now Is the Time: Fiscal Policies for Sustainable Growth -- April 2015](https://www.imf.org/en/publications/fm/issues/2016/12/31/now-is-the-time) ## Other formats - [Markdown version](/en/publications/fm/issues/2016/12/31/now-is-the-time/index.md) - [Structured JSON version](/en/publications/fm/issues/2016/12/31/now-is-the-time/index.json) - [Bundle manifest](/en/publications/fm/issues/2016/12/31/now-is-the-time/bundle-manifest.json) ## Bibliographic details - Published: April 8, 2015 - Series: Fiscal Monitor --- ### Overview and main findings - Fiscal risks remain significant in both advanced and emerging market and developing economies. - Fiscal policy continues to play an essential role in building confidence and, where appropriate, sustaining aggregate demand. - Strengthening fiscal frameworks—particularly to manage public finance risks and ensure debt sustainability—must be part of the fiscal policy response. - Countries should seize the moment created by lower oil prices to start the process of energy taxation and energy subsidy reform. - Fiscal policy can contribute substantially to macroeconomic stability through the workings of automatic stabilizers, and by doing so can unlock significant growth dividends. ### Recent developments and outlook (summary) - A moderate recovery continues in advanced economies, driven by lower oil prices, continued accommodative monetary policy, and more moderate fiscal adjustment. - High public and private debt levels remain headwinds to growth and debt sustainability in some advanced economies. - Inflation is below target by a large margin in many countries, complicating the task of reducing high public debt levels. - Growth in emerging economies is softening and financial and exchange rate volatility has increased public financing costs for some of them. - Sharply lower oil and commodity revenues have created challenges for exporting countries. - In this challenging environment, fiscal policy's supportive role is emphasized alongside the need to strengthen fiscal frameworks. ### Fiscal impact of lower oil prices and policy priorities - Lower oil prices have significant fiscal impacts across country groups, creating both opportunities and risks. - Priority policy actions recommended: - Strengthen fiscal frameworks to manage public finance risks and ensure debt sustainability. - Start energy taxation and energy subsidy reform while lower oil prices provide political and economic space. - Allow automatic stabilizers to function effectively to support macroeconomic stability without unduly raising marginal income tax rates or the generosity of social transfers. ### Fiscal stabilization and automatic stabilizers (Chapter 2 key points) - Two main findings: - Fiscal policy is often used to reduce output volatility, especially in advanced economies. - A more stable macroeconomic environment resulting from fiscal stabilization is conducive to higher average growth. - Automatic stabilizers (mainly tax payments and social transfers) can contribute substantially to output stabilization. - Policymakers rarely let automatic stabilizers operate freely; revenue windfalls from stronger growth tend to be spent, raising deficits and public debts. - Avoiding procyclical fiscal measures would benefit both stability and growth. - The chapter explores options to enhance automatic stabilizers without unduly raising marginal income tax rates or the generosity of social transfers. ### Policy implications and recommendations - Use the fiscal space created by lower oil prices to implement energy taxation and reform energy subsidies. - Strengthen fiscal frameworks to better manage fiscal risks and preserve debt sustainability amid low growth and low inflation in some advanced economies and increased volatility in emerging markets. - Enhance the effectiveness of automatic stabilizers and avoid procyclical fiscal measures to reduce output volatility and support medium-term growth. *IMF Fiscal Monitor -- Now Is the Time: Fiscal Policies for Sustainable Growth -- April 2015* --- ## Content in this bundle - **ملخص واف لتقرير الراصد المالي - ابريل 2015** - [ملخص واف لتقرير الراصد المالي - ابريل 2015 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/arabic/pubs/ft/fm/2015/01/pdf/fmexsa.pdf.md){rel="alternate" type="text/markdown"} - [ملخص واف لتقرير الراصد المالي - ابريل 2015 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/arabic/pubs/ft/fm/2015/01/pdf/fmexsa.pdf){rel="external" type="application/pdf"} - **الراصد المالي: حان الوقت! استخدام سياسة المالية العامة لدعم النمو القابل للاستمرار** - [الراصد المالي: حان الوقت! استخدام سياسة المالية العامة لدعم النمو القابل للاستمرار (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/arabic/pubs/ft/survey/so/2015/_new041515aa.pdf.md){rel="alternate" type="text/markdown"} - [الراصد المالي: حان الوقت! استخدام سياسة المالية العامة لدعم النمو القابل للاستمرار (PDF)](/-/media/websites/imf/imported-flagship-issues/external/arabic/pubs/ft/survey/so/2015/_new041515aa.pdf){rel="external" type="application/pdf"} - **稳定性财政政策的增长红利; 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Abril 2015** - [Monitor Fiscal - Resumen Ejecutivo; Abril 2015 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/spanish/pubs/ft/fm/2015/01/pdf/fmexss.pdf.md){rel="alternate" type="text/markdown"} - [Monitor Fiscal - Resumen Ejecutivo; Abril 2015 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/spanish/pubs/ft/fm/2015/01/pdf/fmexss.pdf){rel="external" type="application/pdf"} - **Fmdata** - [Fmdata (XLSX)](/en/publications/fm/issues/2016/12/31/data/fmdata.xlsx){rel="external" type="text/html; charset=utf-8"} --- ## References - [Sign up to receive free e-mail notices when new series and/or country items are posted on the IMF website.](https://www.imf.org/en/email-subscription/index) - [Modify your profile](https://www.imf.org/en/email-subscription/login) - [Now Is the Time! Use Fiscal Policy to Support Sustainable Growth](https://www.imf.org/external/pubs/ft/survey/so/2015/NEW041515A.htm) - [Measure to Measure: The Effect of Fiscal Policy on Growth and Stability, Blog by Vitor Gaspar, April 15, 2015](http://blog-imfdirect.imf.org/2015/04/15/measure-to-measure-the-effect-of-fiscal-policy-on-growth-and-stability/) - [Blog: Oil Prices and Public Finances: A Double-Edged Sword, April 15, 2015](http://blog-imfdirect.imf.org/2015/04/15/oil-prices-and-public-finances-a-two-edged-sword/) - [Blog: Growth Dividend from Stabilizing Fiscal Policies, April 8, 2015](http://blog-imfdirect.imf.org/2015/04/08/growth-dividend-from-stabilizing-fiscal-policies/) - [Transcript of the 2015 Fiscal Monitor Press Briefing](https://www.imf.org/external/np/tr/2015/tr041515.htm) - [Transcript of a Conference Call on the Fiscal Monitor Analytical Chapter: “Can Fiscal Policy Stabilize Output?”](https://www.imf.org/external/np/tr/2015/tr040815.htm) - [Fiscal Monitor Reports](https://www.imf.org/external/ns/cs.aspx?id=262) - [FM Data](http://data.imf.org/FM) - [FM Data on IMF Data Mapper® v3 Plot, compare and import data](http://www.imf.org/external/datamapper/index.php?db=FM) - [Ordering Information](https://www.imf.org/external/pubs/cat/longres.aspx?sk=42423.0) - [Disclaimer](https://www.imf.org/external/terms.htm) - [https://www.imf.org/en/home](https://www.imf.org/en/home) _Source: https://www.imf.org/en/publications/fm/issues/2016/12/31/now-is-the-time_