{
  "title": "Fiscal Monitor, October 2012: Taking Stock: A Progress Report on Fiscal Adjustment",
  "publication": "Fiscal Monitor, October 8, 2012",
  "sourceUrl": "https://www.imf.org/en/publications/fm/issues/2016/12/31/taking-stock-a-progress-report-on-fiscal-adjustment-taking-stock",
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  "summary": "With growth weakening in many parts of the world and downside risks on the rise, fiscal consolidation remains challenging. However, considerable progress has been made in strengthening fiscal accounts following their sharp deterioration in 2008-09.",
  "sections": [
    {
      "heading": "Overview and context",
      "content": "- Publication date: October 8, 2012\n- Pages: 114\n- Volume: 2012; Issue: 002; Series: Fiscal Monitor No. 2012/002; Stock No: FMOEA2012002\n- DOI: https://doi.org/10.5089/9781616353919.089\n- ISBN: 9781616353919\n- ISSN: 2219-276X\n- Core focus: taking stock of progress in fiscal consolidation since the 2008–09 deterioration in fiscal accounts, with emphasis on size, composition, and implications for employment and social equity."
    },
    {
      "heading": "Major findings",
      "content": "- General assessment:\n  - With growth weakening in many parts of the world and downside risks on the rise, fiscal consolidation remains challenging.\n  - Considerable progress has been made in strengthening fiscal accounts following their sharp deterioration in 2008-09.\n- Deficits and debt:\n  - Most countries—and especially advanced economies—have made significant headway in rolling back fiscal deficits.\n  - Efforts at controlling debt stocks are taking longer to yield results.\n- Composition of consolidation:\n  - The mix of revenue and expenditure policies employed by countries with sizable fiscal consolidation needs has differed across country groups.\n  - Advanced economies in general have relied more on spending retrenchment than emerging markets and low-income countries.\n- Distributional and labor-market implications:\n  - Both spending and revenue measures have important implications for employment and social equity.\n  - These implications need to be taken into account for large consolidation efforts to be sustainable."
    },
    {
      "heading": "Policy implications and recommendations",
      "content": "- Incorporate employment and social equity considerations into consolidation design to enhance sustainability.\n- Balance the mix of revenue and expenditure measures recognizing differing country circumstances (advanced economies vs. emerging markets and low-income countries).\n- Continue monitoring debt trajectories given that reductions in deficits do not automatically translate into immediate declines in debt stocks."
    },
    {
      "heading": "Thematic tags (as listed in the source)",
      "content": "- Subjects: Fiscal consolidation, Fiscal policy, Fiscal stance, Income inequality, Macroeconomic and fiscal forecasts, National accounts, Public debt, Public financial management (PFM)\n- Keywords: Africa, Asia and Pacific, asset swap, budgetary objective, country abbreviation, def, East Africa, Europe, Fiscal consolidation, Fiscal stance, FM, government finance statistics manual, Income inequality, interest rate, Macroeconomic and fiscal forecasts, Middle East, North Africa, potential GDP, term\n\nSource: Fiscal Monitor, October 2012: Taking Stock: A Progress Report on Fiscal Adjustment, International Monetary Fund, October 8, 2012.\n\n---\n\n Content in this bundle\n\n- Fiscal Monitor: Taking Stock - A Progress Report on Fiscal Adjustment; October 2012\n  - Fiscal Monitor: Taking Stock - A Progress Report on Fiscal Adjustment; October 2012 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Fiscal Monitor: Taking Stock - A Progress Report on Fiscal Adjustment; October 2012 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\n References\n\n- https://www.imf.org/en/publications/fm\n- United States and the IMF\n- Link to Table of Contents\n- Explore\n- Subscribe\n- More Formats on IMF eLibrary\n- Order a Print Copy\n- Fiscal consolidation\n- Fiscal policy\n- Fiscal stance\n- Income inequality\n- Macroeconomic and fiscal forecasts\n- National accounts\n- Public debt\n- Public financial management (PFM)\n- Enhancing Tax Capacity: Revenue Gains from Strengthening Tax Administration\nOctober 24, 2025\n- Development Committee: The Managing Director's Written Statement\nOctober 20, 2025\n- The Managing Director's Global Policy Agenda, Fall 2025: Navigating a World In Transition\nOctober 16, 2025\n- Progress Report to the IMFC on the Activities of the Independent Evaluation Office of the IMF\nOctober 16, 2025\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/publications/fm/issues/2016/12/31/taking-stock-a-progress-report-on-fiscal-adjustment-taking-stock"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/fm/issues/2016/12/31/taking-stock-a-progress-report-on-fiscal-adjustment-taking-stock/index.md)",
    "[Structured JSON version](/en/publications/fm/issues/2016/12/31/taking-stock-a-progress-report-on-fiscal-adjustment-taking-stock/index.json)",
    "[Bundle manifest](/en/publications/fm/issues/2016/12/31/taking-stock-a-progress-report-on-fiscal-adjustment-taking-stock/bundle-manifest.json)",
    "Published: October 8, 2012",
    "Series: Fiscal Monitor",
    "DOI: https://doi.org/10.5089/9781616353919.089",
    "Publication date: October 8, 2012",
    "Pages: 114",
    "Volume: 2012; Issue: 002; Series: Fiscal Monitor No. 2012/002; Stock No: FMOEA2012002",
    "DOI: https://doi.org/10.5089/9781616353919.089",
    "ISBN: 9781616353919",
    "ISSN: 2219-276X",
    "Core focus: taking stock of progress in fiscal consolidation since the 2008–09 deterioration in fiscal accounts, with emphasis on size, composition, and implications for employment and social equity.",
    "General assessment:",
    "Deficits and debt:",
    "Composition of consolidation:",
    "Distributional and labor-market implications:",
    "Incorporate employment and social equity considerations into consolidation design to enhance sustainability.",
    "Balance the mix of revenue and expenditure measures recognizing differing country circumstances (advanced economies vs. emerging markets and low-income countries).",
    "Continue monitoring debt trajectories given that reductions in deficits do not automatically translate into immediate declines in debt stocks.",
    "Subjects: Fiscal consolidation, Fiscal policy, Fiscal stance, Income inequality, Macroeconomic and fiscal forecasts, National accounts, Public debt, Public financial management (PFM)",
    "Keywords: Africa, Asia and Pacific, asset swap, budgetary objective, country abbreviation, def, East Africa, Europe, Fiscal consolidation, Fiscal stance, FM, government finance statistics manual, Income inequality, interest rate, Macroeconomic and fiscal forecasts, Middle East, North Africa, potential GDP, term",
    "**Fiscal Monitor: Taking Stock - A Progress Report on Fiscal Adjustment; October 2012**",
    "[https://www.imf.org/en/publications/fm](https://www.imf.org/en/publications/fm)",
    "[United States and the IMF](http://www.imf.org/external/country/USA/index.htm)",
    "[Link to Table of Contents](http://www.imf.org/external/pubs/ft/fm/2012/02/fmindex.htm)",
    "[Explore](https://www.elibrary.imf.org/)",
    "[Subscribe](https://www.imf.org/en/Publications/Newsletter/registration)",
    "[More Formats on IMF eLibrary](https://elibrary.imf.org/display/book/9781616353919/9781616353919.xml?cid=lk-com-dsp-imf.org)",
    "[Order a Print Copy](https://www.bookstore.imf.org/cart?isbn=9781616353919)",
    "[Fiscal consolidation](https://www.imf.org/en/publications/publications-by-subject?subject=Fiscal+consolidation)",
    "[Fiscal policy](https://www.imf.org/en/publications/publications-by-subject?subject=Fiscal+policy)",
    "[Fiscal stance](https://www.imf.org/en/publications/publications-by-subject?subject=Fiscal+stance)",
    "[Income inequality](https://www.imf.org/en/publications/publications-by-subject?subject=Income+inequality)",
    "[Macroeconomic and fiscal forecasts](https://www.imf.org/en/publications/publications-by-subject?subject=Macroeconomic+and+fiscal+forecasts)",
    "[National accounts](https://www.imf.org/en/publications/publications-by-subject?subject=National+accounts)",
    "[Public debt](https://www.imf.org/en/publications/publications-by-subject?subject=Public+debt)",
    "[Public financial management (PFM)](https://www.imf.org/en/publications/publications-by-subject?subject=Public+financial+management+%28PFM%29)",
    "[Enhancing Tax Capacity: Revenue Gains from Strengthening Tax Administration",
    "[Development Committee: The Managing Director's Written Statement",
    "[The Managing Director's Global Policy Agenda, Fall 2025: Navigating a World In Transition",
    "[Progress Report to the IMFC on the Activities of the Independent Evaluation Office of the IMF"
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