Fiscal Monitor, October 2013: Taxing Times

Fiscal Monitor, October 9, 2013

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Bibliographic details

• Published: October 9, 2013
• Series: Fiscal Monitor
• DOI: https://doi.org/10.5089/9781484357583.089

Global fiscal landscape

• Persistently high debt ratios in advanced economies and emerging fragilities in the developing world cast clouds on the global fiscal landscape.
• In advanced economies, with narrowing budget deficits, the average public debt ratio is expected to stabilize in 2013–14—but it will be at a historic peak.
• Fiscal vulnerabilities are on the rise in emerging market economies and low-income countries:
  • In emerging market economies, vulnerabilities reflect heightened financial volatility and downward revisions to potential growth.
  • In low-income countries, vulnerabilities reflect possible shortfalls in commodity prices and aid.
• Strengthening fiscal balances and buttressing confidence remain at the top of the policy agenda.

Scope for tax reform and revenue mobilization

• The issue explores whether and how tax reform can help strengthen public finances.
• Taxation is described as a sensitive topic and central to policy debates worldwide: "Can countries tax more, better, more fairly?"
• Key finding on capacity to raise revenue:
  • The scope to raise more revenue is limited in many advanced economies.
  • Where tax ratios are already high, the bulk of the necessary adjustment will have to fall on spending.
  • In emerging market economies and low-income countries, the potential for raising revenue is often substantial, but improving compliance remains a central challenge.

Subject areas and thematic focus

• Subjects highlighted: Expenditure, Fiscal policy, Fiscal stance, Income and capital gains taxes, Macroeconomic and fiscal forecasts, Personal income tax, Public debt, Public financial management (PFM), Revenue administration, Taxes.
• Keywords emphasize regional and topical coverage, including: Africa, Asia and Pacific, Caribbean, Europe, Middle East, North Africa, Sub-Saharan Africa, tax ratio, revenue gap, value-added tax, public health spending, short-term debt, spending increase, potential GDP, IMF staff estimate, FM, Global.

References

• https://www.imf.org/en/publications/fm
• United States and the IMF
• Explore
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• Expenditure
• Fiscal policy
• Fiscal stance
• Income and capital gains taxes
• Macroeconomic and fiscal forecasts
• Personal income tax
• Public debt
• Public financial management (PFM)
• Revenue administration
• Taxes
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• [Development Committee: The Managing Director's Written Statement

October 20, 2025](https://www.imf.org/en/publications/policy-papers/issues/2025/10/20/development-committee-the-managing-director-s-written-statement-571316)

• [The Managing Director's Global Policy Agenda, Fall 2025: Navigating a World In Transition

October 16, 2025](https://www.imf.org/en/publications/policy-papers/issues/2025/10/14/the-managing-director-s-global-policy-agenda-fall-2025-navigating-a-world-in-transition-570971)

• [Progress Report to the IMFC on the Activities of the Independent Evaluation Office of the IMF

October 16, 2025](https://www.imf.org/en/publications/policy-papers/issues/2025/10/16/progress-report-to-the-imfc-on-the-activities-of-the-independent-evaluation-office-of-the-571242)