{ "title": "Fiscal Policy in the Great Election Year", "publication": "Fiscal Monitor, April 2024", "sourceUrl": "https://www.imf.org/en/publications/fm/issues/2024/04/17/fiscal-monitor-april-2024", "canonical": "https://www.imf.org/en/publications/fm/issues/2024/04/17/fiscal-monitor-april-2024", "overlayPath": "/en/publications/fm/issues/2024/04/17/fiscal-monitor-april-2024/index.md", "summary": "Even as the global economic outlook is stabilizing, fiscal policy continues to struggle with legacies of high debt and deficits, while facing new challenges.", "publishDate": "2024-04-17", "sections": [ { "heading": "Overview", "content": "- Publication: Fiscal Monitor\n- Title: Fiscal Policy in the Great Election Year\n- Date: April 2024\n- Summary statement: Even as the global economic outlook is stabilizing, fiscal policy continues to struggle with legacies of high debt and deficits, while facing new challenges." }, { "heading": "Heightened fiscal risks and context", "content": "- Over 80 economies and economic areas are holding elections this year.\n- Public finances risks are acute in the context of:\n - legacies of high debt and deficits,\n - still-high interest rates,\n - slowing growth prospects.\n- Financing conditions remain challenging.\n- Spending pressures to address structural challenges are becoming more pressing." }, { "heading": "Key findings from Chapter 1", "content": "- The chapter highlights heightened risks to public finances given potential distortions from a record number of elections this year in the context of elevated public debt, still-high interest rates, and slowing growth prospects.\n- Decisive fiscal consolidation efforts are needed to safeguard sustainable finances, while protecting the most vulnerable." }, { "heading": "Innovation and technology diffusion (Chapter 2)", "content": "- Amid the recent rise in industrial policies focusing on innovation in specific sectors, the chapter presents a cost-effective mix of fiscal policies to:\n - promote innovation more broadly, including fundamental research, and\n - facilitate technology diffusion across countries and firms." }, { "heading": "Policy recommendations and priorities", "content": "- Countries should boost long-term growth with a well-designed fiscal policy mix to promote innovation more broadly, including fundamental research, and facilitate technology diffusion.\n- Durable fiscal consolidation efforts are needed to safeguard sustainable public finances and rebuild buffers.\n- Fiscal consolidation should be designed to protect the most vulnerable." }, { "heading": "Associated materials listed on the page", "content": "- Full Report\n- executive summary\n- Foreword\n- Fiscal Monitor Database\n- METHODOLOGICAL AND STATISTICAL APPENDIX\n- Chapter 1: Fiscal Policy in the Great Election Year\n- Blog by IMF staff\n- Online annex\n- Chapter 2: Expanding Frontiers: Fiscal Policies for Innovation and Technology Diffusion\n- Watch the video\n\nFiscal Monitor — Fiscal Policy in the Great Election Year (April 2024).\n\n---\n\n Content in this bundle\n\n- 2024aprfiscalmonitordatabase\n - 2024aprfiscalmonitordatabase (XLSX){rel=\"external\" type=\"application/vnd.openxmlformats-officedocument.spreadsheetml.sheet\"}\n- Chapter 1 — Fiscal Policy in the Great Election Year (ch1)\n - Chapter 1 — Fiscal Policy in the Great Election Year (ch1) (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Chapter 1 — Fiscal Policy in the Great Election Year (ch1) (PDF){rel=\"external\" type=\"application/pdf\"}\n- Ch1execsum\n - Ch1execsum (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Ch1execsum (PDF){rel=\"external\" type=\"application/pdf\"}\n- CHAPTER 1 Fiscal Policy in the Great Election Year — Online Annexes\n - CHAPTER 1 Fiscal Policy in the Great Election Year — Online Annexes (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - CHAPTER 1 Fiscal Policy in the Great Election Year — Online Annexes (PDF){rel=\"external\" type=\"application/pdf\"}\n- CHAPTER 2 ExpandIng FrontIErs: FIscal polIcIEs For InnovatIon and tEchnology dIFFusIon\n - CHAPTER 2 ExpandIng FrontIErs: FIscal polIcIEs For InnovatIon and tEchnology dIFFusIon (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - CHAPTER 2 ExpandIng FrontIErs: FIscal polIcIEs For InnovatIon and tEchnology dIFFusIon (PDF){rel=\"external\" type=\"application/pdf\"}\n- Ch2execsum\n - Ch2execsum (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Ch2execsum (PDF){rel=\"external\" type=\"application/pdf\"}\n- CHAPTER 2 — Online Annexes (ch2onlineannexes)\n - CHAPTER 2 — Online Annexes (ch2onlineannexes) (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - CHAPTER 2 — Online Annexes (ch2onlineannexes) (PDF){rel=\"external\" type=\"application/pdf\"}\n- Executive Summary\n - Executive Summary (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Executive Summary (PDF){rel=\"external\" type=\"application/pdf\"}\n- Foreword\n - Foreword (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Foreword (PDF){rel=\"external\" type=\"application/pdf\"}\n- msa\n - msa (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - msa (PDF){rel=\"external\" type=\"application/pdf\"}\n- Full Report\n - Full Report (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Full Report (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\n References\n\n- Previous Fiscal Monitor Reports\n- Blog by IMF staff\n- https://www.imf.org/en/Blogs/Articles/2024/04/10/industrial-policy-is-not-a-magic-cure-for-slow-growth\n- Watch the video\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/publications/fm/issues/2024/04/17/fiscal-monitor-april-2024" } ], "bullets": [ "[Markdown version](/en/publications/fm/issues/2024/04/17/fiscal-monitor-april-2024/index.md)", "[Structured JSON version](/en/publications/fm/issues/2024/04/17/fiscal-monitor-april-2024/index.json)", "[Bundle manifest](/en/publications/fm/issues/2024/04/17/fiscal-monitor-april-2024/bundle-manifest.json)", "Published: April 17, 2024", "Publication: Fiscal Monitor", "Title: Fiscal Policy in the Great Election Year", "Date: April 2024", "Summary statement: Even as the global economic outlook is stabilizing, fiscal policy continues to struggle with legacies of high debt and deficits, while facing new challenges.", "Over 80 economies and economic areas are holding elections this year.", "Public finances risks are acute in the context of:", "Financing conditions remain challenging.", "Spending pressures to address structural challenges are becoming more pressing.", "The chapter highlights heightened risks to public finances given potential distortions from a record number of elections this year in the context of elevated public debt, still-high interest rates, and slowing growth prospects.", "Decisive fiscal consolidation efforts are needed to safeguard sustainable finances, while protecting the most vulnerable.", "Amid the recent rise in industrial policies focusing on innovation in specific sectors, the chapter presents a cost-effective mix of fiscal policies to:", "Countries should boost long-term growth with a well-designed fiscal policy mix to promote innovation more broadly, including fundamental research, and facilitate technology diffusion.", "Durable fiscal consolidation efforts are needed to safeguard sustainable public finances and rebuild buffers.", "Fiscal consolidation should be designed to protect the most vulnerable.", "Full Report", "executive summary", "Foreword", "Fiscal Monitor Database", "METHODOLOGICAL AND STATISTICAL APPENDIX", "Chapter 1: Fiscal Policy in the Great Election Year", "Blog by IMF staff", "Online annex", "Chapter 2: Expanding Frontiers: Fiscal Policies for Innovation and Technology Diffusion", "Watch the video", "**2024aprfiscalmonitordatabase**", "**Chapter 1 — Fiscal Policy in the Great Election Year (ch1)**", "**Ch1execsum**", "**CHAPTER 1 Fiscal Policy in the Great Election Year — Online Annexes**", "**CHAPTER 2 ExpandIng FrontIErs: FIscal polIcIEs For InnovatIon and tEchnology dIFFusIon**", "**Ch2execsum**", "**CHAPTER 2 — Online Annexes (ch2onlineannexes)**", "**Executive Summary**", "**Foreword**", "**msa**", "**Full Report**", "[Previous Fiscal Monitor Reports](https://www.imf.org/en/publications/fm)", "[Blog by IMF staff](https://origin-blogs.imf.org/en/blogs/articles/2024/04/17/why-our-world-needs-fiscal-restraint-in-biggest-ever-election-year)", "[https://www.imf.org/en/Blogs/Articles/2024/04/10/industrial-policy-is-not-a-magic-cure-for-slow-growth](https://www.imf.org/en/Blogs/Articles/2024/04/10/industrial-policy-is-not-a-magic-cure-for-slow-growth)", "[Watch the video](https://www.imf.org/en/Videos/view?vid=6350629946112)", "[https://www.imf.org/en/home](https://www.imf.org/en/home)" ], "related": [ { "title": "2024aprfiscalmonitordatabase", "role": "dataset", "sourceUrl": 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