GDP per capita in Lithuania rose from one third to two thirds of the OECD average level between 1995 and 2014, despite internal and external crises. Productivity catch-up was critical to this process, although the level of labour productivity also remains around one-third below the OECD average.

Across the OECD, GDP per capita is converging. In contrast, regional disparities – or differences in GDP per capita across jurisdictions – are rising, mainly as a result of widening productivity differences. Fiscal decentralisation could help reduce them again. According to new OECD research, assigning more ownsource revenue to sub-national governments dampens regional GDP disparities and underpins regional convergence.

Using fiscal levers to escape the low-growth trap

Expansionary fiscal initiatives and maintaining trade openness are needed to push the global economy out of today’s low-growth trap, according to the OECD’s latest Global Economic Outlook.

Estonian growth is picking up again strongly in 2017 and the level of activity has finally surpassed its pre-crisis level, almost 10 years after the outset of the financial crisis. However, poverty remains among the highest in the OECD.

With gross government debt of 219% of GDP in 2016, Japan’s fiscal situation is in uncharted territory and puts the economy at risk.

The paper describes the fiscal framework used in long-term economic scenarios, with some emphasis on revisions made since the 2013 vintage of the long-term model.

The personal tax system has a large influence on incentives to work, save and invest and hence growth. At the same time it is a key policy lever for income redistribution.

Costa Rica has made impressive economic and social progress in recent years, with robust economic growth facilitating near-universal access to education, health care and pensions.

Markets and commentators are speculating that there may be a sustained pick-up in inflation in the United States, after years of subdued price pressures. Along with continued solid US jobs growth and low unemployment, there are tentative signs of higher wage growth and the fiscal stimulus will also boost short-term growth. Global growth is also getting stronger.

Consecutive years of primary deficits have led to mounting public debt of almost 50% of GDP, one of the fastest increases in Latin America over the last decade.

The euro area sovereign debt crisis has exposed important flaws in the design of the Economic and Monetary Union, especially when it comes to dealing with macroeconomic shocks.

Europe is putting in place a new system of fiscal rules following the euro area sovereign debt crisis and decades of rising government to debt-to-GDP ratios. These include the so-called "six pack" to upgrade the Stability and Growth Pact to a new Treaty incorporating the "fiscal compact".

In many OECD countries debt has soared to levels threatening fiscal sustainability, necessitating its reduction over the medium to longer term. This paper uses stylised simulations in a small, calibrated macroeconomic model which features endogenous interactions between fiscal policy, growth and financial markets.

In several OECD countries, ongoing fiscal consolidation might have a negative impact on the static income distribution. However, this conclusion should be treated only as an approximate first step in the analysis.

The challenge for fiscal policy in Slovakia is to achieve fiscal consolidation in a way which supports the fragile recovery and protects spending on areas which are important for re-embarking on a trajectory of high trend growth and underpinning a catch-up in living standards.

This book deals with two issues. The first concerns the various measurement of fiscal decentralization in general and their usefulness for policy analysis. The second and more specific issue concerns the taxonomy of intergovernmental grants and the limits of the current classifications.

With gross government debt surpassing 200% of GDP, Japan’s fiscal situation is in uncharted territory. In addition to robust nominal GDP growth, correcting two decades of budget deficits requires a large and sustained fiscal consolidation based on a detailed and credible multi-year plan that includes measures to control spending and raise revenue.

Intergovernmental fiscal frameworks usually reflect fundamental societal choices and history and are not foremost geared towards achieving economic policy objectives. Yet, like most institutional arrangements, fiscal relations affect the behaviour of firms, households and governments and thereby economic activity.

Italy’s policy of fiscal consolidation and growth-friendly structural reforms has substantially improved its economic prospects, but the adverse sentiment that the country has faced in the sovereign bond market over the past years has deep roots.

This study proposes a structured approach to selecting instruments of fiscal consolidation that are consistent with growth, equity and global-rebalancing objectives, which is then illustrated with a particular application.

This paper provides an overview of fiscal consolidation efforts at the central and sub-central government level, both during the current and past consolidation episodes.

Fiscal rules that constrain sub-central government (SCG) budgeting are very common across the OECD, but there are substantial cross-country differences in their implementation and impact. This paper presents the 2011 update of the fiscal rules database established in 2005.

This paper provides empirical analysis that measures the cyclical properties of intergovernmental transfers (or grants). Modelling a fiscal policy reaction function this paper tests whether the transfers systems in OECD countries are pro- or counter-cyclical, i.e. whether they offset cyclical fluctuations of sub-central economies or, on the contrary, exacerbate them.

This paper develops a simple model-based framework for stress testing fiscal consolidation strategies under different scenarios of future shocks

Mexico has achieved a high degree of decentralisation in public services, but the Mexican fiscal federal system has important shortcomings. States and municipalities have become heavily dependent on federal transfers to finance a growing share of public spending.

Despite sustained efforts made in recent years to rein in budget deficits, a majority of OECD countries still face substantial fiscal consolidation needs. The choices made about which spending areas to curtail and which taxes to hike will have implications for near-term activity and long-term growth as well as for equity and the current account.

The recent crisis has revealed large differences in external competitiveness between euro area member countries. Since nominal exchange rate devaluation is not an option for members of a currency area, governments in troubled member countries have been considering so-called fiscal devaluation, i.e. a shift from employers’ social security contribution to value added tax, as an alternative means to restore competitiveness.

In many OECD countries, government debt reached levels over recent years that call for reduction over the medium to longer term to ensure public finance sustainability. This paper investigates the international transmission of fiscal consolidation shocks via trade flows.

Colombia has engaged in a sustained process of fiscal decentralisation over the past decades. Evidence is presented that the current framework is conducive to fiscal sustainability, especially after the reforms in the late 1990s and early 2000s.

Governments should set prudent debt targets to ensure that public finances serve to promote economic growth and stability, according to new OECD research.

The objective of this paper is to define long-run prudent debt targets for OECD countries and country-specific fiscal rules. To this end, a semi-structural macroeconomic model for OECD countries and primary balance reaction functions are estimated.

Fiscal constitutions comprise the set of rules and frameworks guiding fiscal policy that are enshrined in a country’s fundamental laws.

With gross government debt of 226% of GDP, Japan’s fiscal situation is in uncharted territory and puts the economy at risk. Japan needs a detailed and credible fiscal consolidation plan, including specific revenue increases and measures to control spending to restore its fiscal sustainability.

This paper re-estimates the elasticities of government revenue and expenditure items with respect to the output gap for OECD countries. These elasticities are used by the OECD to calculate cyclically adjusted fiscal balances. The study updates the earlier 2005 study using the most recent datasets and tax codes, the coverage being confined in this paper to 35 countries, the 34 OECD member states and Latvia.

Across the OECD, GDP per capita is converging. In contrast, regional disparities – or differences in GDP per capita across jurisdictions – are rising, mainly as a result of widening productivity differences. Fiscal decentralisation could help reduce them again. According to new OECD research, assigning more ownsource revenue to sub-national governments dampens regional GDP disparities and underpins regional convergence.

Fiscal decentralisation can lead to a more efficient provision of local public goods and services and promote a better match between policies and citizens’ preferences.

This paper investigates the relationship between fiscal decentralisation and economy-wide disposable income inequality.

Using fiscal levers to escape the low-growth trap

The role of fiscal policy has been at the heart of the policy debate since the financial crisis. With the global economy stuck in a low-growth trap and monetary policy overburdened, it is time to re-assess the use of fiscal policy levers.

To what extent can public deficits increase without putting fiscal sustainability at risk, given the specific current macroeconomic situation of protracted low growth and low interest rates, combined with relatively high government debt levels?

For the last five years the global economy has been in a low-growth trap, with growth disappointingly low and stuck at around 3 per cent per year. Persistent growth shortfalls have weighed on future output expectations and thereby reduced current spending and potential output gains.

Independent fiscal institutions (IFIs) serve to promote sound fiscal policy and sustainable public finances. This report outlines good practices for their effective design and operation.

Imports from Madagascar in Germany decreased to 12344 EUR THO in February from 26809 EUR THO in January of 2020. Imports from Madagascar in Germany averaged 9545.06 EUR THO from 2000 until 2020, reaching an all time high of 34289 EUR THO in December of 2016 and a record low of 1526 EUR THO in May of 2006. This page includes a chart with historical data for Germany Imports from Madagascar.

IP Addresses in Madagascar increased to 34386 IP in the first quarter of 2017 from 31727 IP in the fourth quarter of 2016. IP Addresses in Madagascar averaged 18002.21 IP from 2007 until 2017, reaching an all time high of 34386 IP in the first quarter of 2017 and a record low of 3167 IP in the third quarter of 2007. This page includes a chart with historical data for MadagascarIP Addresses.

Temperature in Madagascar increased to 20.40 celsius in August from 19.53 celsius in July of 2013. Temperature in Madagascar averaged 22.75 celsius from 1787 until 2013, reaching an all time high of 26.67 celsius in January of 1998 and a record low of 18.19 celsius in July of 1907. This page includes a chart with historical data for Madagascar Temperature.

Wages High Skilled in Madagascar increased to 829600 MGA/Month in 2018 from 826100 MGA/Month in 2017. Wages High Skilled in Madagascar averaged 794900 MGA/Month from 2015 until 2018, reaching an all time high of 829600 MGA/Month in 2018 and a record low of 735300 MGA/Month in 2015. High Skilled Wages refer to highest estimate of wage of workers doing high-skilled jobs, calculated from sample of wages collected by WageIndicator surveys.

Military Expenditure in Madagascar increased to 72.90 USD Million in 2018 from 66.90 USD Million in 2017. Military Expenditure in Madagascar averaged 76.32 USD Million from 1964 until 2018, reaching an all time high of 133 USD Million in 1979 and a record low of 42.80 USD Million in 1964.

Madagascar recorded a Current Account deficit of 2 percent of the country's Gross Domestic Product in 2018. Current Account to GDP in Madagascar averaged -6.96 percent from 1974 until 2018, reaching an all time high of 0.60 percent in 2016 and a record low of -21.10 percent in 2009. The Current account balance as a percent of GDP provides an indication on the level of international competitiveness of a country. Usually, countries recording a strong current account surplus have an economy heavily dependent on exports revenues, with high savings ratings but weak domestic demand. On the other hand, countries recording a current account deficit have strong imports, a low saving rates and high personal consumption rates as a percentage of disposable incomes. This page provides - Madagascar Current Account to GDP - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Madagascar recorded a Current Account deficit of 42.50 DTS Million in the third quarter of 2019. Current Account in Madagascar averaged -163.42 DTS Million from 1974 until 2019, reaching an all time high of 169.10 DTS Million in the fourth quarter of 2016 and a record low of -572.90 DTS Million in the fourth quarter of 2007. Current Account is the sum of the balance of trade (exports minus imports of goods and services), net factor income (such as interest and dividends) and net transfer payments (such as foreign aid). This page provides the latest reported value for - Madagascar Current Account - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.