Portugal - Solid Foundations for a Sustainable Fiscal Consolidation:
Owing to slow growth and a relatively weak fiscal position, Portugal's public debt had been rising for almost a decade when the global crisis struck, sharply increasing the deficit. The loss of confidence in Portuguese and other euro area sovereign bonds required international financial support...
Gespeichert in:
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2012
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| Schriftenreihe: | OECD Economics Department Working Papers
no.985 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | Owing to slow growth and a relatively weak fiscal position, Portugal's public debt had been rising for almost a decade when the global crisis struck, sharply increasing the deficit. The loss of confidence in Portuguese and other euro area sovereign bonds required international financial support. Weak fiscal performance reflects a wide range of fiscal structural problems resulting in poor control of expenditure. At both the central and local levels, this was compounded by the non-transparent accumulation of payment arrears, future spending obligations via Public-Private Partnerships (PPPs) and off-balance sheet debt in state-owned enterprises (SOEs). In line with the EU-IMF programme, the government is steadfastly implementing an ambitious front-loaded consolidation plan underpinned by a wide range of structural reforms. In a context of weak private sector demand, the government's ability to regain control over public debt dynamics depends crucially on avoiding spending overruns. This will require reinforcing the fiscal framework to improve expenditure control, tackling payment arrears and avoiding further negative surprises from loss-making SOEs, PPPs and local governments. The success of the programme will also require maintaining social consensus around it, notably through continuous attention to its implications for the poorest. If growth is far lower than projected in the programme, the automatic stabilisers could be allowed to operate at least partially to reduce the risks of a deeper recession and higher unemployment. This Working Paper relates to the 2012 OECD Economic Survey of Portugal (www.oecd.org/eco/surveys/portugal). |
| Beschreibung: | 1 Online-Ressource (40 p.) 21 x 29.7cm. |
| DOI: | 10.1787/5k92smwbrfs1-en |
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| 520 | |a Owing to slow growth and a relatively weak fiscal position, Portugal's public debt had been rising for almost a decade when the global crisis struck, sharply increasing the deficit. The loss of confidence in Portuguese and other euro area sovereign bonds required international financial support. Weak fiscal performance reflects a wide range of fiscal structural problems resulting in poor control of expenditure. At both the central and local levels, this was compounded by the non-transparent accumulation of payment arrears, future spending obligations via Public-Private Partnerships (PPPs) and off-balance sheet debt in state-owned enterprises (SOEs). In line with the EU-IMF programme, the government is steadfastly implementing an ambitious front-loaded consolidation plan underpinned by a wide range of structural reforms. In a context of weak private sector demand, the government's ability to regain control over public debt dynamics depends crucially on avoiding spending overruns. This will require reinforcing the fiscal framework to improve expenditure control, tackling payment arrears and avoiding further negative surprises from loss-making SOEs, PPPs and local governments. The success of the programme will also require maintaining social consensus around it, notably through continuous attention to its implications for the poorest. If growth is far lower than projected in the programme, the automatic stabilisers could be allowed to operate at least partially to reduce the risks of a deeper recession and higher unemployment. This Working Paper relates to the 2012 OECD Economic Survey of Portugal (www.oecd.org/eco/surveys/portugal). | ||
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| indexdate | 2024-11-26T14:55:56Z |
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| spelling | Haugh, David VerfasserIn aut Portugal - Solid Foundations for a Sustainable Fiscal Consolidation David, Haugh and Stéphane, Sorbe = Portugal: Mettre en place des bases solides pour un assainissement budgétaire durable / David, Haugh et Stéphane, Sorbe Portugal: Mettre en place des bases solides pour un assainissement budgétaire durable Paris OECD Publishing 2012 1 Online-Ressource (40 p.) 21 x 29.7cm. Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Economics Department Working Papers no.985 Owing to slow growth and a relatively weak fiscal position, Portugal's public debt had been rising for almost a decade when the global crisis struck, sharply increasing the deficit. The loss of confidence in Portuguese and other euro area sovereign bonds required international financial support. Weak fiscal performance reflects a wide range of fiscal structural problems resulting in poor control of expenditure. At both the central and local levels, this was compounded by the non-transparent accumulation of payment arrears, future spending obligations via Public-Private Partnerships (PPPs) and off-balance sheet debt in state-owned enterprises (SOEs). In line with the EU-IMF programme, the government is steadfastly implementing an ambitious front-loaded consolidation plan underpinned by a wide range of structural reforms. In a context of weak private sector demand, the government's ability to regain control over public debt dynamics depends crucially on avoiding spending overruns. This will require reinforcing the fiscal framework to improve expenditure control, tackling payment arrears and avoiding further negative surprises from loss-making SOEs, PPPs and local governments. The success of the programme will also require maintaining social consensus around it, notably through continuous attention to its implications for the poorest. If growth is far lower than projected in the programme, the automatic stabilisers could be allowed to operate at least partially to reduce the risks of a deeper recession and higher unemployment. This Working Paper relates to the 2012 OECD Economic Survey of Portugal (www.oecd.org/eco/surveys/portugal). Economics Portugal Sorbe, Stéphane MitwirkendeR ctb FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/5k92smwbrfs1-en Volltext |
| spellingShingle | Haugh, David Portugal - Solid Foundations for a Sustainable Fiscal Consolidation Economics Portugal |
| title | Portugal - Solid Foundations for a Sustainable Fiscal Consolidation |
| title_alt | Portugal: Mettre en place des bases solides pour un assainissement budgétaire durable |
| title_auth | Portugal - Solid Foundations for a Sustainable Fiscal Consolidation |
| title_exact_search | Portugal - Solid Foundations for a Sustainable Fiscal Consolidation |
| title_full | Portugal - Solid Foundations for a Sustainable Fiscal Consolidation David, Haugh and Stéphane, Sorbe = Portugal: Mettre en place des bases solides pour un assainissement budgétaire durable / David, Haugh et Stéphane, Sorbe |
| title_fullStr | Portugal - Solid Foundations for a Sustainable Fiscal Consolidation David, Haugh and Stéphane, Sorbe = Portugal: Mettre en place des bases solides pour un assainissement budgétaire durable / David, Haugh et Stéphane, Sorbe |
| title_full_unstemmed | Portugal - Solid Foundations for a Sustainable Fiscal Consolidation David, Haugh and Stéphane, Sorbe = Portugal: Mettre en place des bases solides pour un assainissement budgétaire durable / David, Haugh et Stéphane, Sorbe |
| title_short | Portugal - Solid Foundations for a Sustainable Fiscal Consolidation |
| title_sort | portugal solid foundations for a sustainable fiscal consolidation |
| topic | Economics Portugal |
| topic_facet | Economics Portugal |
| url | https://doi.org/10.1787/5k92smwbrfs1-en |
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