The Resource Portugal - Solid Foundations for a Sustainable Fiscal Consolidation, David Haugh and Stéphane Sorbe, (electronic resource)

Portugal - Solid Foundations for a Sustainable Fiscal Consolidation, David Haugh and Stéphane Sorbe, (electronic resource)

Label
Portugal - Solid Foundations for a Sustainable Fiscal Consolidation
Title
Portugal - Solid Foundations for a Sustainable Fiscal Consolidation
Statement of responsibility
David Haugh and Stéphane Sorbe
Creator
Contributor
Subject
Language
eng
Summary
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)
Member of
Cataloging source
FR-PaOEC
http://library.link/vocab/creatorName
Haugh, David
Government publication
international or intergovernmental publication
Index
no index present
Literary form
non fiction
Nature of contents
dictionaries
http://library.link/vocab/relatedWorkOrContributorName
Sorbe, Stéphane
Series statement
OECD Economics Department Working Papers,
Series volume
no.985
http://library.link/vocab/subjectName
  • Economics
  • Portugal
  • Economics
  • Portugal
Label
Portugal - Solid Foundations for a Sustainable Fiscal Consolidation, David Haugh and Stéphane Sorbe, (electronic resource)
Instantiates
Publication
Antecedent source
not applicable
Carrier category
online resource
Carrier category code
  • cr
Carrier MARC source
rdacarrier
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Control code
815654824
Dimensions
21 x 30 cm
Extent
1 online resource 41 pages
File format
one file format
Form of item
online
Media category
computer
Media MARC source
rdamedia
Media type code
  • c
Other control number
10.1787/5k92smwbrfs1-en
Specific material designation
remote
System control number
(OCoLC)815654824
Label
Portugal - Solid Foundations for a Sustainable Fiscal Consolidation, David Haugh and Stéphane Sorbe, (electronic resource)
Publication
Antecedent source
not applicable
Carrier category
online resource
Carrier category code
  • cr
Carrier MARC source
rdacarrier
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Control code
815654824
Dimensions
21 x 30 cm
Extent
1 online resource 41 pages
File format
one file format
Form of item
online
Media category
computer
Media MARC source
rdamedia
Media type code
  • c
Other control number
10.1787/5k92smwbrfs1-en
Specific material designation
remote
System control number
(OCoLC)815654824

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