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2007 OECD Economic Outlook, Volume 2007 Issue 1

image of OECD Economic Outlook, Volume 2007 Issue 1
This issue of OECD's twice-yearly OECD Economic Outlook provides analysis of recent economic developments and economic projections for OECD and major non-OECD countries through the end of 2008. Its comprehensive statistical annex is a useful reference tool for international economic comparisons. Two special reports are included: one covers the effects of globalisation and how to maximise its benefits and minimise its adjustment costs. The second covers fiscal consolidation.

English French, German

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Fiscal Consolidation

Lessons from Past Experience

Fiscal consolidation is required in most OECD countries. This is especially so in view of medium and long-term spending pressures on public finances related, inter alia, to ageing. Countries that are successful in consolidating will then face the challenge of locking in the gains achieved. Against that background, this chapter presents evidence on the factors that in the past were associated with successful consolidation and with the preservation of those gains.

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