The global expansion that has ensued since the financial and economic crisis of 2008 has peaked and global economic growth is projected to ease gradually over the next 24 months. OECD countries experienced sharp impacts on economic growth and on public finances following the crisis and have undertaken reforms to sure-up their economies. The recovery has been uneven over a period of years and the marks of the crisis are still evident: debt levels remain elevated, public investment has not fully recovered. In recent years, certain areas of public expenditure that were squeezed during the crisis, notably education and social protection, have been prioritised. A broad range of budgetary governance reforms have been progressed in the past three years, including fiscal rules, spending review and enhanced budget transparency as coutnries work to strengthen their management of fiscal policy.