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The State of Public Finances 2015

Strategies for Budgetary Consolidation and Reform in OECD Countries

image of The State of Public Finances 2015

For most countries in the OECD, 2015 is the seventh or eighth year of dealing with the budgetary consequences of the economic and financial crisis. These years have been marked by challenges of fiscal retrenchment of a scale and nature unprecedented in modern times. Previous OECD publications have tracked the fiscal policy responses adopted by OECD governments during the early years of the crisis (2007-2012). This book takes stock of how these responses have evolved and in recent years, up to 2014/15. Two points are apparent from the outset: the response to the crisis has had repercussions for virtually every aspect of budgetary governance; and there are clear lessons for governments about the conduct of fiscal policy – including in its institutional aspects – that should inform future decisions and the agenda of budgetary reform.

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Mexico

Mexico’s economic recovery is strengthening, led by US import demand for manufactures and a weaker currency. Real GDP is projected to grow by 2.9% in 2015 and 3.5% in 2016. Firming exports have finally allowed the rebound to gain speed, and investment has begun to regain lost ground. Notwithstanding lower oil prices, new tenders are attracting considerable interest in the wake of the recent energy-sector reforms. Wide-ranging reforms to competition, energy and market regulation have helped boost confidence while monetary policy has been supportive.

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