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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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Norway

Growth is projected to weaken in 2015 as the fall in oil prices dents petroleum sector activity and investment, with spillovers on the mainland economy. A gradual recovery in 2016 will be supported by firming business investment in non-oil activities and stronger external demand. The unemployment rate is expected to drift up to slightly above 4% and wage growth is set to moderate. Inflation will remain low given the economic slack.

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