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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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Switzerland

The economy has weakened thus far in 2015, but growth is projected to rise gradually into 2016 as the recent large exchange rate appreciation is absorbed. Private consumption should hold firm on the back of rising real wages and very favourable financial conditions, but exports and business investment will suffer. Lower oil prices combined with the higher Swiss franc are bringing inflation back into negative territory.

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