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Central Government has authorized (approved and implemented) spending programs linked to the RRTP amounting to 43.7 billion euros, 83% of what was planned for 2021 and 2022. Of these, Central Government would have granted and awarded investment programs for more than 11.6 billion euros.

Sound budget execution data lead to an improvement in the public deficit forecast to 4.2% of GDP in 2022 and 4.4% in 2023. The reduction of the imbalance will be limited by announced or prolonged measures, by the impact of inflation on spending and by the effect that the slowdown may have

Chinese economy has experienced a bumpy recovery after the Shanghai lockdown was lifted. We lowered our 2022 prediction from 4.5% to 3.6%.

Sound budget execution data introduce positive biases on the deficit forecast in 2022, while the slowdown in activity in 2023 will dampen the cyclical recovery of the government balance. Deficit projections are revised to 5.5% of GDP in 2022 an…

The findings of this document seem to confirm that fiscal policy in Mexico has been procyclical in the period spanning from 1993 to 2019.

In 2022 the activity in Uruguay will grow 4.7%, with an important statistical contribution that leaves the 4T21 and the contribution of investment, external demand and consumption to a lesser extent. The conflict in Europe has a moderate net positive impact through the rise in commodity prices for now.

The European Central Bank (ECB) is preparing to raise interest rates in a bid to control inflation without triggering a recession. But can it control the consequences of its actions as we move forward?

2021 closed with a deficit of 6.8% of GDP, the same as estimated three months ago. The invasion of Ukraine and measures to mitigate the rise in energy prices slow down the adjustment, and the deficit is expected to fall to 6.0% in 2022. In 2023…

The Recovery, Transformation and Resilience Plan is a unique opportunity to undertake the investments and reforms needed to transform the Spanish economy. It will mobilize more than €69 billion until 2026, financed by transfers from the NextG…

Over the past two years, our lives have been constrained by the outbreak of a virus that caused one of the biggest health crises in recent decades. The challenge of facing this unprecedented situation has left its mark on everyone, as well as s…

We analyze the proactive fiscal policy of China in 2022, investigated government debt sustainability amid growth slowdown and make policy suggestions of financing fiscal deficits.

The NextGenerationEU program should never have been perceived—or explained as—some sort of countercyclical fiscal policy. It is in fact an opportunity to take a first step toward a genuine transformation of the Spanish economy.