Fiscal policy

Fiscal policy latest publications

June 1, 2022

Uruguay Economic Outlook 2022

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.

May 23, 2022

Spain | Unexpected consequences

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?

April 22, 2022

Spain | Fiscal Watch 2Q22

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 deficit would fall to 4.6% of GDP.

March 16, 2022

Spain | Recovery, Transformation and Resilience Plan (RRTP): implementation in 2021

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 NextGenerationEU's Recovery and Resilience Mechanism (RRM).

February 25, 2022

Spain | COVID-19 scars in regional government accounts

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 scars in government finance.

February 15, 2022

China | Is China’s expansionary fiscal policy sustainable?

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.

February 3, 2022

Spain | NGEU: Turning a delay into an opportunity

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.

February 2, 2022

Argentina Economic Outlook. First quarter 2022

3Q21 GDP was better than expected and reached pre-COVID-19 levels. We modified our GDP growth forecast for 2021 from 7.5% to 10%. We expect a weak activity performance in 2022 (+3.5%). The recent announcement of an understanding with the IMF lowers the likelihood of more adverse risk scenarios.