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Fiscal policy

Fiscal policy latest publications

July 29, 2020

Spain | Fiscal Watch 3Q20

The public deficit deterioration will be greater than expected three months ago. In an unprecedented crisis, the sustainability of public debt could be compromised.

June 2, 2020

Europe | Recovery Fund: Crisis as an Opportunity

The draft for the European fiscal stimulus laid out last week by the European Commission—which builds on the recent Franco-German proposal to establish a Recovery Fund—has two interpretations and both are positive.

May 22, 2020

The US and Europe: Economic Policies in the Face of the Crisis

The economic crisis that has accompanied the COVID-19 is markedly different from others that have come before. This has made it difficult to make forecasts, with at least three sources of uncertainty: how much activity is falling, how will economic agents react and how efficient will economic policies be implemented.

May 8, 2020

Spain | Fiscal Watch 2Q20

The outbreak of the COVID-19 pandemic and the containment measures will have an extraordinary impact on public accounts. The deficit and the public debt will be at their highest levels in the last decade.

April 27, 2020

The challenges for the Spanish economy in overcoming COVID-19

The recession in 2020 is inevitable. It is highly likely that Spain's GDP will fall by between 6 and 10% in 2020. And a rebound in 2021 will not be sufficient to recover the losses that have occurred during the crisis. To add to an already bleak outlook, risks are on the downside.

April 3, 2020

Mexico | Gloomy outlook for public finances in 2020 and 2021

The 2021 Pre-Criteria guidelines for economic policy emphasizes the need to keep fiscal discipline; we think this should be done from a structural perspective to make it possible to boost public spending alongside a credible fiscal reform proposal that increases tax revenue and comes into effect after the sanitary emergency

March 27, 2020

The Macroeconomic Impact of Coronavirus and Stabilization Policies in Spain

In this Economic Watch we present different growth scenarios for the Spanish economy in 2020 under diverse assumptions and hypotheses, and evaluate the potential effects of the economic policy measures recently adopted by the Spanish government to mitigate the economic consequences of COVID-19.

March 16, 2020

China | Negative Jan-Feb economic activity outturns point to a historical low growth in Q1

A batch of record-low negative January-February indicators announced today pointed to a significant slowdown in economic activities in Q1 amid the outbreak of COVID-19 in China.