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Public deficit latest publications

February 1, 2021

Spain | Public deficit, permanent or temporary?

The deficit the crisis has left in public accounts probably reached 11.5% of the GDP in 2020. Moreover, in the short term, the imbalance in public accounts may have to go back to historically high levels again in 2021 in order to sustain activity.

January 27, 2021

Spain | Fiscal watch 1Q21

The expenditure growth stabilization and the strength shown by taxes, lead to lower the deficit forecast for 2020 to 11.5% of GDP. The Recovery funds represent an opportunity to favor fiscal adjustment and resume the downward path of public debt.

November 6, 2020

Spain | Fiscal Watch 4T20

The 2020 deficit is revised to 13% due to the strength of tax collection. The fiscal policy of the coming years will be conditioned by the implementation of the Recovery Plan

October 28, 2020

Spain | Pension reform and COVID-19

Recently, the COVID-19 crisis has highlighted how the Spanish pension system's financial sustainability problems are worsening. The Ministry of Social Security is predicting a GDP deficit of 4.1% for 2020.

September 8, 2020

Mexico | Economic package 2021 based on relatively optimistic GDP and income assumptions

The economic package reinforces the signal of fiscal discipline by establishing a primary balance of 0% of GDP. It is positive that the federal government has proposed that goal instead of the deficit of 0.6% of GDP that it had suggested in Pre-Criteria for 2021.

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.

July 3, 2020

China | How to finance the fiscal stimulus package?

This report analyzes the ways to finance this round of fiscal stimulus package and responds to the recent debate of fiscal deficit monetization. The report also makes policy suggestions to maintain Chinese public debt level and financial stability in the long term.

July 1, 2020

Spain | The Spanish economy in the 21st century

Twenty years ago, the Spanish economy started its journey into the 21st century after joining the eurozone in 1999. Since then, Spain has faced two economic expansions and two intense crises of a very different nature, with important consequences for economic policy.