Economic package reinforces signals of fiscal discipline by establishing a primary surplus target at a weak period of the business cycle.Consequently, it is positive that the federal government has proposed a primary surplus of 0.7% of GDP instead of the 1.3% that it had suggested in Pre-Criteria of economic policy for 2020
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Considering the current circumstances of almost zero economic growth, there is no need to aim for a primary surplus similar to the one planned for this year (1% of GDP) in 2020. If properly reported, a smaller primary surplus may be welcomed by the markets.
The stabilization of public debt as a share of GDP is one of the goals that the incoming federal public administration has set out to reach. Keeping the historical balance of PSBR stable around 46.5% of GDP in 2019, ceteris paribus, will be pos…