OECD/Global Economic Outlook/November 2016
The projections in this Economic Outlook offer the prospect that fiscal initiatives could catalyse private economic activity and push the global economy to the modestly higher growth rate of around 3½ per cent by 2018. Durable exit from the low-growth trap depends on policy choices beyond those of the monetary authorities – that is, of fiscal and structural, including trade policies – as well as on concerted and effective implementation. Collective fiscal action undertaken by all countries, including a more expansionary stance than planned in many countries in Europe, would support domestic and global growth even for those economies, who by virtue of specific circumstances, need to consolidate their fiscal positions or pursue a more neutral stance.
Relevant Posts
- Organisation for Economic Co-operation and Development, (2016), “Using the fiscal levers to escape the low-growth trap”, OECD Economics Department, 24 November
- Buti, Marco, Rodríguez Muñoz, Lucía, (2016), “Why we need a positive fiscal stance for the Eurozone and what it means”, VoxEu, 28 November