The Decade of Adjustment: A Review of Austerity Trends 2010-2020 in 187 Countries
ESS Working Paper No. 53
75 Pages Posted: 4 Nov 2015
Date Written: October 8, 2015
This paper: (i) examines the latest IMF government spending projections for 187 countries between 2005 and 2020; (ii) reviews 616 IMF country reports in 183 countries to identify the main adjustment measures considered by governments in both high-income and developing countries; (iii) applies the United Nations Global Policy Model to simulate the impact of expenditure consolidation on economic growth and employment; (iv) discusses how austerity threatens welfare and social progress; and (v) calls for urgent action by governments to adopt alternative and equitable policies for socio-economic recovery.
Keywords: public expenditure, fiscal consolidation, austerity, adjustment measures, impacts, wage bill, subsidies, pension reforms, labour flexibilization, rationalization of social protection, consumption taxes, privatization, crisis recovery
JEL Classification: H5, H12, O23, H5, I3, J3
Suggested Citation: Suggested Citation