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

See all articles by Isabel Ortiz

Isabel Ortiz

United Nations - International Labour Organization (ILO); Initiative for Policy Dialogue

Matthew Cummins

UNICEF

Jeronim Capaldo

International Labour Office

Kalaivani Karunanethy

Independent

Date Written: October 8, 2015

Abstract

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

Ortiz, Isabel and Cummins, Matthew and Capaldo, Jeronim and Karunanethy, Kalaivani, The Decade of Adjustment: A Review of Austerity Trends 2010-2020 in 187 Countries (October 8, 2015). ESS Working Paper No. 53. Available at SSRN: https://ssrn.com/abstract=2685853 or http://dx.doi.org/10.2139/ssrn.2685853

Isabel Ortiz (Contact Author)

United Nations - International Labour Organization (ILO) ( email )

ILO HQ, Route des Morillons 4
Geneva, 1211
Switzerland
+41227996226 (Phone)

HOME PAGE: http://www.ilo.org/

Initiative for Policy Dialogue ( email )

Columbia University
New York, NY
United States

HOME PAGE: http://policydialogue.org/programs/taskforces/global_social_justice/

Matthew Cummins

UNICEF ( email )

PO Box 44145
Nairobi, Nairobi 00100
Kenya

Jeronim Capaldo

International Labour Office ( email )

CH-1211 Geneva 22
Switzerland

Kalaivani Karunanethy

Independent ( email )

No Address Available

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