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Fiscal balance of the central government
1.4.4 Fiscal balance of the central government 2008–2010 2011 2012 Hong Kong, China Singapore Thailand India PRC Taipei,China Indonesia Philippines Republic of Korea Kazakhstan Georgia Malaysia Viet Nam Bangladesh Pakistan -10 -8 -4 -2 % of GDP PRC = People's Republic of China. Source: Asian Development Outlook database.
Fiscal balance of the central government
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--- Fiscal policy for future growth ---
With growth sputtering in 2012, some authorities engineered short-term fiscal boosts. This caused fiscal balance to worsen in general across the region in 201...
2 (Figure 1.4.4). However, further fiscal stimulus to prop up demand is, like expansionary monetary policy, unwarranted in the current environment.
Many economies have sufficient fiscal latitude—as indicated by ratios of debt to GDP that are sustainable and trending down— but the authorities should not overestimate their fiscal strength. Favorable fiscal balances could quickly evaporate in a severe macroeconomic shock caused by an interest rate spike, liquidity squeeze, or growth slowdown (Ferrarini, Jha, and Ramayandi 2012). Rather, the region’s current fiscal resources should be directed toward enhancing its potential for future growth that is inclusive.
-- PRC = People’s Republic of China.
--- Source: Asian Development Outlook database.
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