The State of Public Finances 2015
Strategies for Budgetary Consolidation and Reform in OECD Countries
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For most countries in the OECD, 2015 is the seventh or eighth year of dealing with the budgetary consequences of the economic and financial crisis. These years have been marked by challenges of fiscal retrenchment of a scale and nature unprecedented in modern times. Previous OECD publications have tracked the fiscal policy responses adopted by OECD governments during the early years of the crisis (2007-2012). This book takes stock of how these responses have evolved and in recent years, up to 2014/15. Two points are apparent from the outset: the response to the crisis has had repercussions for virtually every aspect of budgetary governance; and there are clear lessons for governments about the conduct of fiscal policy – including in its institutional aspects – that should inform future decisions and the agenda of budgetary reform.
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Japan
The economy has now rebounded from the contraction in the wake of the 2014 tax hike. Supported by the fall in oil prices and real wage gains, output growth is projected to reach 0.6% in 2015 and 1.2% in 2016. Export growth is projected to remain buoyant. Inflation, which has fallen close to zero, is projected to begin rising from late 2015, while unemployment continues to fall.
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