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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New Zealand
Economic growth is projected to moderate as the fall in the terms of trade depresses domestic demand, the boost from the Canterbury rebuild wanes and immigration slows. Still, the unemployment rate should continue to edge down and wage gains to increase modestly. With economic slack fully absorbed, consumer price inflation is projected to rise to 1.8% by late 2016.
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