Deficit reduction in the United States

Romania closed 2018 with a general consolidated budget deficit of 2.88 percent of GDP, the same as in 2017, shows data released by the Ministry of Public Finance on Monday.

The budget deficit is thus below the target of 2.97 pct of GDP set by the authorities.

The previous Note for Discussion demonstrated that there are fiscal operations that give rise to debt that are not included in the reported fiscal balance. This is a problem. It means that the reported fiscal balance is not always a good indicator of what happens to the debt. One should always check the variation in debt against the reported deficit and see if these two numbers are the same.

Greece needs to further extend its real age of retirement and to abolish all kinds of tax exemptions, the Organization for Economic Cooperation and Development (OECD) has recommended in a report published on Monday, so that the growth rate accelerates, fiscal revenues expand and the national debt becomes sustainable.

Greece needs to further extend its real age of retirement and to abolish all kinds of tax exemptions, the Organization for Economic Cooperation and Development (OECD) has recommended in a report published on Monday, so that the growth rate accelerates, fiscal revenues expand and the national debt becomes sustainable.

The mounting US debt is likely to grow by another $10 trillion in the next decade, according to estimates contained in the recent budget proposal.

Turkey is amazing in many aspects. One of the main reasons for this is the resilience of its people. No matter how bad things get, we somehow find a way to carry on with life.  I am certain that people living in Sweden or New Zealand would not be able to carry on living if they were exposed to just a few days of the events happening in Turkey. 

The World Bank - and not the International Monetary Fund - is bringing back to the negotiating table with the country's creditors the reduction of the income tax-free threshold to 5,000 euros per year in the context of welfare benefit restructuring.

Bulgaria's economy is expected to grow by 2.1% real next year, an increase compared to 2.0% projected for 2015, the Finance Ministry said on Monday.

Consolidated budget deficit equivalent to 2.0% of Gross Domestic Product (GDP) is projected for next year in a 2016 budget draft and an updated budget forecast for the period 2016-2018 published on the Finance Ministry website.

Members of Romania's parliament across parties agreed on Thursday to cut Value Added Tax (VAT) to 20% from next year, and to 19% from 2017.

VAT in Romania currently stands at 24%.

Aside from the tax cuts, the government led by Prime Minister Victor Ponta also plans to increase considerably the wages in the public sector from 2016.

The Albanian government used emergency measures to cut its projected revenues and expenditures for 2015 after the first part of the year showed sluggish growth in tax receipts, putting in doubt the current strategy that aims to revive economic growth by cutting public debt.