NDLI: The gains from prompt fiscal consolidation

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OECD Economic Surveys: Greece 2007

Assessment and recommendations

Recent performance and key challenges

The gains from prompt fiscal consolidation

Pensions. A comprehensive reform is urgently required.

Easing entry into the labour market

Improving tertiary education

Fostering competition in network industries

The gains from prompt fiscal consolidation

Content Provider	OECD iLibrary
Organization	OECD
Abstract	A major achievement has been the reduction in the fiscal deficit since 2004 by over 5% of GDP to below the 3% limit in 2006. The government plans a more gradual reduction over coming years so that overall balance or surplus is reached no later than 2012. However, fiscal consolidation should continue, possibly at a more rapid pace than planned given the high level of government debt, favourable outlook for output growth, and long-term fiscal costs of ageing which are estimated to be among the largest in the OECD. There are as yet no specific proposals to reform pensions, which account for most of the prospective ageing-related increase in public expenditure, although the government is expected to announce reforms later this year. Delaying fiscal consolidation, particularly the urgently needed pension reform, would have substantial longer-term costs in terms of higher taxes and additional debt service costs, including an increase in the risk premium paid on government debt. In addition, this would heavily skew the tax burden towards future generations. Consolidation should focus on reducing primary spending and on enhancing tax revenues. This can be achieved particularly through increased efficiency of public administration and by tackling tax evasion and other measures to further broaden the tax base. Ensuring long-run fiscal sustainability will further require the implementation of wide-ranging reforms in the key area of health care, as well as an early decision to introduce a comprehensive reform of the pension system.
Page Count	32
Starting Page	41
Ending Page	66
Language	English
Publisher	OECD Publishing
Publisher Date	2007-05-30
Access Restriction	Open
Subject Keyword	Economics
Content Type	Text
Resource Type	Chapter

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