Global Economic Prospects 2015

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Tax reforms in South Asia: broader, simpler and pro-growth

Tehmina S. Khan's picture
As discussed in the January 2015 edition of Global Economic Prospects, raising more in tax revenues is critical for the South Asia region. Firstly, fiscal buffers have diminished since the 2008/09 global financial crisis. Although efforts to consolidate are underway, evident for example in the recent fuel subsidy reforms in India, replenishing buffers will also require raising more in revenue.

World Bank published latest commodity prices: February 2015

John Baffes's picture

In January 2015, energy prices dropped sharply by 19.8%, while the prices of non-energy commodities went down slightly by 3.2%. Food prices were down by 2.5%. Beverages declined by 2.3%. Raw materials went down by 1.2%, and fertilizers inched up by 0.9%. Metals and minerals decreased by 6.3%, but precious metals went up by 4.4%.

Prospects Weekly: Fiscal rules impose numerical constraints on budgetary aggregates, Stabilization funds set aside receipts from significant natural resource revenues

Global Macroeconomics Team's picture
The past procyclicality of fiscal policy in developing economies has been attributed to political economy pressures. Credible and well-designed institutional mechanisms can help mitigate these pressures and support fiscal discipline. In particular, fiscal rules, stabilization funds, and medium-term expenditure frameworks can help strengthen fiscal space and support countercyclical fiscal policy.