久久亚洲国产成人影院-久久亚洲国产的中文-久久亚洲国产高清-久久亚洲国产精品-亚洲图片偷拍自拍-亚洲图色视频

USEUROPEAFRICAASIA 中文雙語(yǔ)Fran?ais
Home / World

Raise the quality of government spending

By Vinod Thomas | China Daily | Updated: 2009-11-25 07:54

The incipient recovery of the world economy owes to the increased spending by governments of advanced and developing economies both. However, a sustainable recovery will depend not only on the amount of spending, but also on its quality. Many developing nations entered the crisis with good fiscal balances. Yet, there is a premium everywhere on ensuring that the money is spent well. Public budgets must also confront the rise in unemployment and the growing danger of climate change.

These requirements suggest three priorities, especially for countries at the forefront of the fiscal expansion.

First, financial flows need to be adequate and timely, especially in the face of growing fiscal gaps. The international financial institutions have augmented their official flows, especially to developing countries. The World Bank Group delivered a record $60 billion worldwide in 2009, with Indonesia, Brazil, Mexico, India, and China as the top recipients. The IMF's support reached $160 billion globally while the Asian, African, European, and inter-American development banks provided unprecedented volumes to their regions.

All this has helped, but to sustain the economic revival, private capital flows must also be re-invigorated. Private financial flows to developing countries fell from $1,200 billion in 2007 to $360 billion in 2009. Reversing this trend is fundamental. The poorer developing countries still face a $12-billion gap this year, and may not be able to cover even the most essential social spending. And across the board, the extraordinary fiscal expansion needs to give way to a pickup in private consumption and investment.

Second, it is essential to manage the growing government deficits from the fiscal stimulus and the economic slowdown. Fiscal deficits in 2009 are estimated to be nearly 7 percentage points of GDP higher than in 2007 in G20 nations, and 5 percentage points higher in G20 emerging economies. The ratio of public debt-to-GDP in the G20 could, by one estimate, rise by nearly 15 percentage points between these years. Going forward, a sharp fiscal adjustment and stronger growth will be needed to pay off the debt.

To generate economic growth, the stimulus spending needs to be directed to high-productivity areas. For example, channeling outlays to finish infrastructure projects has higher payoffs than providing untargeted subsidies, be it for energy or food. But even here, any spending on infrastructure would not automatically generate growth. And only a few countries have put in place mechanisms for analyzing, tracking, and evaluating project costs and benefits.

Third, with nearly 90 million more people pushed into poverty because of the crisis, effective social programs (in education, health, and safety nets) need to be protected. Some countries are shielding social spending and expanding safety nets. In Brazil, Colombia, Mexico, and Turkey, where strong institutions are in place, conditional cash transfers are effective. China has combined labor market actions and safety nets to stabilize employment, while Indonesia has combined safety nets and livelihood approaches. The World Bank has stepped up lending for social programs, especially financing for safety nets.

Unfortunately the financial crisis has diluted attention to climate change and the environment. Yet, the fiscal stimulus presents an opportunity to shift to sustainable investments - as South Korea, China, Mexico and the US are doing to some degree. The World Bank Group has increased support for renewable energy and spearheaded climate funds. The Copenhagen summit in December provides a chance to integrate climate change into the crisis response.

Since the global economic revival is still fragile, it would be premature to retract the fiscal expansion as that could stall the recovery.

However, rising deficits and debts oblige us to ensure that the money is put to effective use - not only to elicit good returns on the public spending, but also to avoid a future crisis.

The author is director-general of the Independent Evaluation Group, the World Bank, Washington D.C.

Raise the quality of government spending

(China Daily 11/25/2009 page9)

Today's Top News

Editor's picks

Most Viewed

Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
主站蜘蛛池模板: 黄色三级视频 | 国内精品亚洲 | 色琪琪一本到影院 | 日韩亚洲精品不卡在线 | 99国产精品农村一级毛片 | 91在线免费观看网站 | 亚洲天堂一区二区在线观看 | 欧美日韩亚洲高清不卡一区二区三区 | 免费一级a毛片在线播放 | 亚洲精品456在线播放无广告 | 日韩在线播放中文字幕 | 久久久综合结合狠狠狠97色 | 久草视频免费在线看 | 国产亚洲欧美日韩在线观看不卡 | 国产乱码精品一区二区三区中 | 久久精品国产只有精品6 | 亚洲线精品一区二区三区 | 免费观看性欧美大片无片 | 国产精品亚洲精品不卡 | 久久精品全国免费观看国产 | 日本天堂网在线 | 欧美大片欧美毛片大片 | 国产精品久久久久久久网站 | 精品欧美一区二区三区在线 | 日韩专区亚洲综合久久 | 欧美高清视频手机在在线 | 亚洲情a成黄在线观看动 | 精品久久久久久久久免费影院 | 一级毛片真人免费观看 | 日鲁夜鲁鲁狠狠综合视频 | 国产男女爽爽爽免费视频 | 国产一级片在线 | 美女图片131亚洲午夜 | 日韩精品视频美在线精品视频 | 91香蕉视频成人 | a级国产乱理伦片在线观看 a级国产乱理伦片在线观看99 | 亚洲最大的视频网站 | 亚洲狠狠狠一区二区三区 | 欧洲美女a视频一级毛片 | 国产三级精品在线观看 | 久久国产精彩视频 |