For many years one of the predominant conventional wisdoms in both business and policymaking circles was that cutting greenhouse gas (GHG) emissions necessitates a sacrifice in economic growth. We now know, through the experiences of both developed and developing countries, that economic growth can complement environmental conservation and transitioning to a low-carbon economy can go hand-in-hand with increased access to economic opportunity and higher levels of well-being.
Indonesia Snapshot 2013
Find key economic figures and trends for Indonesia from OECD Yearbook 2013
The budget deficit for the OECD area as a whole probably peaked at around 7.5% of GDP in 2010. That’s the equivalent of some US$3.3 trillion. A decrease to around 6.1% of GDP is expected in 2011, which will still be high by historical standards. But while the need to restore public finances is a global challenge, the state of government balance sheets varies widely. Economic starting points, causes of deficits and budgetary strategies also vary. Some countries have started down the road of austerity, others are maintaining stimulus and plan to rein in their deficits from 2011.
In December 2010 we asked finance ministers from a broad selection of countries facing different fiscal challenges–France, Germany, Indonesia, Ireland, Korea, Mexico, New Zealand and South Africa–to answer this question: “What actions is your government taking to bolster public finances, while upholding growth and services?”
Stay up-to-date with the latest news from the OECD by signing up for our e-newsletter :