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Fiscal Monitor, April 2022 - Fiscal Policy from Pandemic to War (Paperback)
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Fiscal Monitor, April 2022 - Fiscal Policy from Pandemic to War (Paperback)
Series: Fiscal Monitor
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Just as uncertainty associated with COVID-19 pandemic was abating,
Russia invaded Ukraine. Uncertainty endured, shifting from pandemic
to war, affecting all countries but in different ways. Above-target
inflation rates and inflation surprises have helped reducing
debt-to-GDP ratios but such relief is often temporary. High
uncertainty and marked divergences across countries require a
tailored and agile fiscal policy response that is ready to adjust
as the outlook becomes clearer. Fiscal policy will need to shift
focus away from the exceptional pandemic-related measures as
central banks increase interest rates to fight inflation. Emerging
and developing economies that are net importers of energy and food
will be hit the hardest by surging international prices. Many of
these countries already experience scarring from the pandemic and
have little fiscal space to tackle new spending pressures.
Government should focus on those most affected by the crisis and
priority areas. Ensuring greater resilience through investment in
health, food, and energy security from cleaner sources has become
even more urgent. Global cooperation to achieve these objectives is
more important now than ever. As countries strive to promote an
inclusive and green recovery from the COVID-19 pandemic-and
formulate responses to the immediate impacts of increased energy
prices-they face shared challenges to secure tax revenues, address
inequalities, and reduce greenhouse gas emissions. National tax
policies are under pressure to deal with cross-border
spillovers-one country's action affects other countries. Chapter 2
discusses how international coordination on tax matters (i) reduces
profit shifting by multinationals and tax competition between
countries; (ii) improves tax enforcement by lifting the veil of
secrecy to tackle tax evasion; and (iii) limits global warming. The
current energy crisis reinforces the case for coordination among
major emitters to reduce reliance on fossil fuels, urging countries
to not allow near-term responses to detract efforts to establish
credible policies for emissions reductions in the medium term.
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