The Best Economics Vaccine: Containing the Fiscal Deficit
In light of the European crisis and slow growth in the U.S., the best protection for Latin American countries is macroeconomic discipline.
Monday, August 6, 2012
Although it is believed that regional banks are "solid, liquid and stable," the recommendation for Latin America to avoid or at least mitigate the inevitable effects of the economic crisis in Europe and the slow recovery of the U.S., is to keep a lid on fiscal deficit.
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The annual imbalance between government expenditures and revenues grew by 0.3%. Expenses grew by 10.6% in 2012, 1.7% more than the increase in 2011.
In a context of increasing physical investment by the state, the fiscal deficit of 2011 was 2.3% of GDP, far from the 3% limit set by law.
The private sector demands limits on the government's ability to borrow, through means of a Fiscal Responsibility Law.
The fiscal deficit of 2.3% proposed for the 2014 budget would cause such an increase in the Guatemalan public that could put monetary policy at risk.
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