Примери коришћења Public debt growth на Енглеском и њихови преводи на Српски
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The basic driving force of public debt growth is the deficit of consolidated government.
Otherwise, there would be an increased level of fiscal deficit and accelerated public debt growth.
The public debt growth significantly above the level defined by fiscal rules is inevitable.
However, it could not change the trend of public debt growth, but only lead to one-off reduction of its level.
The sharp deficit reduction is necessary in order tostop the almost uncontrolled public debt growth at the end of 2013.
Namely, a sharp public debt growth results in a high growth of interest rates expenditure.
Avoidance of a debt crisisrequires not only to stop butto fully reverse the trend of public debt growth.
There is a big risk for the medium-term public debt growth to be even higher than the projections of the Fiscal Council.
The Fiscal Council reckons that the anti-recession policy through fiscal deficit increase must not lead to unsustainable public debt growth.
Due to the inevitable public debt growth, the government allocations for the interests will by 2017 increase by more than 1 p.p.
Proposal of sustainable model of issuing state guarantees will influence the decrease of public debt growth in the following four-year period.
Fiscal deficit is the basic force driving the public debt growth and only by its sharp reduction is it possible to reverse the trend of public debt growth.
Namely, even ifall the given plans of the Government would be implemented to the fullest, the public debt growth path could not be reversed until 2017.
The public debt growth is mostly the consequence of the fiscal deficit financing and also of the increase of government guarantees issued to public enterprises.
On the other hand,reversal of the trend of strong public debt growth requires a sharp cut of fiscal deficit where certain limitations also exist.
SUMMARY The Draft Fiscal Strategy sets forth a reduction of fiscal deficit which will lead to halting the public debt growth and its fall in the medium term.
Therefore, in addition to fiscal deficit reduction and blocking public debt growth, the Government has to implement additional reforms aimed at fostering business environment.
The public debt growth is inevitable since the growth rate of 2012 GDP(according to the last projections) will be only 0.5%, and since the planned fiscal deficit is 4.25% of GDP.
However, I want to point out that the Government has recognised the budget deficit problem and the risk of public debt growth and last year, through fiscal consolidation measures, reduced the budget deficit to below 4% of GDP.
In addition, the public debt growth was stopped already in 2016 and the latest forecasts indicate that it will amount to about 73% of GDP at the end of 2017- which is a whooping 5 p.p.
Good fiscal policy results achieved in 2015 enabled a mild policy relief,without any impact to the slowing down trend in public debt growth with the intention of its gradual decreasing from the beginning of 2017.
In order to reverse the public debt growth path in the medium term, and thus avoid the crisis which is very likely, it is necessary to make additional savings in 2014 which are estimated at 1% of GDP at least.
Therefore, an abrupt termination of such a measure would annul the fiscal consolidation results achieved thus far, as it would roll back the deficit to the level of 3.5-4% of GDP,relaunching an accelerated public debt growth.
The main driver of the public debt growth- fiscal deficit- will be significantly higher than the planned RSD 152 billion in 2012, since it has already gone to around 30 billion RSD more than planned in the first quarter.
The period in which current expenditures need to be lowered is an additional limitation since the Fiscal Council's estimates point to unsustainable public debt growth in the absence of early commencement of fiscal adjustment(see Section 7:"Fiscal Framework for 2013 and 2014").
In order to stop the public debt growth relative to GDP, fiscal deficit should have to be lowered to bellow 3% of the GDP, while the Fiscal Strategy envisages the 2017 deficit of 3.8% of the GDP.
SUMMARY OF THE REPORT"ASSESSMENT OF 2013 BUDGET REBALANCE, STRUCTURAL REFORMS PROPOSAL ANDFUTURE FISCAL TRENDS"Sharp reduction of the fiscal deficit and blocking public debt growth are the most important tasks of the economic policy, since, otherwise, the crisis is inevitable.
The main aim of fiscal consolidation- blocking public debt growth in the end of 2013 and its decrease as of 2014 will not be reached and therefore, it is necessary to make a credible medium term plan for deficit reduction, supported by the IMF.
This result was supported by a very small fiscal deficit from the beginning of the year(which slowed down the public debt growth, as there was almost no need to fund the current budget expenditures by entering into new debt in this period), but with a substantial contribution from several temporary factors.
Due to public debt growth trend and increase of the funding expenses, the fiscal policy in the next three years will be based on implementation of measures for expenses reduction, combat against grey economy and for better efficiency in collection of public income as well as on reforms planned for the public sector and public companies.