Governments need to cut spending and raise taxes to bring down debt and recover the fiscal firepower needed to respond to future economic shocks, the OECD has warned.
Large economies have now “turned the corner” in tackling inflation, the Paris-based organisation said on Wednesday. In its new forecast, the OECD said price pressures would continue to ease and global GDP growth was set to stabilise at 3.2 per cent in 2024 and 2025.
This should create space for central banks to continue cutting interest rates, although the timing and pace of reductions would need to be “carefully judged”, the OECD said. But it urged governments to step up efforts to contain spending and boost tax revenues to rebuild fiscal buffers.
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