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Budget Preparation in Saxony under the Impact of the Corona Pandemic

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  • Joachim Ragnitz

Abstract

In the next two years, Saxony's state budget can only be balanced by drawing on the Corona Contingency Fund, which is fed by loans of a maximum of 6 billion euros. From 2023 onwards, this will no longer be possible, so there is a threat of a substantial and prospectively rising deficit which under current constitutional conditions can only be covered by spending cuts. In order to avoid the threatening negative effects on growth, the ifo Institute proposes a reformulation of the debt brake anchored in the Saxon constitution in the case of cyclically induced tax revenue shortfalls.

Suggested Citation

  • Joachim Ragnitz, 2021. "Budget Preparation in Saxony under the Impact of the Corona Pandemic," ifo Dresden berichtet, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 28(01), pages 36-38, February.
    • Handle: RePEc:ces:ifodre:v:28:y:2021:i:01:p:36-38
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    File URL: https://www.ifo.de/DocDL/ifoDD_21-01_36-38-Ragnitz.pdf
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    1. Joachim Ragnitz, 2020. "The Results of the Saxon "Commission for the Determination of Future Personnel Needs" - An Evaluation," ifo Dresden berichtet, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 27(06), pages 21-23, December.
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