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Fiscal Policy Facing Manifold Challenges. Federal Fiscal Framework 2017-2020 and Draft Federal Budget 2017

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  • Margit Schratzenstaller

Abstract

Demographic trends, the need for reinforcing expenditure in forward-looking domains, one-off incidents like the tax reform 2015-16, the current wave of refugee immigration, financial support for banks in distress (even if clearly less than in previous years) and – last, but not least – the necessity to unwind the jump in public debt in the wake of the recession 2008-09, pose severe challenges for fiscal policy. The general government deficit (in the Maastricht definition) is expected to abate to 1.2 percent of GDP in 2017, while the structural deficit may edge up to 0.9 percent of GDP. The government debt ratio has turned around in 2016, declining from 83.2 percent of GDP to a projected 76.6 percent by 2020. Subsidies for ailing banks pushed up the debt ratio by 11.3 percent of GDP at the end of 2016.

Suggested Citation

  • Margit Schratzenstaller, 2017. "Fiscal Policy Facing Manifold Challenges. Federal Fiscal Framework 2017-2020 and Draft Federal Budget 2017," WIFO Bulletin, WIFO, vol. 22(7), pages 58-72, July.
    • Handle: RePEc:wfo:wblltn:y:2017:i:7:p:58-72
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    References listed on IDEAS

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    1. Margit Schratzenstaller, 2015. "Steuerreform 2015/16 – Maßnahmen und Gesamteinschätzung," WIFO Monatsberichte (monthly reports), WIFO, vol. 88(5), pages 371-385, May.
    2. Margit Schratzenstaller, 2015. "Family Benefits in Austria – An Overview," WIFO Bulletin, WIFO, vol. 20(14), pages 156-165, September.
    3. Angela Köppl & Margit Schratzenstaller, 2015. "Das österreichische Abgabensystem – Reformperspektiven," WIFO Monatsberichte (monthly reports), WIFO, vol. 88(2), pages 127-135, February.
    4. Josef Baumgartner & Sandra Bilek-Steindl & Serguei Kaniovski & Hans Pitlik, 2016. "Moderate Economic Growth – Unemployment Remaining High. Medium-term Forecast for the Austrian Economy Until 2021," WIFO Bulletin, WIFO, vol. 21(19), pages 185-201, December.
    5. Margit Schratzenstaller, 2016. "Fiscal Policy Facing Major Challenges with Tax Reform, Need for Growth-Enhancing Investment and Consolidation Targets. Federal Fiscal Framework 2016-2019 and Draft Federal Budget 2016," WIFO Bulletin, WIFO, vol. 21(2), pages 12-29, February.
    6. Margit Schratzenstaller, 2015. "Familienpolitische Leistungen in Österreich im Überblick," WIFO Monatsberichte (monthly reports), WIFO, vol. 88(3), pages 185-194, March.
    7. Angela Köppl & Margit Schratzenstaller, 2015. "The Austrian Tax System – Status Quo," WIFO Bulletin, WIFO, vol. 20(5), pages 55-71, April.
    8. Josef Baumgartner & Serguei Kaniovski, 2016. "Update of the Medium-term Forecast for the Austrian Economy from 2016 to 2020," WIFO Bulletin, WIFO, vol. 21(6), pages 58-64, June.
    9. Margit Schratzenstaller, 2015. "The Tax Reform 2015-16 – Measures and Overall Assessment," WIFO Bulletin, WIFO, vol. 20(20), pages 222-237, December.
    10. Marcus Scheiblecker, 2016. "Konsum wächst erstmals seit drei Jahren wieder. Prognose für 2016 und 2017," WIFO Monatsberichte (monthly reports), WIFO, vol. 89(10), pages 683-695, October.
    11. Angela Köppl & Margit Schratzenstaller, 2015. "Das österreichische Abgabensystem – Status-quo," WIFO Monatsberichte (monthly reports), WIFO, vol. 88(2), pages 109-126, February.
    12. Angela Köppl & Margit Schratzenstaller, 2015. "The Austrian Tax System – Perspectives for Reform," WIFO Bulletin, WIFO, vol. 20(6), pages 72-79, April.
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