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Deficit Reduction: Experiences of Other Nations

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Report Type Reports and Testimonies
Report Date Dec. 13, 1994
Report No. AIMD-95-30
Subject
Summary:

This report reviews the deficit reduction experiences of six nations--Australia, Canada, Germany, Japan, Mexico, and the United Kingdom. GAO identifies the situations prompting these governments to adopt fiscal austerity policies, what budget actions they took, and how they achieved political agreement on these actions. All six countries took steps to control spending, although few programs were eliminated. Revenue growth also contributed significantly, but was generally attributable to tax systems' response to economic growth and inflation. Through these measures, five of the six countries reached fiscal balance or surplus; Canada reduced its deficit but did not eliminate it. Despite such progress, all but Mexico reported deficits in 1993. These experiences show that significant structural improvement in fiscal policy is possible in modern democracies, although such progress is difficult to sustain.

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