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Finance Banking Economy Featured News

US budget deficit forecast $1trln higher over next decade, watchdog says

The Committee for a Responsible Federal Budget’s latest forecasts show a cumulative deficit of $22.7trln from fiscal 2026 to 2035. U.S. federal budget deficits will be nearly $1 trillion higher over the next decade than projected in January by the Congressional Budget Office as a result of tax and spending legislation and tariffs, a budget […]

trade Business Featured Finance

Navigating debt and trade: Data show persistent debt challenges for developing countries amid uncertain trade prospects

Low- and middle- income countries (LMICs) have rebounded strongly since the COVID-19 pandemic. Gross national income (GNI) among these countries was resilient in 2023, at $36 trillion — and the International Monetary Fund (IMF) projects that economic growth of developing economies will hold steady at about 4 percent over the next two years. Yet LMICs face […]

Economy Featured Technology World

Bigger, better funded and focused on public goods: how to revamp the European Union budget

How should the European Union budget be revamped to meet the pressing collective challenges of climate change, competitiveness, defence, enlargement and response to unforeseen shocks? This Blueprint evaluates the extent to which current spending goes to European public goods and identifies significant misalignments between budget allocations and areas in which EU-level provision offers the greatest […]

Economy Featured Finance News

Do governments adhere to their approved budgets? Insights from PEFA assessments

Why budget reliability matters Accurate revenue and expenditure forecasting is crucial for effective budgeting to ensure that governments can adequately plan for public services, infrastructure projects, and social programs without unexpected shortfalls. When forecasting is not accurate, governments may not be able to achieve fiscal stability and deliver on policy priorities. In this blog, we try […]

trade Featured tax World

Tariffs cannot fund the government: Evidence from tariff Laffer curves

Until the late 19th century, states raised most of their government revenues from import tariffs. This column asks whether the practice could work today. A side effect of taxes is that they discourage the economic activity that they are assessed on. Tariffs are taxes on imports and no different: they shrink trade. The authors allow […]