After having recorded consistent budget surpluses since 2010, the government’s fiscal position deteriorated to a balanced budget in 2015, followed by budget deficits during 2016 and 2017 due to reform slippage and a change in government priorities. Joint policy dialogue with development partners through the government-led Core Economic Working Group (CEWG) lapsed during this period.
Viet Nam has some of the highest levels of public expenditure on infrastructure and services in Southeast Asia. Yet, higher government expenditure was not always directly associated with improved outcomes.
Punjab is a mid-sized state in India with a population of 28 million. It has a primarily agriculture-based economy that has long served as India’s granary and ensured the country’s food security. Despite its glowing past, the state economy, as of program appraisal, had been slowing down for over a decade because of high fiscal stress.
The Philippine Development Plan (PDP), 2011–2016 called for real gross domestic product (GDP) to grow by an average of 7%–8% per year; for investments to reach 22% of GDP by 2016, compared to 19.7% during 2011–2013; and for extreme poverty to decline to 17% by 2016 from 33% in 1991. However, years of underinvestment in infrastructure had put the Philippines at a competitive disadvantage compar
West Bengal is the 13th largest and 4th most populous state of India. It recorded an average fiscal deficit of 4.3% of gross state domestic product (GSDP) from 2007 to 2012—double the state average of 2.1% in India during the same period. The fiscal stress was driven by the state’s low own-tax revenue (OTR) effort and high nondiscretionary expenditure on salaries, interest, and pensions.
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