 | A report from the Organization for Economic Cooperation and Development (OECD) highlights the global nature and depth of the current economic crisis. In most OECD member countries, government fiscal deficits have soared due to stimulus measures, sharply reduced revenues and the cost associated with assistance packages provided to banks. On average, the fiscal deficit of OECD nations grew to 7.9 percent of Gross Domestic Product (GDP) in 2009, from an average of 2.5 percent in 2007. There has been little to no improvement through 2011. The report states, “deficits of this magnitude are clearly unsustainable, especially when future increases in public costs related to aging populations in many countries are taken into consideration.” Request Free! |
