'This resulted in an improved financial position of the consolidated public sector, posting a surplus for two consecutive years (2013-2014), amounting to 0.4 percent and 0.7 percent of GDP, respectively, reversing the consolidated
public sector deficits incurred during the 2010-2012 period,' he added.
On this issue of bringing
public sector deficits down to a manageable level, there was constant sniping about "buckling under the pressure of the IMF".
Muzzamil Hussain Sabri President Islamabad Chamber of Commerce and Industry said that for the last couple of decades, banking sector in Pakistan has preferred to fund fiscal and
public sector deficits instead of providing easy lending to private sector and this approach has dwindled the prospects for improving business activities and achieving longtern economic growth of the country.
The move comes as Spain emerges from one of its deepest recessions in decades, struggles with record high unemployment -- with one of four of the workforce out of a job -- and fights to narrow one of the eurozone's widest
public sector deficits.
This perception - that a group of countries were basket-cases of high government debt levels and ballooning
public sector deficits, inevitably leading to crises when the Great Recession began - owes more to mythology than economic reality.
CYPRUS must urgently trim widening
public sector deficits to safeguard a nascent economic recovery and avert more dramatic cost cutting which could slash salaries and pensions, Central Bank governor Athanasios Orphanides said yesterday.
Public sector deficits have mushroomed to hit 11.2 percent of GDP while unemployment has rocketed to around 20 percent of the active population, damaging Spain's image within the eurozone.
The G20 is set to announce a concerted effort to halve
public sector deficits within three years and stabilize government debt as well, but also recognize that the start of that process will take place at different speeds, according to a draft communique.
While many Western countries are entering recession with weak financial institutions, high consumer debt and
public sector deficits at an all time high, China has a government budget which is in surplus, a high savings rate among its population and domestic banks with plenty of capital.
Indeed, the dueling in Deauville must be seen in the context of the deteriorating German economy with below-zero growth, close to five million unemployed, and
public sector deficits above the European Stability Pact limit of 3 percent.
It also called for reducing
public sector deficits through a combination of tax reform and spending restraint;
Public sector deficits are blamed for over-indebtedness, high inflation, and poor investment and growth performance.
