Global Austerity Alert: Looming Budget Cuts in 2021-25 and Alternative Pathways

Written by: Isabel Ortiz
Matthew Cummins

This paper warns of an emerging post-pandemic fiscal austerity shock—one that is far more
premature and severe than the one that followed the global financial crisis—and presents
alternative options to ensure that populations do not yet again have to suffer from austerity cuts. It
does so by: (i) examining IMF government expenditure projections until 2025; (ii) summarizing
the most common austerity measures to be avoided given their negative social impacts; and (iii)
calling on governments to urgently create fiscal space to finance an equitable socio-economic
recovery and progress toward human rights and the Sustainable Development Goals (SDGs).

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