Most advanced economies that can borrow freely will not need to plan for austerity to restore the health of their public finances after the coronavirus pandemic, the IMF has said in a reversal of its advice a decade ago.
Countries that have the choice to keep borrowing are likely to be able to stabilise their public debt by the middle of the decade, Vitor Gaspar, head of fiscal policy at the fund, told the Financial Times. That would mean they would not have to raise taxes or cut public spending plans.
However countries that have only limited access to financial markets will need to be much more careful about their fiscal strategies, Mr Gaspar warned in an interview to accompany the publication of the fund’s annual Fiscal Monitor.
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