Faster economic growth last year coincided with smaller tax rises and public spending cuts in many countries. That is at least partly why many economists are so keen on the use of fiscal policy — spending and tax — to stabilise economies.
Growth in 2016 and 2017 has been faster than many predicted early last year, when fear of a potential new global downturn played a role in fiscal policymakers loosening the purse strings last year.
Although this loosening coincided with an acceleration in growth, it was not the only explanation for the rebound. “It does seem that most of the action was related to other factors,” says Vitor Gaspar, director of the fiscal affairs department at the International Monetary Fund.
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