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The Challenges to Long Run Fiscal Sustainability in Romania / Sudharshan Canagarajah
World Bank Open Knowledge Repository (formerly "World Bank E-Library Publications") Available online
View online- Format:
- Book
- Government document
- Author/Creator:
- Canagarajah, Sudharshan
- Series:
- Policy research working papers.
- World Bank e-Library.
- Language:
- English
- Subjects (All):
- Debt Markets.
- Debt sustainability.
- Emerging Markets.
- Fiscal Adjustment.
- Fiscal Policy.
- Macroeconomics and Economic Growth.
- Poverty Reduction.
- Public Sector Economics.
- Public Sector Expenditure Policy.
- Tax reforms.
- Local Subjects:
- Debt Markets.
- Debt sustainability.
- Emerging Markets.
- Fiscal Adjustment.
- Fiscal Policy.
- Macroeconomics and Economic Growth.
- Poverty Reduction.
- Public Sector Economics.
- Public Sector Expenditure Policy.
- Tax reforms.
- Physical Description:
- 1 online resource (34 pages)
- Place of Publication:
- Washington, D.C., The World Bank, 2012
- System Details:
- data file
- Summary:
- Romania, along with many other countries in the European Union, faces daunting fiscal challenges. Fiscal balances deteriorated sharply following the global economic crisis, forcing Romania to implement a fiscal consolidation that was one of the largest in the European Union, but which may not be sustainable without a recovery of economic growth. Although the ratio of public debt to gross domestic product is still relatively modest, at around 35 percent, long-term fiscal solvency is threatened by the costs of funding the public pension system in the face of adverse demographic shifts over the next 50 years. Because of widespread tax evasion, the tax system in Romania is one of the least efficient in the European Union. Tax reforms that can reduce the amount of tax lost to evasion and fraud could make a major contribution to enhancing fiscal sustainability.
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