The global economic crisis has left governments around the world struggling to cope with unprecedented levels of debt. The crisis, which was caused by a combination of failures in macro-economic policy, regulation and markets, has not only drastically depleted tax revenues, but has also forced policy makers to spend vast sums stimulating their economies to avoid higher job losses.
Although details vary country by country, most governments in the developed world have so far focused on short-term measures such as issuing bank debt guarantees, social housing construction and investment in infrastructure.
The emphasis now, though, needs to shift from emergency remedies to rebuilding for the future.
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While governments across the world try hard to cope with the huge debts incurred in recession, the emphasis seems to be shifting from short-term measures and emergency remedies to long-term planning for rebuilding for the future. Get an in-depth view of Rebuilding for the future (pdf, 413.3kb)
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While governments across the world try hard to cope with the huge debts incurred in recession, the emphasis seems to be shifting from short-term measures and emergency remedies to long-term planning for rebuilding for the future.