Sweden is another success story. In 1996, it was decided that the budgeting process should be made stricter, one of the new rules being that there must be a one third of a percent of GDP surplus on average over a business cycle. Since then, government debt has gone from over 70% to less than 20% of GDP.
Thanks. Yes, very good point. Sweden also had a range of reforms in the 90s. So did Ireland, to be fair. So maybe I could add Sweden and a few others who combined fiscal reform with broader reform as well. Hmmm. Thank you and thank you for reading! Chris
Sweden is another success story. In 1996, it was decided that the budgeting process should be made stricter, one of the new rules being that there must be a one third of a percent of GDP surplus on average over a business cycle. Since then, government debt has gone from over 70% to less than 20% of GDP.
Thanks. Yes, very good point. Sweden also had a range of reforms in the 90s. So did Ireland, to be fair. So maybe I could add Sweden and a few others who combined fiscal reform with broader reform as well. Hmmm. Thank you and thank you for reading! Chris