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The authors of a new study from EconPol Europe have called for policy makers to finance Covid-19 spending through monetization rather than the creation of new debt, which they say could risk exposing a number of countries to a new sovereign debt crisis.
EconPol Europe World Economic Survey: Experts Predict Severe Global Recession, With No Growth Until 2021
A global survey of economic experts on the effects of the COVID-19 crisis reveals almost all countries expect a severe recession in 2020, with pre-crisis levels not expected to be reached before 2021. Of available policy options, emergency liquidity assistance to firms and temporary tax deferrals for businesses are deemed to be most effective.
EconPol Europe: Recession in Portugal Could Cause Budget Deficit of up to 4% of GDP, Portuguese Government Must Step in to Cover ‘Significant’ Cut in Household Spending
An EconPol Europe report estimating the real growth rate of GDP in Portugal in 2020 predicts a budget deficit of around 3% or 4% of GDP, implying a break and not a fiscal regime switch.
Of particular relevance, says author António Afonso (EconPol Europe, Lisbon School of Economics and Management of the Universidade de Lisboa) is private consumption and investment, with households cutting spending significantly and an increase in government spending necessary to cover the lack of domestic demand.
EconPol Europe: Focus Must Be on Health Policy, as Costs to German Economy Predicted to Reach Up to 729 Billion
A report from EconPol Europe calculates potential costs of coronavirus to the German economy of up to 729 billion, with up to 1.8 million jobs cut and six million workers affected by lower hours.
EconPol Europe: Tech Giants Should be Subject to Digital Services Tax, but Definition Needs Tightening
A new study from EconPol Europe has analyzed the proposals and international implications around taxing digital platforms and concludes that the European Commission’s proposed digital services tax (DST) addresses the concerns shared by policy makers. However, there should be a more stringent definition of the digital platforms that are subjected to such a tax.