Draft state budget for 2021. Testimony before the Parliamentary Budget Committee, 4 November 2020

Pablo Hernández de Cos

No 2104, Occasional Papers from Banco de España

Abstract: In discussing the first Draft State Budget to address the economic and social impact of the COVID-19 pandemic, the Governor begins with an analysis of the economy’s recent behaviour and how it may evolve in the coming quarters, drawing on the Banco de España’s projections. Against this background, he assesses the Government’s macroeconomic forecast underpinning the Draft State Budget. He proceeds to calibrate the Budget’s main proposals in terms of the fiscal policy stance, the composition and appropriateness of public revenue and expenditure, and the risks to meeting the budget deficit target. Lastly, he sets out what he considers to be the key challenges for Spanish fiscal policy in the medium term.

Keywords: Draft State Budget; macroeconomic forecast; projections and risks; fiscal policy stance; crisis response; fiscal consolidation plan; composition of public expenditure and revenue; mobilisation of European funds; Next Generation EU; public debt dynamics; growth potential (search for similar items in EconPapers)
JEL-codes: E62 E66 H12 H3 H5 H61 (search for similar items in EconPapers)
Pages: 50 pages
Date: 2021-02
New Economics Papers: this item is included in nep-mac
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https://www.bde.es/f/webbde/SES/Secciones/Publicac ... 21/Files/do2104e.pdf First version, February 2021 (application/pdf)
https://www.bde.es/f/webbde/SES/Secciones/Publicac ... s/21/Fich/do2104.pdf Spanish version (application/pdf)

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