The pace of fiscal consolidation in advanced economies is slowing in 2014, as expected, as many countries seek to balance deficit reduction objectives and support to a still uneven recovery.
The average fiscal effort, measured by the change in the cyclically adjusted balance,
is projected at 0.4 percentage point of potential GDP, compared to an annual average
effort of about 1 percentage point over 2011–13 (Figure1.1, panel 1; Tables 1.1a, 1.1b, and 1.2). Overall,revisions to the 2014–15 fiscal projections from the April 2014 Fiscal Monitor are relatively small and, in most cases, reflect changes in growth and inflation
projections rather than discretionary policy changes.