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The Age of Austerity

South Centre  IPD29th March 2013 - The paper pdf: (i) examines the latest IMF government spending projections for 181 countries by comparing the four periods of 2005-07 (pre-crisis), 2008-09 (fiscal expansion), 2010-12 (onset of fiscal contraction) and 2013-15 (intensifiedfiscal contraction); (ii) reviews 314 IMF country reports in 174 countries to identify the main adjustment measures in high-income and developing countries; (iv) discusses the threats of austerity to development goals and social progress; and (v) calls for urgent action by governments to adopt alternative and equitable policies for socio-economic recovery.