dium-termРchallenges relating to potential output, unemployment and fiscal positions” shows that even countriesРwith large deficits in the near term can reach fiscal balance over the medium term, or at least get a goodРpart of the way, provided that consolidation measures are taken which are strong but not withoutРhistorical precedent.Р Consolidation, when recovery is sufficiently firm, should aim to avoid collateral damage toРeconomies’ long-term growth prospects. That means relying as far as possible on rolling back publicРexpenditure that is not growth-enhancing, and when tax hikes are necessary to concentrate on broad-Рbased taxes that involve minimal distortion to economic decisions of producers, consumers and investors.Р8 OECD ECONOMIC OUTLOOK 85 – ISBN 978-92-64-05281-9 –© OECD 2009
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