Austerity: Which Way Now?

PIDE Knowledge Brief No. 21:2021
Author: Abdul Jalil
Publication Year : 2021

Austerity, during the global financial crisis, was the rubric used to define the highly contractionary policies at the cost of domestic social and infrastructural needs (see Varoufakis 2017). Economies with high fiscal deficits and high debt to GDP ratios are often pushed to adopt austerity IMF programmes.