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Covid and after: the battle for fiscal space in LAC

Towards a new consensus on fiscal management?

Not surprisingly, perhaps, the crippling impact of the Covid-19 pandemic has led many to question traditional approaches to fiscal management. While some consider the pandemic to be a one-off external shock, unlikely to be repeated for a generation, others argue that the world will actually see a quickening pace of similar disruptive events, whether they be new and destructive diseases or extreme weather events connected to climate change, on top of natural disasters such as earthquakes. The future cannot be accurately predicted, but for governments that were unprepared for Covid-19, it seems reasonable that they should now try to get ahead of the curve, trying to develop robust fiscal policies to manage future disruption.

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