The Year 2011 in Review – 10 Worst Budgets

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2011 saw things changing as countries gradually started to come out of the economic slump that had caused a big global financial crisis. With revenues improving and people finding more opportunities, many countries found it easier to recover. However, the recovery procedure is a long one and it takes years to achieve a surplus.

Ireland

General Government Deficit or Surplus as % of GDP: -10.3

Ireland continues to dwindle with its condition not seeing any improvement. Its 2011 budget proposed a reduction of €6 billion in expenses to improve the deficit that has been causing troubles in the country.

United States

General Government Deficit or Surplus as % of GDP: -10

The US continues to have a negative budget; however, the conditions are better when compared to the previous years. Nevertheless, looking at the current scenario, it will take the country a good few years to be able to achieve a surplus, which it hasn’t in decades.

United Kingdom

General Government Deficit or Surplus as % of GDP: -9.4

United Kingdom’s 2011 budget was in huge deficit mainly due to the huge expenditure it had to incur on development. The country that hosted 2012’s Olympics had to spend big to be able to cash in on the opportunity. Experts were of the idea that it will result in something positive and give the dying economy a boost.

Greece

General Government Deficit or Surplus as % of GDP: -9

2011 saw a slight improve in Greece’s financial condition; however, the country is still very far from being called financially sound. Economists in the country criticized its 2011’s budget as it failed to bring into consideration the risk factor, as per the experts.

Japan

General Government Deficit or Surplus as % of GDP: -8.9

Japan witnessed a major earthquake in 2011 that left the country devastated. With stock falling all-time low, the country had to spend extravagantly on development and welfare, resulting in the country having a deficit.

New Zealand

General Government Deficit or Surplus as % of GDP: -8

New Zealand’s budget saw a deficit, which economists believe is a good thing as most expenditure was done in the right sectors. The government spent a huge chunk of revenue on public welfare and offering new jobs. Around 170,000 new jobs are expected to open in the next few years that will help the country improve its condition.

Spain

General Government Deficit or Surplus as % of GDP: -6.2

With improved tourism and welfare services, Spain’s economy showed signs of improvement in 2011. Its budget was aimed towards improving the situation further and solving the problem of unemployment, which was a major cause of concern.

Portugal

General Government Deficit or Surplus as % of GDP: -5.9

Portugal found it difficult to improve its situation in 2011, even though the financial crises were almost ending. Like most OECD countries, it had to put in a lot of efforts to get over the damage caused by the economic meltdown.

Slovak Republic

General Government Deficit or Surplus as % of GDP: -5.9

Slovak Republic is planning to remove its budget deficit by 2015, and looking at the estimates the plan seems to be working as it has improved its situation with deficit decreasing.

France

General Government Deficit or Surplus as % of GDP: -5.7

One of the world’s strongest economies also showed signs of meltdown with falling revenues and increasing expenditures; however, the conditions were better in comparison with the previous years.

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