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The expansion of fiscal revenues and expenditures and the increase in government departments and personnel required the government to plan its funds, which gave rise to the concept of the government budget. The government budget is also a product of the democratization of modern politics.
The economy of Ethiopia is a mixed and transition economy with a large public sector. The government of Ethiopia is in the process of privatizing many of the state-owned businesses and moving toward a market economy. [26] The banking, telecommunication and transportation sectors of the economy are dominated by government-owned companies. [27] [28]
The second five-year plan (1962-67) began a 20-year program to change Ethiopia's predominantly agricultural economy to an agro-industrial one. [1] The plan's objectives included diversification of production, introduction of modern processing methods, and expansion of the economy's productive capacity to increase the country's growth rate. [1]
Analysis conducted by the Congressional Budget Office in 2013 estimated the effects of automatic stabilizers on budget deficits and surpluses in each fiscal year since 1960. The analysis found, for example, that stabilizers increased the deficit by 32.9% in fiscal 2009, as the deficit soared to $1.4 trillion as a result of the Great Recession ...
Neutral fiscal policy is usually undertaken when an economy is in neither a recession nor an expansion. The amount of government deficit spending (the excess not financed by tax revenue) is roughly the same as it has been on average over time, so no changes to it are occurring that would have an effect on the level of economic activity.
The concept is often encountered in the context of a government's approach to spending and taxation. A 'procyclical fiscal policy' can be summarised simply as governments choosing to increase government spending and reduce taxes during an economic expansion, but reduce spending and increase taxes during a recession.
The recession caused by the coronavirus is an example of a shock to the economic system. Recession vs. Depression There is no true economic marker that differentiates a recession from a depression.
Regional government. Ethiopia is a federal state and divided into 12 regional states based on ethnicity. These regional states have a significant degree of autonomy and have their own regional governments. They are responsible for policy areas such as education and health, tailored to the specific needs of their populations.