Global Crises, fiscal space and national response

The main aim of this paper is to examine the impacts of the crisis on fiscal space and government social spending. It also examines the design and implementation of national rescue packages, concentrating in particular on the composition of stimulus packages in terms of social protection and employment measures. This study analyses data from the year 2000 to 2011 in order to find out the Global Crises, fiscal space and national response. In this analysis various secondary sources have been used. It analyses the impacts, shortcomings, challenges, and policy reform measures of the Global food crisis. Educational, Scientific and Cultural Organization estimates that the average annual shortfall in funding needed to meet the internationally agreed development goals in education is $16 billion, $5 billion more than previously estimated (United Nations Educational Scientific and Cultural Organization, 2010). The crisis dampens the prospects for closing this gap. Thus, policy adjustments to support social spending and improve economic growth are essential to limit the impact of the crisis on poverty