C-1

Did the government publish, as part of published budget documents and information about emergency fiscal policy packages or elsewhere, updated macroeconomic projections, comparing them to the originally approved ones for the current fiscal year?

Tick boxes: Please check the boxes of the items that appear in the relevant documentation. If none of the items are presented, please check ‘None of the Above’. In the comment box, please provide a detailed citation for each item selected below as described in the assessment directions as well as any additional details. ☐  Nominal GDP level ☐  Inflation rate ☐  Real GDP growth ☐  Interest rates ☐  Unemployment rate ☐  Comparison between originally approved and updated projections ☐  Explanatory narrative ☐  Other (please specify in the comment box) ☐  None of the above

Guidelines
As the COVID-19 pandemic has had a strong impact on the macroeconomic environment in which government budgets were originally formulated, Question 1 asks whether the government published an update to the macroeconomic forecast that underlies the budget’s revised revenue and expenditure estimates.

The types of information that should be a part of the government’s updated macroeconomic forecast include: estimates of the nominal GDP; the inflation rate; the real GDP growth; interest rates; and the unemployment rate. Additionally, some governments may also provide updated information on: the price of oil and/or other commodities; the exchange rate; short and long-term interest rates; the GDP deflator; the current account; and the composition of GDP growth.

The question also asks whether the presentation includes a comparison between the revised macroeconomic projections and the originally approved ones for the current fiscal year, as well as a narrative explaining the revised macroeconomic projections, providing a discussion for instance of the differences between original and revised projections, and how these are linked to the impact of the pandemic.