However, this has masked notable differences between advanced and emerging economies. For the developing world, growth has been at its strongest since the Second World War. Advanced economies, on the other hand, have recorded a worsened performance.
The primary fiscal balance as a percentage of GDP has improved by about 14 percentage points since the beginning of the sovereign debt crisis outperforming the ESM programme’s fiscal target for three years in a row. The 2017 primary fiscal outcome (according to ESM programme definition) recorded a surplus of 4.1% of GDP, well above the target of 1.75% of GDP.