A Cancelled Manoeuvre: The Challenges Facing Economic and Fiscal Policy in 2026
The near-complete use of existing reserves to expand budgetary spending became one of the principal drivers of economic growth in 2023–2025. However, the flip side of this policy was accelerating inflation, the exhaustion of growth stimuli by 2025, and the entry of the fiscal system into a crisis marked by an acute shortage of funds to sustain the state’s planned commitments.