AMRO：2026年在新兴阻力中加强财政管理报告（英文版）

Fiscal developments in FY2025 reflected active fiscal policy, characterized primarily by spending expansion. Fiscal balances deteriorated in half of ASEAN+3 economies and improved in the other half. Expenditure rose across all economies, while revenue performance remained generally strong, though expenditure growth outpaced revenue gains in many cases. Tax revenue increased across major categories, supported by resilient economic activity. Spending growth was concentrated in primary current e