Fiscal R-Star
The fiscal-monetary gap
The gap between the debt-stabilising real rate and the neutral rate.
36 economies · IMF World Economic Outlook, April 2026 · five-year-ahead horizon
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Fiscal-monetary tension
-5pp · Low tension0 · Neutral+5pp · Elevated
No estimate
Click any country for its estimates and sources.
Global median, latest snapshot
Cross-country medians across covered economies.
- Fiscal r-star
- +1.01%
- median of 36 economies
- Monetary r-star
- -0.01%
- median of 36 economies
- Fiscal-monetary gap
- +1.45 pp
- median of 36 economies