Below is a wonderful chart of fiscal initiatives and their expected impact on GDP. The chart highlights –

a) the two largest fiscal consolidations are expected to occur in NZ and Australia.

   the planned consolidation in Australia is the biggest 1y fiscal consolidation on
   record for Australia – this is expected to be formally introduced in their May
   budget

b) number of initiatives are by the Eurozone countries (both core and peripheral) as they impose fiscal austerity to reduce debt burdens

c) significant negative impact on US GDP should tax cuts etc. that are currently in place are not extended at the end of the year.

Click here for larger version