Discuss the advantages and disadvantages of using expenditure-reducing policies to remove a deficit on the current account of the balance of payments and consider the likelihood that such policies will be successful.

Expenditure-reducing policies are economic measures implemented by a government to decrease its spending and reduce its deficit. These policies can have both advantages and disadvantages when used to remove a deficit on the current account of the balance of payments.

Advantages:

1. Reduction in Imports: Expenditure-reducing policies can lead to a decrease in imports, which can help to reduce a current account deficit. This is because a reduction in spending often leads to a decrease in the demand for imported goods and services.
2. Increase in Domestic Production: These policies can also stimulate domestic production. When imports decrease, the demand for domestically produced goods and services can increase, which can boost the domestic economy.
3. Reduction in Inflation: Expenditure-reducing policies can help to control inflation. By reducing spending, these policies can help to keep prices stable, which can be beneficial for the economy.

Disadvantages:

1. Decrease in Economic Growth: Expenditure-reducing policies can lead to a decrease in economic growth. This is because a reduction in spending can lead to a decrease in demand, which can slow down the economy.
2. Increase in Unemployment: These policies can also lead to an increase in unemployment. When spending decreases, businesses may need to cut back on their workforce, which can lead to job losses.
3. Decrease in Public Services: Expenditure-reducing policies can lead to a decrease in public services. When the government reduces its spending, it may need to cut back on public services, which can negatively impact the population.

The success of expenditure-reducing policies in removing a deficit on the current account of the balance of payments largely depends on the specific circumstances of the economy. If the economy is strong and the deficit is small, these policies may be successful. However, if the economy is weak and the deficit is large, these policies may not be enough to remove the deficit. Additionally, the success of these policies also depends on the government's ability to effectively implement them and the population's willingness to accept them.