This chapter reviews the evolution of modern budgeting practices since the GFC and assesses recent trends, changes and developments that are impacting budgeting. While the broad goals of public budgeting remain unchanged some requirements have become more pressing in today’s environment. Among these are providing flexibility and identifying fiscal space in response to fiscal shocks, especially in LMICs. Besides identifying new trends and developments the chapter also takes stock of reforms that governments around the world continue to undertake to make budgeting less incremental and more evidence-based. These reforms resulted in ever greater information availability. Although budgeting is historically characterized by an imbalance between the supply of data and its actual take up, current developments have highlighted this problem even more.