This policy paper: (i) examines IMF government spending projections for 181 countries, identifying two main phases: fiscal expansion (2008-2009) and fiscal consolidation (2010 onwards); (ii) presents the main adjustment measures considered since 2010 and their adverse socio-economic impacts in both high income and developing countries; (iii) analyses divergent trends in social protection across regions, focusing on the positive expansion of social protection floors in a majority of developing countries; (iv) reviews potential areas of fiscal space for the necessary extension of social protection systems; and (v) presents the developmental arguments to invest in social protection in pursuit of crisis recovery, inclusive development and social justice.