Costa Rica has made progress in raising living standards and managing natural resources well. Current challenges include restoring fiscal sustainability by implementing tax reforms, making growth more inclusive by improving access to childcare and reducing inequality, and boosting productivity through greater investment in R&D and reducing barriers to competition.
Since 2000, the quality of life of Colombians has improved markedly. Macroeconomic and social policies have sustained strong GDP growth and reduced poverty.
The 2016 OECD Economic Survey of Greece document analyzes the impact of the economic crisis in Greece and the reforms undertaken. It finds that:
1) The crisis hit Greece hard, with poverty, youth poverty, unemployment, public debt, and financing needs sharply increasing while life satisfaction dropped.
2) Many reforms have been undertaken in areas like labor markets and fiscal policy, and the economy is slowly turning around with exports and GDP gradually improving.
3) However, further structural reforms are needed to strengthen tax administration, pensions, SME access to finance, product markets, regulation, infrastructure, and contract enforcement in order to boost inclusive growth, reduce debt, and improve well-being.
The document is an OECD economic survey of Chile that makes several recommendations. It finds that while growth has been resilient, inequality remains high due to uneven opportunities in education and the labor market. It recommends strengthening social policies and spending to promote greater inclusion, expanding early childhood education, boosting skills development, and improving productivity through initiatives like increasing R&D spending and reducing business regulations.
The document discusses economic challenges and opportunities in Belgium. It finds that while Belgium has undertaken important reforms, productivity growth has weakened and public debt remains high. It recommends boosting productivity through increasing public investment, sustaining R&D spending, and reducing administrative burdens on firms. Making growth more inclusive will require further reducing high labor taxes and improving education and training opportunities for youth, seniors, immigrants and the low-skilled.
This document provides a summary of the first OECD Economic Assessment of Malaysia in 2016. It notes that Malaysia has experienced resilient GDP growth and rising incomes levels close to the OECD average. However, it also finds opportunities to boost productivity growth through improvements to education, reducing skills mismatches, strengthening competition, and liberalizing services. The assessment provides recommendations to foster more inclusive and sustainable growth through measures such as boosting social protection, addressing regional inequality, and reforming the pension system.
The document is an OECD economic survey of Latvia that discusses key economic challenges and recommendations. It finds that while Latvia has recovered from the financial crisis, growth has slowed and income inequality remains high. It recommends that Latvia reduce income inequality by targeting social benefits better, lower taxes on low-paid jobs, and strengthen tax collection. It also suggests raising productivity by improving regulation, vocational education, and R&D investment to support robust economic convergence. Further, Latvia should limit economic volatility by building fiscal reserves to cope with external shocks and continuing financial sector oversight.
United States 2016 OECD Economic Survey unleashing productivity and expanding...OECD, Economics Department
The document is the 2016 OECD Economic Survey of the United States. It finds that while the US recovery has strengthened and unemployment has returned to pre-crisis levels, productivity growth and business dynamism have slowed. It notes rising inequality and recommends boosting infrastructure investment, strengthening competition policies, and expanding programs to help displaced workers and reduce social disparities to make economic growth more inclusive and sustainable.
The document is an OECD economic survey of Brazil that discusses several economic and social issues facing the country. Some of the main findings are that Brazil's fiscal position has deteriorated, inflation has risen above targets, and the healthcare system faces capacity constraints. Key recommendations include implementing fiscal adjustments, improving monetary policy effectiveness, streamlining taxes, boosting trade, and enhancing healthcare spending efficiency.
Since 2000, the quality of life of Colombians has improved markedly. Macroeconomic and social policies have sustained strong GDP growth and reduced poverty.
The 2016 OECD Economic Survey of Greece document analyzes the impact of the economic crisis in Greece and the reforms undertaken. It finds that:
1) The crisis hit Greece hard, with poverty, youth poverty, unemployment, public debt, and financing needs sharply increasing while life satisfaction dropped.
2) Many reforms have been undertaken in areas like labor markets and fiscal policy, and the economy is slowly turning around with exports and GDP gradually improving.
3) However, further structural reforms are needed to strengthen tax administration, pensions, SME access to finance, product markets, regulation, infrastructure, and contract enforcement in order to boost inclusive growth, reduce debt, and improve well-being.
The document is an OECD economic survey of Chile that makes several recommendations. It finds that while growth has been resilient, inequality remains high due to uneven opportunities in education and the labor market. It recommends strengthening social policies and spending to promote greater inclusion, expanding early childhood education, boosting skills development, and improving productivity through initiatives like increasing R&D spending and reducing business regulations.
The document discusses economic challenges and opportunities in Belgium. It finds that while Belgium has undertaken important reforms, productivity growth has weakened and public debt remains high. It recommends boosting productivity through increasing public investment, sustaining R&D spending, and reducing administrative burdens on firms. Making growth more inclusive will require further reducing high labor taxes and improving education and training opportunities for youth, seniors, immigrants and the low-skilled.
This document provides a summary of the first OECD Economic Assessment of Malaysia in 2016. It notes that Malaysia has experienced resilient GDP growth and rising incomes levels close to the OECD average. However, it also finds opportunities to boost productivity growth through improvements to education, reducing skills mismatches, strengthening competition, and liberalizing services. The assessment provides recommendations to foster more inclusive and sustainable growth through measures such as boosting social protection, addressing regional inequality, and reforming the pension system.
The document is an OECD economic survey of Latvia that discusses key economic challenges and recommendations. It finds that while Latvia has recovered from the financial crisis, growth has slowed and income inequality remains high. It recommends that Latvia reduce income inequality by targeting social benefits better, lower taxes on low-paid jobs, and strengthen tax collection. It also suggests raising productivity by improving regulation, vocational education, and R&D investment to support robust economic convergence. Further, Latvia should limit economic volatility by building fiscal reserves to cope with external shocks and continuing financial sector oversight.
United States 2016 OECD Economic Survey unleashing productivity and expanding...OECD, Economics Department
The document is the 2016 OECD Economic Survey of the United States. It finds that while the US recovery has strengthened and unemployment has returned to pre-crisis levels, productivity growth and business dynamism have slowed. It notes rising inequality and recommends boosting infrastructure investment, strengthening competition policies, and expanding programs to help displaced workers and reduce social disparities to make economic growth more inclusive and sustainable.
The document is an OECD economic survey of Brazil that discusses several economic and social issues facing the country. Some of the main findings are that Brazil's fiscal position has deteriorated, inflation has risen above targets, and the healthcare system faces capacity constraints. Key recommendations include implementing fiscal adjustments, improving monetary policy effectiveness, streamlining taxes, boosting trade, and enhancing healthcare spending efficiency.
This document summarizes an OECD report on the French economy. It finds that while well-being is high in France, per capita growth has been weak for some time and unemployment remains high, especially among youth. It recommends that France speed up structural reforms to improve growth prospects, lower public spending substantially in the medium term to reduce taxes, reform the inflexible labor market, and strengthen vocational education. Fully implementing ambitious structural reforms across these areas could boost France's GDP by up to 4% by 2025.
Economic growth of around 7½% makes India the fastest-growing G20 economy. The acceleration of structural reforms, the move towards a rule-based policy framework and low commodity prices have provided a strong growth impetus.
The 2016 OECD Economic Survey of Israel finds that while Israel has experienced strong growth and employment, productivity has been weak. Poverty and cost of living are high due to sheltered sectors, non-tariff barriers, and concentrated industries like banking. Reforms to boost competition in product and labor markets, improve education, lower regulations, and strengthen social inclusion could raise Israel's GDP by 3-6% through greater productivity and living standards. Targeted policies are also needed to reduce poverty, integrate disadvantaged groups, and ensure adequate retirement incomes.
Netherlands 2016 OECD Economic Survey unleashing productivity The Hague 3 MarchOECD, Economics Department
The document is a 2016 OECD Economic Survey of the Netherlands that discusses several key economic indicators and policies. It finds that while the Dutch economy has recovered from the global financial crisis and unemployment is decreasing, productivity growth has been flat. It recommends boosting private investment, increasing support for research and development, and strengthening skills training particularly for immigrants and disadvantaged groups to help unleash productivity. Overall the survey provides an assessment of the Dutch economy and policy areas that could be improved to further support growth, employment, and living standards.
Global growth is expected to modestly pick up due to increasing confidence and investment, but productivity and wage growth remain subdued and financial stability risks persist. While headline employment is improving, labour markets have not fully recovered. Structural changes in technology, trade, and consumer preferences have resulted in manufacturing and mid-level job losses concentrated in specific regions. An integrated policy approach is needed, including reforms to boost competition, skills, and innovation; targeted policies to help displaced workers; and efforts to make the international system more equitable to ensure globalization benefits all.
Lithuania 2016 OECD Economic Assessment more productive and inclusive Vilnius...OECD, Economics Department
The document is an OECD economic assessment of Lithuania that makes several recommendations:
1. Lithuania has made progress in productivity and weathering economic downturns, but challenges remain in further boosting productivity and making growth more inclusive.
2. Fiscal and tax policies should be adjusted to prepare for aging populations and potential shocks, and taxes shifted away from labor to reduce inequality.
3. Measures like improving education and skills training can help address low productivity, while strengthening social benefits and activating labor market policies can increase inclusive growth.
can-pro-growth-policies-lift-all-boats-structural-reforms-and-income-distribu...OECD, Economics Department
This document discusses how economic growth has been associated with rising inequality across OECD countries since the 1980s. While GDP per capita and average incomes were expected to rise together, growth has disproportionately benefited those at the top of the income distribution. Structural reforms can impact GDP and household incomes differently, with some reforms lifting lower incomes more than GDP. Reforms to labor markets, product markets, education, and tax systems present opportunities for policies that promote both long-term growth and more equitable income distribution. However, some reforms like tightening unemployment benefits could present tradeoffs between equity and growth goals.
The document is a 2017 OECD Economic Survey of France that discusses key economic issues and makes policy recommendations. Some of the main points covered include: potential growth has slowed; too many people are excluded from the labor market; public spending is high but corporate tax revenues are low; developing a long-term strategy to reduce public spending and taxes; and fostering an inclusive development of skills and employment. The survey provides recommendations in several areas such as reducing public spending, improving skills training programs, and improving life in poor neighborhoods.
The global economy is stuck in a low growth trap according to the OECD Economic Outlook. Growth has declined in many advanced and emerging market economies. Productivity growth has also slowed and inequality has risen as wages are growing more slowly than productivity. Comprehensive collective action is needed including using fiscal policy to boost public investment while interest rates remain low, as well as structural reforms to increase productivity, wages, and equality. Monetary policy alone cannot break the global economy out of its low growth situation and may become overburdened.
Italy is recovering after a deep and long
recession. Structural reforms, accommodative
monetary and fiscal conditions, and low
commodity prices have helped the economy to turn
the corner.
A presentation of the main findings and recommendations of the OECD Economic Survey of Spain 2014 launched 8 September 2014 in Madrid, Spain.
Structural reforms (labour market, banking, fiscal) have put the economy on the road to recovery.
The document summarizes key findings from the 2017 OECD Economic Survey of South Africa. It finds that while short-term fiscal and monetary policies have limited scope to boost growth, bold structural reforms are needed in areas like network sectors, education, energy infrastructure, and regional integration. Unemployment remains high in South Africa and poverty reduction has been slow. The report recommends reforms such as improving education and vocational training, reducing red tape for businesses, opening up more sectors to competition, deepening regional integration within the SADC, and boosting entrepreneurship.
The document is the 2016 OECD Economic Survey of Germany. It discusses Germany's strong economic recovery after the recession, low unemployment rate, and high levels of well-being. However, it notes investment is low compared to other countries, which contributes to low productivity growth. It recommends increasing investment in infrastructure and removing barriers in professional services to boost competition and productivity, especially in the services sector. It also addresses issues around population aging, increasing immigration, education outcomes for immigrants, and encouraging more women and older workers to remain in the labor force.
Following years of unsustainable economic policies, Argentina has undertaken ambitious reforms. Further wide-ranging structural reforms are needed to respond to challenges still lying ahead. Protecting the poor and ensuring that growth is inclusive and sustainable are key priorities.
Short-term momentum: will it be sustained? OECD Economic Outlook presentation...OECD, Economics Department
The OECD interim economic report provides the following key points:
1) The short-term global economic momentum has become more broad-based across major economies due to improvements in the euro area and synchronised growth across countries.
2) However, strong and sustained medium-term growth is not assured as private investment remains weak and inflation and wage growth are still subdued.
3) Policymakers must pursue fiscal and structural reforms to rebalance support for inclusive growth through better tax and spending policies while managing financial risks.
The 2016 OECD Economic Survey of Norway finds that while Norway has a very high GDP per capita and levels of well-being, the economy faces challenges from its dependence on oil exports. The recent fall in oil prices highlighted Norway's economic vulnerabilities. To rebalance the economy, the survey recommends continuing prudent fiscal policies, boosting structural policies in areas like higher education and rural economies, improving public spending efficiency, and shifting agricultural support away from subsidies toward broader rural development.
Sweden's output has been lifted by an expanding labour force, investment and a recent pick-up in productivity.Unemployment is receding, although it remains relatively high for vulnerable groups, notably the foreign-born.
This document summarizes key findings from the 2016 OECD Economic Survey of Turkey. It finds that while Turkey's growth has remained strong, productivity remains low due to rigid employment regulations, restrictive product market regulations, underdeveloped professional management, and under-use of information and communication technologies. The document recommends reforms to improve educational outcomes, strengthen the rule of law, reduce barriers to investment, and enhance labor market flexibility in order to strengthen resilience, boost productivity, and foster greater social cohesion.
The document summarizes key findings from the OECD Economic Survey of Mexico 2017. It finds that economic reforms in Mexico have led to increased productivity growth, rising foreign investment, and a more resilient economy. However, it notes that implementation of reforms remains uneven, and additional reforms are needed in areas like reducing informality, improving gender equality, fighting corruption, and transforming the agricultural sector. The document provides recommendations in these areas to further boost Mexico's economic growth.
Sharing the benefits of growth more widely Costa Rica 2018 OECD Economic SurveyOECD, Economics Department
This document summarizes key points from an OECD Economic Survey of Costa Rica in 2018. It finds that while Costa Rica has impressive social achievements in education, health, and poverty reduction, it faces challenges with inequality, low employment rates, high unemployment especially among youth and low-skilled workers, and low labor productivity. Fiscal performance is deteriorating with growing debt levels. Recommendations include implementing immediate measures to reduce the budget deficit, reforming the public sector, further increasing tax revenues, and fostering competition through reducing barriers in product markets.
Indonesia OECD Economic Survey 2018 promoting a more inclusive and resilient ...OECD, Economics Department
The document discusses promoting a more inclusive and resilient economy in Indonesia. It notes that living standards and access to infrastructure have risen, and poverty has receded, but pervasive informality traps many in low-quality jobs. It recommends deepening domestic financial markets, improving targeting of social assistance, reforming state-owned enterprises, and improving skills training to make the economy more resilient and inclusive. Two thematic chapters focus on raising revenues to meet spending needs and developing a stronger and sustainable tourism sector.
This document summarizes an OECD report on the French economy. It finds that while well-being is high in France, per capita growth has been weak for some time and unemployment remains high, especially among youth. It recommends that France speed up structural reforms to improve growth prospects, lower public spending substantially in the medium term to reduce taxes, reform the inflexible labor market, and strengthen vocational education. Fully implementing ambitious structural reforms across these areas could boost France's GDP by up to 4% by 2025.
Economic growth of around 7½% makes India the fastest-growing G20 economy. The acceleration of structural reforms, the move towards a rule-based policy framework and low commodity prices have provided a strong growth impetus.
The 2016 OECD Economic Survey of Israel finds that while Israel has experienced strong growth and employment, productivity has been weak. Poverty and cost of living are high due to sheltered sectors, non-tariff barriers, and concentrated industries like banking. Reforms to boost competition in product and labor markets, improve education, lower regulations, and strengthen social inclusion could raise Israel's GDP by 3-6% through greater productivity and living standards. Targeted policies are also needed to reduce poverty, integrate disadvantaged groups, and ensure adequate retirement incomes.
Netherlands 2016 OECD Economic Survey unleashing productivity The Hague 3 MarchOECD, Economics Department
The document is a 2016 OECD Economic Survey of the Netherlands that discusses several key economic indicators and policies. It finds that while the Dutch economy has recovered from the global financial crisis and unemployment is decreasing, productivity growth has been flat. It recommends boosting private investment, increasing support for research and development, and strengthening skills training particularly for immigrants and disadvantaged groups to help unleash productivity. Overall the survey provides an assessment of the Dutch economy and policy areas that could be improved to further support growth, employment, and living standards.
Global growth is expected to modestly pick up due to increasing confidence and investment, but productivity and wage growth remain subdued and financial stability risks persist. While headline employment is improving, labour markets have not fully recovered. Structural changes in technology, trade, and consumer preferences have resulted in manufacturing and mid-level job losses concentrated in specific regions. An integrated policy approach is needed, including reforms to boost competition, skills, and innovation; targeted policies to help displaced workers; and efforts to make the international system more equitable to ensure globalization benefits all.
Lithuania 2016 OECD Economic Assessment more productive and inclusive Vilnius...OECD, Economics Department
The document is an OECD economic assessment of Lithuania that makes several recommendations:
1. Lithuania has made progress in productivity and weathering economic downturns, but challenges remain in further boosting productivity and making growth more inclusive.
2. Fiscal and tax policies should be adjusted to prepare for aging populations and potential shocks, and taxes shifted away from labor to reduce inequality.
3. Measures like improving education and skills training can help address low productivity, while strengthening social benefits and activating labor market policies can increase inclusive growth.
can-pro-growth-policies-lift-all-boats-structural-reforms-and-income-distribu...OECD, Economics Department
This document discusses how economic growth has been associated with rising inequality across OECD countries since the 1980s. While GDP per capita and average incomes were expected to rise together, growth has disproportionately benefited those at the top of the income distribution. Structural reforms can impact GDP and household incomes differently, with some reforms lifting lower incomes more than GDP. Reforms to labor markets, product markets, education, and tax systems present opportunities for policies that promote both long-term growth and more equitable income distribution. However, some reforms like tightening unemployment benefits could present tradeoffs between equity and growth goals.
The document is a 2017 OECD Economic Survey of France that discusses key economic issues and makes policy recommendations. Some of the main points covered include: potential growth has slowed; too many people are excluded from the labor market; public spending is high but corporate tax revenues are low; developing a long-term strategy to reduce public spending and taxes; and fostering an inclusive development of skills and employment. The survey provides recommendations in several areas such as reducing public spending, improving skills training programs, and improving life in poor neighborhoods.
The global economy is stuck in a low growth trap according to the OECD Economic Outlook. Growth has declined in many advanced and emerging market economies. Productivity growth has also slowed and inequality has risen as wages are growing more slowly than productivity. Comprehensive collective action is needed including using fiscal policy to boost public investment while interest rates remain low, as well as structural reforms to increase productivity, wages, and equality. Monetary policy alone cannot break the global economy out of its low growth situation and may become overburdened.
Italy is recovering after a deep and long
recession. Structural reforms, accommodative
monetary and fiscal conditions, and low
commodity prices have helped the economy to turn
the corner.
A presentation of the main findings and recommendations of the OECD Economic Survey of Spain 2014 launched 8 September 2014 in Madrid, Spain.
Structural reforms (labour market, banking, fiscal) have put the economy on the road to recovery.
The document summarizes key findings from the 2017 OECD Economic Survey of South Africa. It finds that while short-term fiscal and monetary policies have limited scope to boost growth, bold structural reforms are needed in areas like network sectors, education, energy infrastructure, and regional integration. Unemployment remains high in South Africa and poverty reduction has been slow. The report recommends reforms such as improving education and vocational training, reducing red tape for businesses, opening up more sectors to competition, deepening regional integration within the SADC, and boosting entrepreneurship.
The document is the 2016 OECD Economic Survey of Germany. It discusses Germany's strong economic recovery after the recession, low unemployment rate, and high levels of well-being. However, it notes investment is low compared to other countries, which contributes to low productivity growth. It recommends increasing investment in infrastructure and removing barriers in professional services to boost competition and productivity, especially in the services sector. It also addresses issues around population aging, increasing immigration, education outcomes for immigrants, and encouraging more women and older workers to remain in the labor force.
Following years of unsustainable economic policies, Argentina has undertaken ambitious reforms. Further wide-ranging structural reforms are needed to respond to challenges still lying ahead. Protecting the poor and ensuring that growth is inclusive and sustainable are key priorities.
Short-term momentum: will it be sustained? OECD Economic Outlook presentation...OECD, Economics Department
The OECD interim economic report provides the following key points:
1) The short-term global economic momentum has become more broad-based across major economies due to improvements in the euro area and synchronised growth across countries.
2) However, strong and sustained medium-term growth is not assured as private investment remains weak and inflation and wage growth are still subdued.
3) Policymakers must pursue fiscal and structural reforms to rebalance support for inclusive growth through better tax and spending policies while managing financial risks.
The 2016 OECD Economic Survey of Norway finds that while Norway has a very high GDP per capita and levels of well-being, the economy faces challenges from its dependence on oil exports. The recent fall in oil prices highlighted Norway's economic vulnerabilities. To rebalance the economy, the survey recommends continuing prudent fiscal policies, boosting structural policies in areas like higher education and rural economies, improving public spending efficiency, and shifting agricultural support away from subsidies toward broader rural development.
Sweden's output has been lifted by an expanding labour force, investment and a recent pick-up in productivity.Unemployment is receding, although it remains relatively high for vulnerable groups, notably the foreign-born.
This document summarizes key findings from the 2016 OECD Economic Survey of Turkey. It finds that while Turkey's growth has remained strong, productivity remains low due to rigid employment regulations, restrictive product market regulations, underdeveloped professional management, and under-use of information and communication technologies. The document recommends reforms to improve educational outcomes, strengthen the rule of law, reduce barriers to investment, and enhance labor market flexibility in order to strengthen resilience, boost productivity, and foster greater social cohesion.
The document summarizes key findings from the OECD Economic Survey of Mexico 2017. It finds that economic reforms in Mexico have led to increased productivity growth, rising foreign investment, and a more resilient economy. However, it notes that implementation of reforms remains uneven, and additional reforms are needed in areas like reducing informality, improving gender equality, fighting corruption, and transforming the agricultural sector. The document provides recommendations in these areas to further boost Mexico's economic growth.
Sharing the benefits of growth more widely Costa Rica 2018 OECD Economic SurveyOECD, Economics Department
This document summarizes key points from an OECD Economic Survey of Costa Rica in 2018. It finds that while Costa Rica has impressive social achievements in education, health, and poverty reduction, it faces challenges with inequality, low employment rates, high unemployment especially among youth and low-skilled workers, and low labor productivity. Fiscal performance is deteriorating with growing debt levels. Recommendations include implementing immediate measures to reduce the budget deficit, reforming the public sector, further increasing tax revenues, and fostering competition through reducing barriers in product markets.
Indonesia OECD Economic Survey 2018 promoting a more inclusive and resilient ...OECD, Economics Department
The document discusses promoting a more inclusive and resilient economy in Indonesia. It notes that living standards and access to infrastructure have risen, and poverty has receded, but pervasive informality traps many in low-quality jobs. It recommends deepening domestic financial markets, improving targeting of social assistance, reforming state-owned enterprises, and improving skills training to make the economy more resilient and inclusive. Two thematic chapters focus on raising revenues to meet spending needs and developing a stronger and sustainable tourism sector.
The document summarizes key findings from the 2016 OECD Economic Survey of the Czech Republic. It finds that while the Czech economy is growing again and unemployment has returned to pre-crisis levels, business R&D spending and productivity growth have stalled. It also notes that the public administration could be more effective, procurement processes are not competitive enough, and infrastructure investment is low. The report recommends steps to boost innovation, improve bankruptcy proceedings, increase access to finance for startups, use performance indicators, enhance joint procurement, and coordinate public investments.
United states-2018-oecd-economic-survey-sustaining-growth-and-raising-employmentOECD, Economics Department
The document is an OECD Economic Survey of the United States that discusses recent economic trends and makes policy recommendations. It finds that the US expansion is continuing with GDP and employment growth, but fiscal stimulus is needed to sustain growth. It recommends implementing corporate tax reform permanently and reining in spending to stabilize public debt. It also suggests reducing regulatory barriers in services, boosting skills training, and addressing the opioid crisis to help more workers find jobs.
The document provides an economic survey of Spain by the OECD. It summarizes that while growth has been robust, unemployment remains high. Productivity growth has stagnated and regional disparities exist. It provides recommendations to boost productivity, reduce inequality and regional disparities through measures like increasing spending on training, reducing barriers to entrepreneurship, strengthening innovation policies, and ensuring social benefits are portable across regions. Maintaining structural reforms, fiscal consolidation, and pension reforms are also recommended to ensure sustainable and inclusive growth.
Longer-term forecastings - David Turner, Economics Department, OECDOECD Governance
This presentation was made by David Turner, Economics Department, OECD, at the 11th Meeting of OECD PBO & IFIs held in Lisbon, Portugal, on 4-5 February 2019
This document summarizes key points from the 2018 OECD Economic Survey of Australia. It notes that Australia has experienced 27 years of robust economic growth and rising incomes. Unemployment is falling and quality of life indicators are good. However, housing markets are beginning to cool, household debt remains high, and the country faces challenges in reducing greenhouse gas emissions to meet climate targets. The OECD provides recommendations in areas like monetary policy, fiscal reform, skills and training, inclusion, urban planning, and environmental policy to help ensure Australia's continued economic success.
Boosting private investment for growth and competitiveness in Argentina. A view from the OECD
OECD EMnet Business Meeting on Latin America
Buenos Aires, 14 November 2017
The document is an OECD economic survey of Iceland that makes the following key points:
1) Iceland's economy is recovering steadily thanks to currency depreciation, a tourism boom, and higher consumer income and lower household debt.
2) Unemployment is low, life satisfaction is high, and wage inequality is relatively low in Iceland compared to other OECD countries.
3) The government plans to lift capital controls, which will help return Iceland to global capital markets, but macroeconomic stability will need to be maintained to prevent disorderly capital outflows.
4) Challenges remain in ensuring long-term fiscal sustainability, reviving productivity growth which has stalled, reducing barriers to entrepreneurship,
This document discusses two major policy challenges facing Canada due to population aging: boosting productivity growth and making fiscal adjustments. Population aging will reduce the working-age population and labor force participation rates, slowing GDP growth. It will also increase spending on healthcare and pensions through higher costs for older groups. If costs rise 3.5% of GDP by 2040 as projected, and revenues only increase at historical rates, large deficits would result. Canada must pursue productivity-enhancing policies and make difficult choices to control spending growth or increase taxes to balance fiscal pressures from an aging population.
Medef - La France peut-elle retrouver le chemin d'une croissance forte ?Lionel Sanchez ✔
- The document discusses the challenges posed by secular stagnation and the need for stronger policy action to escape the low-growth trap. It notes that exceptionally low interest rates create both financial distortions and opportunities for fiscal initiatives.
- To boost growth, the document argues for targeted structural reforms combined with collective fiscal initiatives focused on quality investment in infrastructure and human capital. Maintaining open markets through domestic policies that support workers is also key.
- Escaping the low-growth trap requires weaving together fiscal, structural, and trade policies to strengthen both short-term and long-term growth in an inclusive manner.
Sustaining prosperity and wellbeing OECD Economic Survey Denmark 2019 Copenha...OECD, Economics Department
The document provides an economic survey of Denmark by the OECD. Key points include:
- Denmark's economy is growing after a long recovery, though productivity growth is lagging, especially in the services sector.
- Public finances are sustainable if retirement ages continue to rise as planned.
- The financial sector is very large and household debt remains high despite decreases.
- High digitalization in Danish firms has not yet boosted productivity, and mark-ups are rising in some sectors.
Global economic growth is projected to be around 4% in the coming years, supported by recovering investment and trade. However, risks remain from rising oil prices, trade tensions, and high private sector debt levels in some countries. Unemployment rates are falling in many advanced economies but there is still room to increase labor force participation. Inflation is expected to rise moderately. The document recommends countries boost skills development, digital infrastructure investment, and reduce barriers to business dynamism. It also suggests using fiscal policy reforms like cutting taxes for low-income workers to make growth more inclusive.
Achieving an inclusive and sustained recovery Greece 2018 OECD Economic SurveyOECD, Economics Department
This document provides an economic survey of Greece by the OECD in 2018. It summarizes that the Greek economy is recovering from its crisis, with GDP and employment growing while unemployment is falling. However, productivity continues to decline and poverty remains very high. Additional structural reforms in areas like public administration, taxation, pensions, education and reducing non-performing loans would help boost inclusive and sustainable growth.
Poland 2016 OECD Economic Survey investing in infrastructure and skills Warsa...OECD, Economics Department
The 2016 OECD Economic Survey of Poland document provides the following key points in 3 sentences:
The document summarizes Poland's economic growth and challenges, noting that investing in infrastructure and skills will support higher living standards. It recommends strengthening employment, enhancing skills through education reform, and raising infrastructure investment to prepare for demographic changes. The survey also stresses ensuring sound public finances, maintaining financial stability, and improving the business environment to support Poland's continued economic development.
The document summarizes the 2019 OECD Economic Survey of Portugal. It finds that while Portugal's economic recovery is well established, further improvements are needed to raise living standards. It provides several key policy recommendations to strengthen fiscal sustainability, improve financial stability, boost export performance, enhance judicial efficiency, increase labor utilization, and further reduce poverty.
Laying the foundations for stronger and more inclusive growth OECD economic s...OECD, Economics Department
The document analyzes Argentina's economy and provides recommendations. It finds that while reforms since 2016 have benefited the economy, challenges remain. Continuing reforms are needed to achieve stronger, more inclusive growth by reducing imbalances, strengthening institutions, integrating globally, and completing structural changes in markets, workforce policies, and fiscal policy. Faster progress on reforms would help Argentina realize further gains from policies already enacted and lay the foundation for robust, shared prosperity.
This document discusses fiscal policy challenges and opportunities in Latin America given recent economic slowdowns. It notes that while public education spending has increased to OECD levels, challenges around quality and equity remain. Infrastructure investment has been historically low across much of Latin America. Some countries like Chile and Colombia have seen private investment offset declines in public funding, while countries like Argentina, Brazil and Mexico drive lower regional trends. The document advocates for sector-specific skill development and policies to formalize labor markets and reduce informality, particularly among middle-income workers, in order to boost productivity.
This document is the 2018 OECD Economic Survey of Chile. It finds that while Chile has experienced strong economic growth and convergence with OECD countries, challenges remain around inequality, low productivity, and job quality. Key recommendations include reducing barriers to competition, streamlining regulations to boost investment and exports, increasing social spending and the solidarity pension pillar to reduce inequality, developing apprenticeship programs, and expanding access to affordable childcare to create better jobs. Overall the report emphasizes the need for structural reforms to raise productivity and living standards in a more inclusive manner.
1) The project aims to develop a framework, indicators, and policy toolkit to help governments design coherent housing strategies that balance goals like affordable housing, economic resilience, labor mobility, and environmental sustainability.
2) Key activities will examine how policies can enhance housing outcomes and economic performance, promote labor mobility, incorporate local factors, and reduce inequality and environmental impacts.
3) The project will pull expertise from across the OECD to provide holistic and actionable policy advice to member countries.
This document discusses political norms and their importance for reforms. It begins by explaining what political norms are, using examples from principal-agent models of how beliefs and expectations shape political interactions. It then discusses insights from standard and strategic principal-agent models regarding incentives, selection of leaders, and the roles of non-cooperation, beliefs, and legitimacy. The document analyzes examples from India on electricity subsidies and measures of integrity and public service motivation among local leaders. It concludes by emphasizing the need for deep reforms, the challenges of reforming political institutions globally, and the opportunities for policy experiments and evaluation to strengthen trust in government.
The document discusses how emotions influence perceptions, values, and decisions. Emotions are communicated through facial expressions, voice, body language, and language, and are perceived and interpreted to identify specific emotions like jealousy and happiness. It also discusses how emotions have evolved to enhance survival and each emotion serves a purpose like anger for conflict or fear for danger. Facial expressions are an important way to measure emotional state and send emotional messages. When perceiving emotions in communication, it's important to consider the emotional messages and differentiate between experienced and signaled emotions.
This document summarizes research on how beliefs about fairness affect attitudes toward inequality and demands for redistribution. It finds that people are more opposed to inequality and support more redistribution when they believe inequality is due to luck rather than individual effort. Support for redistribution also depends on target-specific beliefs about the traits of taxpayers and recipients. For example, union members support taxes on the rich more than transfers to the poor, while those with college degrees show the opposite pattern. Overall, attitudes are conditional on beliefs about both the causes of inequality and the perceived worthiness of different social groups.
1. The document discusses the rise of political polarization and anti-establishment voting. It examines two perspectives on the origins: economic factors vs. cultural backlash.
2. It finds that distrust in institutions is common among all anti-establishment voters. This distrust correlates with lower life satisfaction and economic insecurity from factors like the financial crisis, globalization, and inequality.
3. Cultural values around trust in others also explain polarization, with progressive vs. conservative cultures split between radical left and right votes. Loneliness in post-industrial societies may also contribute as the yellow vest movement involved isolated workers.
This document discusses social investment and welfare reforms in Europe. It contains the following key points:
1. It examines employment trends and child poverty rates in European countries since the 1990s, finding mixed results regarding welfare states and social outcomes.
2. It argues for taking a "social investment" approach to welfare policy, using policies like early childhood education to support skills, employment, and gender equality across people's lifetimes.
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2) More fiscal risk-sharing would improve coordination of monetary and fiscal policy, prevent pro-cyclical tightening, and help achieve a better aggregate fiscal stance.
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2. 2
Main message
• Costa Rica has made remarkable progress in the last decades:
o Rising living standards and well being
o Good management of natural resources
• Current challenges:
o Restore fiscal sustainability
o Make growth more inclusive, especially for informal workers and
women
o Adopt reforms to boost productivity growth
3. 3
Living standards have risen sharply in the
last decades
Note: OECD upper half refers to the non-weighted average of 17 OECD countries with the highest GDP per capita.
Source: OECD, National Accounts Database and World Bank, World Development Indicators.
22
23
24
25
26
27
28
29
30
31
22
23
24
25
26
27
28
29
30
31
1990 1994 1998 2002 2006 2010 2014
%%
GDP per capita of Costa Rica relative to OECD upper half
4. 4
Well-being is high
Note: Data are preliminary. Each well-being dimension is measured by one to four indicators taken from the OECD Better Life Index set. Normalised
indicators are averaged with equal weights. Indicators are normalised to range between 10 (best) and 0 (worst) according to the following formula:
(indicator value - minimum value) / (maximum value - minimum value) x 10.
Source: For Costa Rica: National Institute of Statistics and Censuses (INEC); National Electoral Tribunal (TSE); Gallup World Poll Database (Gallup,
2015). For OECD average: OECD Better Life Index Database.
Many components of well being are already comparable with OECD
countries' levels
0
2
4
6
8
10
Housing
Income (incomplete)
Jobs (incomplete)
Community
Education
Environment
Civic engagement
(incomplete)
Health
Life satisfaction
Safety
Work-life balance
Costa Rica OECD average
5. 5
Life expectancy is high
Note: Life expectancy at birth for all population.
Source: OECD Health Statistics.
50
55
60
65
70
75
80
85
50
55
60
65
70
75
80
85
1968 1973 1978 1983 1988 1993 1998 2003 2008 2013
Costa Rica Latin America & Caribbean OECD
Years Years
6. 6
Costa Rica is an attractive destination for
investment
Source: World Bank, World Development Indicators.
Net foreign direct investment
0
1
2
3
4
5
6
7
8
0
1
2
3
4
5
6
7
8
1980 1983 1986 1989 1992 1995 1998 2001 2004 2007 2010 2013
% of GDP% of GDP
Costa Rica Latin America & Caribbean OECD
7. 7
Macroeconomic stability is crucial for growth
Note: Inflation expectations are one year ahead.
Source: Central Bank of Costa Rica.
Improved monetary policy framework has contributed to falling
inflation
-4
-2
0
2
4
6
8
10
12
14
16
18
-4
-2
0
2
4
6
8
10
12
14
16
18
2003 2005 2007 2009 2011 2013 2015
%%
Inflation
Inflation expectations
8. 8
Natural resources are well managed
Source: IEA CO2 Emissions from Fuel Combustion Statistics, Indicators for CO2 Emissions Database.
CO2 emissions per capita are low; the share of renewables in
electricity generation and forest cover are large
0
2
4
6
8
10
12
14
16
18
0
2
4
6
8
10
12
14
16
18
CRI
MEX
TUR
SWE
PRT
CHL
FRA
CHE
ESP
ITA
GRC
GBR
POL
DEU
JPN
OECD
NLD
USA
tCO2 per capita, 2012 tCO2 per capita, 2012
10. 10
The tax reform will cut the budget deficit
Source: Ministry of Finance of Costa Rica and OECD Economic Outlook 98 Database.
General government budget balance
-6
-5
-4
-3
-2
-1
0
1
2
-6
-5
-4
-3
-2
-1
0
1
2
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
% of GDP% of GDP
No reform OECD recommendation
Tax reform
submitted to
Congress
No reform
11. 0
10
20
30
40
50
60
70
80
0
10
20
30
40
50
60
70
80
2009 2011 2013 2015 2017 2019 2021 2023 2025 2027 2029
General government debt as % of GDP
No reform
Tax reform submitted to Congress: 2.1% GDP
With additional fiscal measures: 3% GDP
General government debt as % of GDP
11
A fiscal adjustment of 3% GDP will cut the
public debt
Effect of alternative reforms
Source: OECD calculations.
Structural reforms will boost growth, further cutting the debt ratio
12. 12
Public spending is rising because of an
increasing wage bill
General government, composition of expenditure
Source: Ministry of Finance.
0
5
10
15
20
25
30
35
40
0
5
10
15
20
25
30
35
40
2008 2009 2010 2011 2012 2013 2014
% of GDP% of GDP
Others Wage bill
13. 13
Fiscal revenues are low
Approve and implement the proposed tax reform submitted to
congress
Total revenue
Source: OECD Revenue Statistics in Latin America and the Caribbean 2015.
0
5
10
15
20
25
30
35
40
0
5
10
15
20
25
30
35
40
1990 1996 1998 2000 2002 2004 2006 2008 2010 2012
% of GDP% of GDP
OECD
Costa Rica
14. 14
Earmarking makes public spending inflexible
Organisation of the public sector with expenditure share in percent (2014)
Source: Ministry of Finance.
The central government has little control over public-sector finance
Strengthen the authority of the Ministry of Finance to control
overall public-sector expenditure
Constitutional and
legal mandates
69%
Debt service
14%
Non-rigid spending
17%
17. 17
The tax and transfer system does little to reduce
income inequality
Inequality (Gini) before and after taxes and transfers (latest available year)
Note: Data for 2012 or latest available year. Preliminary estimate for Costa Rica.
Source: OECD Income Distribution Database (IDD); and Lustig et al. (2013).
18. 18
Female labour market participation is low
Note: Data for Brazil is 2013.
Source: OECD Labour Force Statistics Database.
0
10
20
30
40
50
60
70
80
90
0
10
20
30
40
50
60
70
80
90
TUR
MEX
CRI
ITA
CHL
KOR
GRC
BRA
HUN
POL
IRL
OECD
SVK
COL
BEL
LUX
CZE
JPN
USA
SVN
FRA
ESP
PRT
AUS
AUT
EST
GBR
DEU
FIN
NLD
NZL
CAN
DNK
NOR
CHE
SWE
ISL
%%
Women labour force participation rate (age 15 to 64, 2014)
19. 19
The lack of childcare services keeps
poor women out of paid work
Increase the supply of publicly-funded childcare services to
facilitate women’s participation in the labour market
Percentage of women out of the labour force
because of non-paid care responsibilities (24-35 years, 2014)
Source: OECD calculations based on ENAHO 2014.
0
10
20
30
40
50
60
70
80
90
0
10
20
30
40
50
60
70
80
90
Poorest quintile Quintile II Quintile III Quintile IV Richest quintile
%%
20. 20
Informality is increasing
Strengthen enforcement and reduce administrative burdens
Source: INEC, Encuesta Continua de Empleo, 2015.
70
80
90
100
110
120
130
140
150
70
80
90
100
110
120
130
140
150
I 2011 III 2011 I 2012 III 2012 I 2013 III 2013 I 2014 III 2014 I 2015 III 2015
Index 2011 Q1=100Index 2011 Q1=100
Informal employment
Formal employment
21. 21
Educational outcomes are poor
Percentage of adults who have attained at least upper secondary education (2014)
Establish better educational outcomes as the main policy target
Source: OECD Education at a Glance 2015.
0
10
20
30
40
50
60
70
80
90
100
0
10
20
30
40
50
60
70
80
90
100
25-64 year-olds 25-34 year-olds
%%
OECD average Chile Brazil Costa Rica
22. 22
Waste-water treatment is deficient
Note: Data for the latest available year.
Source: World Bank, World Development Indicators Database 2012; Estado de la Nación 2014; UN stat; Eurostat; Aquastat FAO
data; UNEP 2000; OECD Water database; OECD Environment at a Glance 2013.
Improve waste-water management facilities
0
10
20
30
40
50
60
70
80
90
100
0
10
20
30
40
50
60
70
80
90
100
Connection to sewage treatment (%) Sewage treatment (%)
%%
Costa Rica Brazil Mexico Chile OECD average
26. 26
Higher education contributes to s small
share pf public R&D expenditure
Increase the share of public R&D channeled to universities;
better enforce intellectual property rights (IPRs)
Note: Public R&D expenditure by type of research system. Data for 2012 or latest available year.
Source: OECD Science, Technology and Industry Outlook 2014.
Public R&D spending (latest available year)
0
10
20
30
40
50
60
70
80
90
100
110
0
10
20
30
40
50
60
70
80
90
100
110
CHN
ARG
KOR
SVN
MEX
USA
CRI
POL
DEU
HUN
SVK
NZL
ESP
CZE
FRA
JPN
OECD
GRC
NOR
ITA
FIN
AUS
BEL
NLD
GBR
TUR
CAN
IRL
AUT
SWE
PRT
COL
CHL
DNK
CHE
Higher education expenditure on R&D Government expenditure on R&D
% of public R&D spending % of public R&D spending
27. 27
Regulation restricts competition in product
markets
Eliminate anti-trust exemptions and give the competition
commission more independence
Note: OECD is a simple average of OECD countries, 2013 data. USA latest data is 2008.
Source: OECD Product Market Regulation Database for OECD countries and Brazil. OECD-World Bank Group Product Market
Regulation Database for Colombia, Peru and Costa Rica.
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
1.8
2.0
2.2
2.4
2.6
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
1.8
2.0
2.2
2.4
2.6
NLD
GBR
USA
AUT
DEN
NZL
ITA
AUS
EST
FIN
DEU
PRT
HUN
SVK
BEL
CZE
JPN
CAN
ESP
IRL
LUX
OECD
NOR
FRA
ISL
CHE
CHL
LTU
SWE
LVA
POL
PER
SVN
GRC
COL
KOR
MEX
CRI
TUR
BRA
Level of PMR scoreLevel of PMR score
28. 28
State-owned banks play a dominant role but
have higher costs than private banks
Eliminate regulatory asymmetries favouring state-owned banks;
improve corporate governance of state-owned banks
Banks' administrative costs over total assets and liabilities
Note: The bars show the median of private and public banks' monthly administrative costs (general and personnel expenditures)
expressed as percentage of the sum of total assets and liabilities; the ratio of the monthly administrative costs to the sum of total
assets and liabilities are averaged over the year; data for 2015 are from January to September.
Source: Superintendencia General de Entidades Financieras (SUGEF).
0.00
0.05
0.10
0.15
0.20
0.00
0.05
0.10
0.15
0.20
Private
banks
Public
banks
Private
banks
Public
banks
Private
banks
Public
banks
2013 2014 2015
%%
General expenditures Wage bill
31. Main Findings
o Tax revenues are low and spending is rising fast. The public
administration is highly fragmented.
o The central bank’s independence in the conduct of monetary policy can be
improved.
o Banking-sector competition and financial systemic risks remain concerns.
o Income inequality is high and poverty has remained largely unchanged
over the last two decades.
o Female labour market participation is low.
o The share of informal employment is high and rising.
o Spending on education is high but outcomes are poor.
o Competition is weak and the role of state-owned enterprises is pervasive.
o Low productivity growth and barriers to entrepreneurship hamper income
convergence.
o Transport infrastructure is deficient due to a complex institutional
framework and low coordination.
31
ProductivityInclusionMacro
32. Recommendations to restore fiscal
sustainability and enhance monetary credibility
Cut the central government deficit by 2% of GDP during 2016-17 and an
additional 1.5% thereafter by approving and implementing the proposed tax
reform, combatting tax evasion, eliminating tax exemptions without an
economic or social rationale, and curbing expenditure growth.
Introduce a medium-term fiscal framework with a verifiable expenditure rule.
Strengthen the authority of the Ministry of Finance to control overall public-
sector expenditure and introduce performance-based budgeting.
Strengthen the effectiveness of monetary policy to achieve price stability with
appropriate institutional reforms, in particular by delinking the designation of
the President of the Central Bank from the political cycle, and clarifying
accountability rules such as clear motives for her/his dismissal.
Establish a deposit-insurance scheme covering all banks to help level the
playing field in the banking sector, accelerate the adoption of Basel III
principles, and release publicly the results of banks' stress tests.
32
33. Recommendations to make growth more
inclusive
Increase the supply of publicly-funded childcare services to facilitate
women participation in the labour market.
Simplify the minimum wage structure and enforce compliance with the
law.
Adopt a comprehensive strategy to reduce high labour market
informality by strengthening enforcement, reducing administrative
burdens to entrepreneurship, and enabling the poor to become formal
workers.
Establish better educational outcomes as the main policy target, with
special emphasis on improving the performance of disadvantaged
students and schools.
Develop an apprenticeship system that closely involves employers.
More in Chapter 1 of the Economic Assessment
33
34. Recommendations to boost productivity
34
Give the competition commission more independence and eliminate anti-
trust exemptions.
Improve the corporate governance of state-owned banks and enterprises by
adopting the OECD Guidelines on Corporate Governance of State-Owned
Enterprises.
Strengthen the institutional design to align policies to boost productivity by
enhancing the strategic role of the Presidential Council on Competitiveness
and Innovation
Improve the business environment and reduce barriers to entrepreneurship.
Streamline the institutional and legal framework of public-work agencies, to
achieve better policy design and execution in transport and other
infrastructure sectors.
More in Chapter 2 of the Economic Assessment
35. More Information…
www.oecd.org/eco/surveys/economic-survey-costa-rica.htm
OECD
OECD Economics
Disclaimers:
The statistical data for Israel are supplied by and under the responsibility of the relevant Israeli authorities. The use of such data by the OECD is without
prejudice to the status of the Golan Heights, East Jerusalem and Israeli settlements in the West Bank under the terms of international law.
This document and any map included herein are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers
and boundaries and to the name of any territory, city or area.
35