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09-May-2011
Environmental policy must focus on efficient ways to achieve its aims, by “getting the prices right”, including more use of cost-benefit analysis. Economic incentives can be better used in environmental policy, while the integration of environment concerns in other policy remains a priority.
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Housing: New Zealand
27-Apr-2011
The boom in New Zealand property markets that got underway in the early 2000s reflected easy credit and strong net migration, but was exacerbated by long-standing structural features of the economy. Policies should aim to remove favourable tax treatment of housing and inefficient regulatory constraints on supply.
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Environment and Sustainable Development: New Zealand
27-Apr-2011
Climate change mitigation possibilities in New Zealand are limited by its high share of agriculture in overall carbon emissions and hydro in its power generation. As an exporter of resource-based goods and services, green growth would help consolidate New Zealand’s long-run growth potential.
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27-Apr-2011
New Zealand’s fiscal position entering the crisis appeared strong, but structural spending increases and tax cuts implemented prior to the recession contributed to a substantial shift to deficit. To reduce the risk of pro-cyclical fiscal policy the government should consider strengthening the fiscal framework.
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Regulatory reform: New Zealand
27-Apr-2011
Although many regulatory areas are consistent with OECD best practice, New Zealand is no longer assessed to be at the forefront of regulatory policy making. Persistently low productivity and GDP per capita suggest that regulatory settings could be improved to enhance economic performance.
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21-Apr-2011
The 11 March 2011 Great East Japan Earthquake was the strongest ever recorded in Japan and triggered the country’s worst disaster of the post-war era. The immediate impact will be to reduce output, although this will later be reversed by reconstruction efforts.
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21-Apr-2011
The Japanese fiscal situation has reached a critical point. Chronic budget deficits were projected to push up gross public debt to an unprecedented 200% of GDP, and net debt to 115% in 2011. A credible and detailed medium-term consolidation plan will thus be a top priority.
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21-Apr-2011
Educational outcomes in japan, which play a key role in productivity growth, could be improved by greater investment in early childhood education and care. The New Growth Strategy’s plan to integrate childcare and kindergarten would help improve educational quality while allowing cost savings.
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21-Apr-2011
Although the rising share of non-regular workers has helped firms to increase employment flexibility and cut wage costs, such workers face low pay, less training, precarious jobs and poor social insurance coverage. Reducing labour market dualism requires a comprehensive approach.
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21-Apr-2011
Stronger growth is also important to stabilise the debt ratio. The Strategy’s objective of increasing demand in four areas – green innovation, health care, economic integration with Asia and regional development – should rely primarily on regulatory reform rather than on costly fiscal measures.
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