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Low productivity growth in the EU has deep structural causes. Strengthening human capital, work incentives and competition, and better integrating the Single Market would boost inclusive growth.
Raising euro area economic performance requires cleaning up bank balance sheets, completing banking union to foster unbiased risk assessment, further structural reforms and strong fiscal policy frameworks.
The 2014 survey calls for structural reforms in competition and improving the links between the labour market and the education system to restart income convergence.
The Czech economy is finally coming out of a prolonged recession but must take further steps to speed up income convergence towards the euro area countries, according to the OECD’s latest Economic Survey of the Czech Republic.
Poland’s overall economic performance has been impressive over the last decade. Yet, important challenges remain ahead. Making the labour market work better and strengthening product market competition would boost economic prospects.
Norway’s economy has continued to prosper, but the financial system needs to be resilient against possible systemic risk, and a vibrant entrepreneurial culture will be important to maintain sustainable growth in the future.
The Norwegian economy is performing well, generating inclusive growth, strong social mobility and low unemployment. But to ensure future prosperity, Norway must continue with growth-enhancing reforms while ensuring financial stability, according to the OECD’s latest Economic Survey of Norway.
Finland’s economy is gradually picking up, but uncertainty surrounds the recovery. Determined action to implement structural reforms is needed to revive economic growth, restore competitiveness and preserve high standards of living and well-being, according to the OECD’s latest Economic Survey of Finland.
Finland has been hit hard by the global crisis, mainly through a sharp fall in exports, and the recovery is still hesitant. Bold action is needed to find new sources of growth, regain competitiveness, ensure sound public finances, and preserve the Finnish welfare model, Mr Gurría said.
Hungary exited recession in 2013, but growth potential remains held back by weak investment, low employment among low-skilled workers and shortcomings in labour and product markets. These factors also weigh on social indicators.