Since 2000, the quality of life of Colombians has improved markedly. Macroeconomic and social policies have sustained strong GDP growth and reduced poverty.
Growth in China has been slowing gradually, but GDP per capita remains on course to almost double between 2010 and 2020. As a result, the Chinese economy will remain the major driver of global growth for the foreseeable future.
Pensions have been successful in reducing old-age poverty well below the population-wide average, and below the OECD average. At present, all pension recipients – and this includes around 90% of those aged 65 and above – receive at least the minimum wage, which is more than 5 times as much as the poverty line of BRL 170 (equivalent to USD 55).
Despite strong economic growth, Costa Rica’s income inequality has increased in the past decade, in stark contrast with other Latin American countries.
Labour productivity in Japan is about a quarter below the average of the top half of OECD countries, which is surprising given Japan's outstanding performance in education and skills and high level of R&D spending.
The private sector can be a strategic partner in the pursuit of sustainable and inclusive growth, with the ability to have a profound impact, particularly in areas such as climate change, inclusiveness, equality and good governance.
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Brazil’s old-age pensions have reduced old-age poverty below OECD levels, but pension expenditures of 8.2% of GDP are expected to rise rapidly as the population ages. A pension reform is necessary to ensure the financial sustainability of the system.
While growth has picked up, more needs to be done for Japan to overcome a record high government debt ratio and an accelerating decline in its working-age population.
On several measures, China has caught up with OECD economies in the area of innovation.