New Zealand has experienced robust economic growth since 2012, buoyed by record levels of inward migration and strong terms of trade. Employment has expanded vigorously, reversing much of the increase in unemployment since the onset of the global financial crisis.
Since 2000, the quality of life of Colombians has improved markedly. Macroeconomic and social policies have sustained strong GDP growth and reduced poverty.
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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.
Remarks by Alvaro S. Pereira, Director, Country Studies, Economics Dept
Spain is enjoying a robust recovery from a deep recession, with GDP growth averaging 2.5% over the past three years.
Further structural reform is required to raise productivity growth through a better climate for business and stronger R&D outcomes.
In India, the acceleration of structural reforms, the move towards a rule-based policy framework and low commodity prices have provided a strong growth impetus.
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.
Sweden weathered the global financial and economic crisis with limited damage,thanks to strong macroeconomic, fiscal and financial fundamentals, as well as a competitive and diversified business sector.