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Korea’s strong recovery from the global downturn has been driven by buoyant export growth and an effective policy response, including large-scale fiscal stimulus. Maintaining growth depends on raising productivity, particularly in services, and reforming the labour market so as to reduce dualism and promote greater labour force participation. It is important to encourage corporate restructuring by scaling back support for SMEs. Rapid
Although Korea has achieved a strong recovery from the global downturn, it faces a number of challenges to sustaining growth, notably raising productivity in the service sector, reforming the labour market and the financial sector, improving health care and addressing climate change.
Israel’s education system produces many tertiary graduates but there are wide gaps across society and core skills at secondary school are weak, as discussed in this working paper.
Despite some best-practice policies, challenges remain in raising employment and lowering poverty, particularly among Arab-Israeli and Ultra-orthodox households, as discussed in this working paper.
Monetary policy and inflation prospects are broadly sound in Israel, but significant challenges remain for fiscal policy in reducing public debt, as discussed in this working paper.
European energy policy faces a number of interrelated challenges, including making the transition to a low–carbon economy, increasing cross–border competition in electricity and gas markets and diversifying Europe’s energy supply.
Rapid economic growth over the past two decades has substantially increased employment in Luxembourg, which has largely been met by in–flows of cross–border workers and, to a lesser extent, immigration.
The potential growth rate of the economy has been low for a long time and the crisis has had a further adverse impact, as discussed in this working paper.
Further fiscal easing in late 2008 and early 2009 contributed to a markedly widening fiscal deficit in 2010. A newly enacted fiscal rule will help bring public finances back to a sustainable path, as discussed in this working paper.
English, , 322kb
The future growth path in Luxembourg is likely to be weaker than in the past. Pension reform, together with fiscal consolidation, is required to put the public finances on a sustainable footing, while adaptability of the labour market need to be improved to avoid long-term unemployment.