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The process of fiscal consolidation and the need to step up the poor long term economic performance provide an opportunity to implement tax measures to improve efficiency and rebalance the economy.
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Turkey has considerably improved its terms of access to the global capital market. Progress in macroeconomic fundamentals has enhanced credibility and reduced risk premia and capital costs.
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Australia’s key risks are medium-term--supply bottlenecks, the rising current account, and uncertainty about commodity prices. Policies should guard against inflation and fiscal pro-cyclicality while preserving a flexible economy and ensuring a fair distribution and use of the prosperity benefit
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Despite major progress over the last decade, more reforms are needed to meet Indonesia’s medium-term objectives for growth and poverty reduction. The Survey reviews the main challenges in the areas of energy subsidies, infrastructure, labour markets, education, health care and social protection.
Indonesia has made considerable progress over the years in improving the social conditions of its population, especially among disadvantaged groups, not least by raising government spending and strengthening social protection programmes.
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The oil price hike in 2007-08 underlined the vulnerability of Indonesia’s energy subsidy policy to oil price volatility. In addition to entailing significant economic and environmental costs, energy subsidies put pressure on the public budget and benefit mostly rich households.
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Indonesia’s infrastructure is in poor shape, having suffered from protracted under-investment since the Asian financial crisis of the late 1990s, and constraints growth potential.
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The United States faces challenging budgetary prospects, as do most other OECD countries. The federal budget deficit widened considerably during the recession, reaching about 10% of GDP in both 2009 and 2010, reflecting the operation of automatic stabilizers and the policy response to the crisis
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The consensus view of scientists is that the build-up of greenhouse gases (GHG) in the atmosphere is causing global warming. To reduce the probability of severe climate change impacts and costs occurring, global GHG emissions need to be reduced substantially over coming decades.
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Sustainable development is a key theme in policy making in Norway. Norway can and should follow through more strongly the logic of its pioneering use of economic incentives to further sustainability goals.
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