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Competition policies are being strengthened which will improve consumer welfare and growth. However, competition in retail is hindered by unusually extensive sector regulation while the liberalisation of network sectors has been less successful than in other OECD countries.
The tax system is relying too much on relatively growth distorting taxes. Despite reforms, labour taxation continues to contribute to substantial labour market traps while corporate tax rates are relatively high. Moreover, most tax bases are narrowed by numerous exemptions and reductions.
The Belgian economy is in a deep recession. Nevertheless, the government should not forego structural reforms in areas such as labour policy, fiscal policy, fiscal federalism, taxation and competition. Such reforms are particularly important to meet the challenge of securing fiscal sustainability.
Securing fiscal sustainability requires a reform of the fiscal federalism system. The current transfer system does not align spending and taxing responsibilities and the organisation of the federation is not promoting public spending efficiency.
The Belgian economy has entered into a deep recession. The government responded with prompt interventions in the financial markets and fiscal stimulus, but needs to follow up with long-term structural reforms.
Public finances are shifting further away from fiscal sustainability, emphasising the need for the reform of the fiscal policy making and strategies to deal with the costs of ageing.
The Belgian economy is in a deep recession. Nevertheless, the government should not forego structural reforms in areas such as labour policy, fiscal policy, fiscal federalism, taxation and competition. Such reforms are particularly important to meet the challenge of securing fiscal sustainabilit
The OECD’s latest economic survey of Russia, to be published on Wednesday 15 July 2009, looks at the reforms needed to establish more robust and sustainable growth in the wake of the current crisis.
To investigate the possible impact of terms of trade gains on the real economy, this paper estimates normalised quadratic input demand and output supply functions for the Brazilian economy during 1997-2008.
To shed further light on this issue in the context of emerging market economies, this paper uses Brazilian data to estimate the determinants of the current account in a smooth transition vector autoregressive (ST VAR) setting.