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High public debt leaves virtually no room for fiscal manoeuvre to limit the impact of the crisis in Greece. The close trade and banking links established with the Balkan countries might be a risk in the near future.
The health care system is seen as not working well by the population. One source of dissatisfaction is the high share of private spending on health. Public health care services need also improvement.
Greece needs to enhance its education performance. While important challenges remain at all levels, early childhood education and care and the upper secondary education are in most need of reforms.
Fiscal policy is highly dependent on volatile oil income. The balanced budget rule can create a bias for spending oil revenues as they are earned, especially as transfers to the stabilization funds are limited by caps at low levels. This can potentially lead to a pro-cyclical bias in fiscal policy. Revenues have also been lower than they could have, if gasoline prices had adjusted with international prices instead of a price smoothing
While Mexico’s growth performance has gradually improved over the past decades, its convergence toward OECD countries has been slow.
The 2009 Mexico Survey covers the impact of the economic crisis and policy response; management of oil revenues; improving efficiency of health and education spending; and how to boost longer-term ec
Despite improved fundamentals, Mexico is hit hard by the financial crisis, being exposed to several simultaneous external shocks. A welcome, but weak, stimulus was passed for 2009, and policy will likely need to be supportive also in 2010.
Summary of Economic Surveys: Mexico
Despite progress over the past two decades Mexico’s health and education indicators remain well below the average of the OECD and some of its Latin American emerging market peers.
The OECD’s latest economic survey of Mexico, to be published on Thursday 30 July 2009, looks at the challenges posed by the global economic crisis. It also discusses longer-term reform in areas such as health and education.