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Iceland has made progress in coping with the legacy of the crisis but needs to go further in fiscal consolidation, strengthening monetary and financial stability arrangements and to remove capital controls in an orderly fashion.
New Zealand’s key challenges are to achieve sustainable and equitable growth while reducing macroeconomic vulnerabilities. Policies are on the right track, and reforms should focus on improving productivity and the distribution of skills.
The problems of Japanese agriculture – in particular low productivity and the prevalence of part-time farmers and small plots have been evident for the past 50 years.
The new government has set an ambitious course of economic and social reforms. Much progress has already been made. Yet productivity remains insufficient and more needs to be done to strengthen institutions.
After the crisis, Belgium needs to reduce public debt and secure fiscal sustainability via reforms to increase the internationally low effective retirement age, boost cost-efficiency in healthcare, and better utilise transport infrastructures.
L'Italia ha compiuto notevoli progressi rafforzando le finanze pubbliche e adottando una vasta serie di riforme destinate ad incoraggiare la crescita economica. Il nuovo Governo deve garantire il rafforzamento di tali progressi e il perseguimento della medesima strada, secondo Angel Gurría.
Italy took courageous decisions and engaged reforms to address the crisis and create the necessary conditions to ensure economic recovery. The economic situation remains fragile but you are making visible progress and it is crucial to maintain the reform momentum, said OECd Secretary-General.
Italy has made considerable progress in strengthening its public finances and adopting wide-ranging reforms to boost economic growth. The new government must build on past achievements and ensure that they are sustained and reinforced, says a new OECD report.
The coming expansion will be driven by exports, and should increase business investment and employment and bring an end to deflation. While we are encouraged by these developments, it remains critically important for Japan to address extremely high and still rising levels of government debt and other challenges posed by its ageing population, said OECD Secretary-General.
Japan's key challenges are to achieve sustained growth and fiscal sustainability. The three-pronged strategy combining bold monetary policy, flexible fiscal policy and a growth strategy should be effectively implemented to realise these goals.