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China enjoys a more stable and balanced growth and is now definitely on course to become the world’s largest economy around 2016. But major reforms are still needed to ensure a fourth decade of rapidly converging living standards and a greener economy, said OECD Secretary-General.
Despite a glum global economic context China is set to continue to catch up fast, propelled by ongoing urbanisation. Environmental pressures are on the rise, however, and greening growth has become a top policy priority.
Despite South Africa's wealth in natural resources, healthy business environment and financial system, and its sound public finances, the country has yet to fulfil its great potential, said Angel Gurría at the launch of the 2013 OECD Economic Survey of South Africa.
Fostering sustainable and inclusive growth requires restoring public finances, along with measures to enhance workforce skills and further structural reforms of welfare, land-use planning, innovation and environmental policies.
The Colombian economy has been resilient to the crisis. To secure a higher and more balanced economic growth in the future, it needs to boost productivity and reduce income inequality. Further reforms of the labour market and tax system are key.
List of Economic Assessment of Colombia
The Swedish economy is resilient but faces some challenges. Addressing the short-term risks in the labour and financial markets, while achieving more stable, inclusive and green growth in the longer term requires continuing with structural reforms.
The priority for Australia is to adapt to fast-developing Asia which opens vast new opportunities but also imposes strains. This adjustment will require flexible labour and product markets and lifting productivity growth.
Sustainability of the Luxembourg economic and social model can be strengthened by improving policies that enhance public finances, growth, social cohesion and the environment.