Domestic product covers different indicators of national accounts with a focus on Gross Domestic Product (GDP). GDP is the standard measure of the value of final goods and services produced by a country during a period minus the value of imports.
Diversifying the economy outside oil and mining and reducing labour informality are key challenges. A tax reform is crucial to boost investment and to make the tax burden fairer. An in-depth reform of the pension system would reduce old-age poverty and inequality.
Environmental policies address wellbeing and sustainability objectives, affecting firm and household behaviour. A newly developed OECD indicator (EPS) shows that environmental policies have become more stringent over the past two decades.
GDP growth was overestimated on average across 2007-12, reflecting not only errors at the height of the financial crisis but also errors in the subsequent recovery.
In several OECD countries lengthy civil proceedings can be a drag on economic activity. In the OECD area the average length is around 240 days in first instance, but in some countries a trial may require almost twice as many days to be resolved.
Can both less income inequality and more growth be achieved? A recent OECD study sheds new light on the link between policies that boost growth and the distribution of income.
As the effects of the crisis eventually subsides, the coming 50 years will likely see a major shift of economic balance towards emerging economies, particularly those in Asia, with the share in world GDP of non-OECD countries rising well beyond that of the current OECD area by 2060.
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