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The economy is recovering from an externally driven recession. Public spending growth must be restrained as planned starting in 2011 to put public finances onto a sustainable path, including in the health sector where efficiency gains and quality improvements are possible.
This paper presents a simulation model of the main budget aggregates of federal, provincial and territorial governments in Canada. It also contains an analysis of the cyclicality of Canadian governments’ fiscal policies between 1984 and 2007.
The aim of this paper is to assess the consequences of banking crises for public debt. Using an unbalanced panel of 154 countries from 1980 to 2006, the paper shows that banking crises are associated with a significant and long-lasting increase in government debt.
G20 countries need to keep up the momentum of structural economic reform in order to boost confidence and job creation, OECD Secretary-General Angel Gurria tells G20 leaders.
An effort must be made to address Canada’s poor productivity performance given the ageing of the population, headwinds from international competitiveness and terms of trade shifts. Measures should provide an impetus for firms to innovate and strengthen tertiary education attainment rates.
Governments and central banks have implemented wide-ranging support packages in response to the global crisis. Discretionary fiscal measures, coupled with cyclical revenue losses and expenditure hikes, have resulted in a sharp increase in budget deficits, which are projected to peak at 8¼ per cent of GDP in the OECD area as a whole in 2010. How to get out of this dangerous spiral? How can we address this challenge while at the same
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This note is taken from Chapter 3 of Economic Policy Reforms: Going for Growth 2010.
Economic forecasts for GDP, unemployment, inflation and fiscal balance.
In his remarks delivered at the International Economic Forum of the Americas, Mr. Gurría affirmed that innovation will be the key to foster economic growth and to tackle the major global and social challenges of our time: persistent poverty, unemployment, climate change, water management, and health care.
Country Notes from OECD Economic Policy Reforms: Going for growth 2011 presenting OECD recommendations for structural reform priorities for individual countries.