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The adjustment following the crisis has been particularly painful in Southern European countries, including Italy.
Germany’s recent economic performance has been solid, with record low unemployment rates and sound fiscal position, which sets it apart from many European countries.
Like many other European countries, France faces key challenges in the job market. Productivity is relatively high but growing slowly, and the economy is held back by persistently high unemployment and low participation of older workers.
Australia has weathered the global economic crisis relatively well and enjoyed robust growth in per capita income, fostered by favourable terms of trade and high employment rates. However, productivity gains have slowed in recent years and the level remains below that of leading OECD countries.
El ajuste producido como resultado de la crisis ha sido especialmente doloroso en países del sur de Europa, como España.
China has shown strong resilience during the crisis, maintaining overall high growth rates, even though the pace has been decelerating since 2011.
Canada enjoys relatively high GDP per capita but productivity growth has been weak despite comparatively high investment in knowledge-based capital, a fairly competitive business environment and a reasonably well-functioning labour market.
Russia has demonstrated good resilience during the financial and economic crisis, though the speed of convergence has been lower than in most BRIICS countries, and growth has slowed more recently.
Korea has achieved robust economic growth relative to other OECD countries since the financial and economic crisis, but its growth prospects are burdened by high levels of household debt and, in the medium term, rapid population ageing.
Turkey has demonstrated good resilience during the financial and economic crisis though growth has been slowing more recently. Policy challenges include addressing infrastructure shortfalls, improving access to quality education, and achieving a better balance in social protection in order to foster job creation and employment in the formal sector.