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In Norway house prices have risen to high levels, associated with very strong credit growth, in a context of low interest rates. Such a combination was in many countries a contributory factor to the 2008-09 crisis.
Economic recovery in the United States is stronger than in most OECD countries, but it will remain sluggish unless new reforms are launched to boost growth.
G20 GDP growth steady at 0.8% in first quarter of 2014
Canada’s economic growth remains solid. However, the energy-sector boom has widened regional disparities and raised environmental challenges. House prices and household debt have increased to high levels. Skills shortages have emerged.
Over the past two decades, Canada has witnessed continued economic stability and progress despite the recent crisis that wreaked havoc in most other advanced economies. In fact, Canada has never had a banking crisis and has one of the highest levels of well-being, but challenges remain, said OECD Secretary-General.
Canada has experienced solid economic growth since the global crisis, allowing it to reverse recession-induced job losses and put federal public finances on a sound footing, says the OECD. Growth is expected to accelerate from 2.5% this year to 2.7% in 2015.
Poland’s productivity has grown strongly over the past decade, and efforts to reduce the regulatory burden have been significant. Despite impressive progress, product market regulation remains more burdensome than in most OECD countries, partly due to the importance of red tape and the level of state involvement in the economy.
Poor labour market outcomes remain one of Poland’s major structural weaknesses, impeding firms’ competitiveness and the nation’s potential output. Boosting employment prospects is also critical, as the country will soon be ageing at a fast pace.
Over the past decade, the growth potential of the Hungarian economy has declined substantially. Trend productivity has ceased to increase, and investment has fallen to historically low levels.
Significant labour market mismatches and insufficient mobility penalise employment and productivity. Mismatches have above all a skills dimension, with an excess of low-skilled workers and a possible lack of skilled workers in certain domains.