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Japan's key challenges are to achieve sustained growth and fiscal sustainability. The three-pronged strategy combining bold monetary policy, flexible fiscal policy and a growth strategy should be effectively implemented to realise these goals.
Austerity programmes to restore order to public finances can add to the woes of already struggling economies, leading to more job losses and social hardship. But there are ways for governments to put their fiscal houses in order, while supporting growth and reducing income inequality at the same time.
Japan is poised for an economic expansion, but long-term growth prospects remain contingent on additional efforts to revitalise the economy and reduce unsustainable levels of public debt, according to the OECD’s latest Economic Survey of Japan.
The OECD provides an update on global economy in this statement to the International Monetary and Financial Committee - April 2013.
An OECD assessment jointly with the World Bank shows that nearly one in five commitments has been fully implemented. Progress is most advanced for tax and labour market reforms. Implementation is going more slowly for product market reforms, financial regulation and to improve human capital, reported OECD Secretary-General in Washington.
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The Slovak Republic is one of the most dynamic economies in the euro area. The country has continued to converge rapidly towards the living standards of advanced OECD economies. However, the Slovak Republic should continue on its path of reform to achieve balanced, fair and sustainable growth, according to a new OECD report.
Informality has important implications for productivity, economic growth, and the inequality of income. In recent years, the extent of informal employment has increased in many of Mexico's states, though highly heterogeneously.
Legal systems provide the basic institutions for firms and markets to operate. Their quality can have important consequences on the size distribution of firms, who rely on them for contract enforcement. This paper uses the variation in legal system quality across states in Mexico to examine the relationship between judicial quality and firm size.
The economic situation of young people is unsatisfactory. Educational inequalities have been widening for over a decade, due to a sharp decline in the results of the most highly disadvantaged students. The unemployment rate for the 20-24 age bracket has not dropped below 16% for nearly 30 years.
Composite leading indicators (CLIs), designed to anticipate turning-points in economic activity relative to trend, point to growth picking up in most major economies.