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Hungary exited recession in 2013, but growth potential remains held back by weak investment, low employment among low-skilled workers and shortcomings in labour and product markets. These factors also weigh on social indicators.
Over the next 50 years, the world economic landscape will be shaped, among other things, by demographic developments, continuing trade and investment integration, a shift of gravity towards emerging economies, the rising role of knowledge-based capital, global environmental pressures and the correction of fiscal and current account imbalances.
The OECD’s latest Economic Survey of Hungary, to be published on Monday 27 January 2014, assesses the country’s exit from recession as well as steps that can be taken to boost its growth potential.
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OECD Secretary-General Angel Gurría strongly supports President François Hollande’s recently announced measures to revitalise the French economy and set it on a path towards stronger growth.
Poverty and income inequality have worsened since the onset of the crisis. While the design of fiscal
measures has mitigated the burden sharing of fiscal adjustment, as the recession has deepened
unemployment has risen, earnings have declined and social tensions have increased.
The OECD has appointed a former Portuguese economy minister and a high-level German government official to top leadership posts in the Economics Department, reinforcing its commitment to identifying and promoting policies that improve countries’ long-term economic performance.
Brazil has made remarkable progress in reducing poverty and inequality. This reduction is explained by strong growth but also by effective social policies. Besides growth, public services and cash transfers have played the biggest role, the latter notably through the successful "Bolsa Familia" programme.
The Russian Federation’s economy is growing, but further reforms are needed to bolster future growth, improve the business climate and strengthen innovation, according to the OECD.