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After the crisis, Belgium needs to reduce public debt and secure fiscal sustainability via reforms to increase the internationally low effective retirement age, boost cost-efficiency in healthcare, and better utilise transport infrastructures.
Italy has made considerable progress in strengthening its public finances and adopting wide-ranging reforms to boost economic growth. The new government must build on past achievements and ensure that they are sustained and reinforced, says a new OECD report.
As humans, we face a constant internal conflict between immediate gratification and more prudent living. This conflict is also apparent in society. How can we ensure that the homo economicus within us takes the decisions that best affect our lives, and economies?
Consumer prices in the OECD area rose by 1.6% in the year to March 2013, compared with 1.8% in the year to February 2013. This slowdown in the annual rate of inflation mainly reflects slower growth in food and especially in energy prices.
Old ways of thinking won’t bring developed countries back to economic life. Weighed down by the legacy of the crisis, they also face deep challenges like a faltering labour supply and slowing innovation. And growth itself won’t be enough–it must also be stable, inclusive and green. The need for structural reforms has never been greater, but they will require difficult trade-offs.
Have the policy errors that contributed to the global economic crisis been rectified? Sharan Burrow shares her vision for building trust and restoring confidence in the countries still suffering from the crisis.
The forces driving Asia’s rapid growth–new technology, globalisation, and market-oriented reform–are also fuelling rising inequality. Some income divergence is inevitable in times of fast economic development, but that shouldn’t make for complacency, especially in the face of rising inequality in people’s opportunities to develop their human capital and income-earning capacity.
The Southeast Asian (SEA) region is one of the most dynamic in the world. It is in a period of transition as its national economies become strongly integrated into global knowledge networks. Science and technology (S&T) offer opportunities for countries to ‘move up the value chain’. A better understanding of existing capabilities helps enhance mutually beneficial S&T and innovation co-operation between SEA and OECD
The tax burden in Switzerland is low in international comparison, largely reflecting the substantial non-tax compulsory contributions towards the health and pension systems which are managed by private institutions. Taxation of personal income and labour earnings is relatively high, whereas the taxation of consumption is low.
The coming expansion will be driven by exports, and should increase business investment and employment and bring an end to deflation. While we are encouraged by these developments, it remains critically important for Japan to address extremely high and still rising levels of government debt and other challenges posed by its ageing population, said OECD Secretary-General.