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The priority for Australia is to adapt to fast-developing Asia which opens vast new opportunities but also imposes strains. This adjustment will require flexible labour and product markets and lifting productivity growth.
The Australian economy is robust and faces a solid short-term outlook, but it must continue adapting to ensure that its privileged place in the Asia-Pacific region contributes to long-term sustainable growth, according to the OECD’s latest Economic Survey of Australia.
Sustainability of the Luxembourg economic and social model can be strengthened by improving policies that enhance public finances, growth, social cohesion and the environment.
Quarterly Gross Domestic Product (GDP) in the G20 area grew by 0.6% in the third quarter of 2012 compared with 0.5% in the second quarter, according to preliminary estimates. The aggregate G20 GDP growth rate however continues to mask diverging patterns across economies.
The euro area crisis finds its roots in the credit booms seen in many countries following the introduction of the euro in 1999. Easy credit led to strong growth in a range of sectors, notably housing, as well as higher levels of public spending. Inflation in these over-heating economies was higher than the euro area as a whole. Rising prices led to rising costs and a loss of international competitiveness.
Secretary-General Angel Gurría led a discussion focusing on the challenges for global economic governance to stabilize the global economic system at the 5th IFRI World Policy Conference held in Cannes on 8 December.
Switzerland has low greenhouse gas emissions per capita as compared to other countries, which reflects the strong reliance on energy sources emitting few greenhouse gas emissions, especially in electricity generation, and little heavy industry.
The Slovak Republic recovered strongly from the global economic crisis and is weathering well the storm that has struck its main European trading partners. The challenges going forward will be restoring public finances while driving down unemployment and fostering long-term inclusive growth, says the latest Economic Survey.
Lanzamiento del Estudio Económico de España 2012 de la OCDE, Palabras de Angel Gurría
Secretario General OCDE
Spain is immersed in a prolonged recession that has been compounded by the continuing crisis in the euro area. The path to recovery has been launched, but will require full implementation of reforms and some additional measures to restore confidence in the financial sector, redress public finances and bring down high unemployment, according to the OECD’s latest Economic Survey of Spain.