Photo: OECD/ Chinese Govt.
Remarks by Angel Gurría, OECD Secretary-General
Photo: OECD Secretary General Angel Gurría with Chinese Finance Minister Lou Jiwei during the launch of Going for Growth 2016 on 26 February 2016, at the G20 finance ministers meeting in Shanghai, China.
|China||Indonesia||South Africa||United States|
This chapter reviews the main growth challenges faced by OECD and selected non- OECD countries and takes stock of the progress made since 2015 in the adoption and implementation of structural policy reforms to address these challenges. Progress is assessed on the basis of actions taken in response to Going for Growth policy recommendations. The chapter also discusses the potential effect of the reforms on policy objectives other than GDP growth, in particular public finance consolidation, narrowing current account imbalances and reducing income inequality.
This chapter reviews the main issues related to the short-term impact of structural reforms in different macroeconomic contexts and takes stock of existing theoretical and empirical studies. Taking reforms introduced in “normal” times as a benchmark, it reviews the available evidence on the impact of reforms that are implemented in “bad” times – i.e. in the presence of a sizeable negative output gap and persistently weak demand – as well as under different assumptions regarding the availability or effectiveness of macroeconomic policies in supporting the reforms. In doing so the chapter focuses on the key channels through which different reforms influence short-term activity via the main components of demand and discusses how these channels operate under different macro conditions.
This chapter reviews the association between GDP and living standards from the perspective of the average household, focusing on the income dimension. It discusses the mechanisms through which GDP growth “trickles down” to household sector income with a view to assessing whether and to what extent such mechanisms are amenable to policy intervention. To do so, the chapter provides a proper assessment of the link between income generated from GDP and income distributed to households, which implies examining income distribution between household and the non-household sectors of the economy.
Chapter 4: Structural policy indicators
This chapter contains a comprehensive set of quantitative indicators that allow for a comparison of policy settings across countries. The indicators cover areas of taxation and income support systems and how they affect work incentives, as well as product and labour market regulations, education and training, trade and investment rules and innovation policies. The indicators are presented in the form of figures showing for all countries the most recent available observation and the change relative to the previous observation.