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The paper focuses on the major structural reforms necessary to prepare for euro adoption that should allow a sustainable fulfilment of the Maastricht criteria and maximisation of the ensuing various benefits.
The global crisis has left many G20 countries with an unenviable legacy of lower potential output and high government indebtedness. Global imbalances, which had narrowed during the recession, are now beginning to widen again, as the recovery takes hold.
The South African economy is recovering from the crisis. Nevertheless deep structural reforms are necessary. The already strong macroeconomic policy framework should be further strengthened to resist excessive real appreciation.
Higher oil prices and the prospect of higher borrowing costs are likely to reduce the productive potential of OECD economies. The present study provides illustrative numerical estimates of the impact under different scenarios using a stylised model based on a production function.
Meeting of NERO, 25 June 2010
Productivity growth has declined since the late 1990s, slowing the catching-up process. Structural reforms to strengthen competition, entrepreneurship and innovation would go a long way toward enhancing it.
An effort must be made to address Canada’s poor productivity performance given the ageing of the population, headwinds from international competitiveness and terms of trade shifts. Measures should provide an impetus for firms to innovate and strengthen tertiary education attainment rates.
Israel’s education system produces many tertiary graduates but there are wide gaps across society and core skills at secondary school are weak, as discussed in this working paper.
Despite some best-practice policies, challenges remain in raising employment and lowering poverty, particularly among Arab-Israeli and Ultra-orthodox households, as discussed in this working paper.