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Special Chapter from Economic Outlook 87, May 2010
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OECD's recommendations on how to decide on appropriate policy in the face of an economic disturbance.
The future growth path in Luxembourg is likely to be weaker than in the past. Pension reform, together with fiscal consolidation, is required to put the public finances on a sustainable footing, while adaptability of the labour market need to be improved.
France has seen a marked deterioration in its export performance in the last 10 years or so. This working paper shows that the resource reallocation argument helps explain French export performance between the early 2000s and 2007, unexplained by traditional models.
This paper presents in summary form the findings that emerge from a study of 20 structural reform episodes in 10 OECD countries.
In 2008, the Czech government implemented a major overhaul of the personal income tax (PIT), replacing the previous progressive rate schedule with a single 15% rate levied on an enlarged base.
The Polish economy has become increasingly connected with the international economy, but challenges are widespread to improve Poland’s position in global markets.
Major structural reforms are necessary to prepare for euro adoption, all the more as the process of real and nominal convergence remains largely incomplete. This requires a substantial strengthening of alternative adjustment mechanisms to domestic interest- and exchange-rate changes.
Unemployment has fallen significantly prior to the crisis, not least due to past labour market reforms, and has remained surprisingly stable during this recession – both relative to past experience and vis à vis other OECD countries.
The potential growth rate of the economy has been low for a long time and the crisis has had a further adverse impact.