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Despite substantial income from petroleum wealth, Norway is nevertheless confronted with fiscal challenges in the long term.
It is easier to climb the social ladder and earn more than one’s parents in the Nordic countries, Australia and Canada than in France, Italy, Britain and the United States, according to a new OECD study.
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This chapter assesses recent cross-country patterns in intergenerational social mobility and examines the role that public policies play in affecting mobility.
For a great part of the 2000s, buoyant housing markets have contributed to sustained economic activity in most OECD countries. But many markets overheated and the collapse of the US subprime mortgage market has been at the epicentre of a deep financial and economic crisis.
In recent years, policymaking in China has put increasing emphasis on stemming the growth in inequality, which had been fairly steep since the 1980s.
With ongoing migration of the younger cohorts to urban areas, the increase in the old-age dependency ratio will be even more pronounced in rural than in urban areas.
Over the past decade, the share of jobs not controlled by the state has increased considerably, whilst employment in agriculture has declined, against the backdrop of ongoing urbanisation.
Overall, health outcomes in China have improved tremendously over the past three decades, especially thanks to the reduction in some traditional infectious diseases.
Policymaking in China has put increasing emphasis on stemming the growth in inequality. New indicators suggest that overall inequality has ceased to increase recently, and may even have declined.
Competition is now robust in many sectors but product market barriers remain high overall, which may hold back growth over the longer run.