OECD Home › Economy › More News
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.
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.
Annual inflation in the OECD area rose by 2.3% in the year to October 2012, compared with 2.2% in year to September 2012. Energy prices accelerated to 5.4% in October, up from 5.1% in September while food prices remained broadly stable in October (to 2.2%, up from 2.1% in September). Excluding food and energy, the OECD annual inflation rate slightly increased to 1.7% in October.
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.
The US innovation system has many strengths, including world class research universities and firms that thrive in innovation-intensive sectors.
The global economy is expected to make a hesitant and uneven recovery over the coming two years. Decisive policy action is needed to ensure that stalemate over fiscal policy in the United States and continuing euro area instability do not plunge the world back into recession, according to the OECD’s latest Economic Outlook.
This paper uses household level data from the German Socio-Economic Panel (GSOEP) over the period 1991 to 2008 to analyse the driving factors of movements in the German household savings rate.