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The fiscal consolidation challenge for Ireland is severe, the underlying budget balance having moved abruptly from surplus to a large deficit.
Following the severe contraction of the economy, the main economic challenges in rebalancing the economy include raising competitiveness, restoring the financial system to health, fiscal consolidation and avoiding high long-term unemployment.
Living standards in Ireland will remain high, despite the severe contraction, but stronger structural policies would encourage sustainable long run growth.
Ireland is in severe recession, following several years of high but ultimately unsustainable growth and rising imbalances.
The Irish labour market is undergoing a severe adjustment following the sharp fall in output, which has been concentrated on labour intensive sectors.
While Mexico’s growth performance has gradually improved over the past decades, its convergence toward OECD countries has been less rapid than in several other emerging markets.
Despite progress over the past two decades Mexico’s health and education indicators remain well below the average of the OECD and some of its Latin American emerging market peers.
This paper discusses the policy imperatives in the short term, in the face of the ongoing economic crisis, and reforms that could be implemented over the longer term to improve the efficiency and resilience of the financial system and raise Russia’s potential growth rate.
This paper examines the effect of economic crises on structural unemployment using an Autoregressive Distributed Lags model and accounting for the role of institutional settings.
The OECD’s latest economic survey of Denmark, to be published on Thursday 5 November 2009, looks at the impact of the global economic crisis on Denmark and offers policy recommendations for reform.