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Austria entered the most severe recession in decades. This triggered prompt policy measures to stabilise the real economy and financial markets, which will deteriorate significantly the fiscal position.
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Speech delivered by Andrew Dean, Director of Country Studies in the OECD Economics Department at the news conference held on 2 July 2009 at Bundeskanzleramt (Kongresssaal) in Vienna.to launch the 2009 Economic Survey of Austria.
Austria entered the most severe recession in decades, requiring policy measures to stabilise the real economy and financial markets. Beyond the crisis, there is need to enhance labour productivity and labour utilisation, and to improve the education system.
Slovenia’s rapid convergence to the OECD average has been interrupted by the global crisis that made discretionary fiscal expansion necessary. Beyond the crisis, ensuring fiscal sustainability, especially through pension reform, increasing labour participation, especially among the old and the young and improving the governance of financial institutions and state-owned enterprises remain key challenges.
This paper uses WITCH, an integrated assessment model with a game-theoretic structure, to explore the prospects for, and the stability of broad coalitions to achieve ambitious climate change mitigation action.
The United Kingdom, like many OECD economies, is experiencing a severe recession as a consequence of a series of global shocks and any recovery in 2010 is likely to be slow. The financial crisis has severely impaired the supply of credit and house prices have fallen sharply. Unemployment is expected to increase significantly. The large rise in the government deficit is providing support to demand, but the debt-to-GDP ratio will
As in most other OECD countries, the fiscal situation in the UK has deteriorated sharply. While to date the discretionary fiscal stimulus has been relatively modest, after around the turn of the century the underlying fiscal position weakened more than anticipated. While there was some subsequent improvement, particularly in tax receipts, the severe impact of the downturn on the public finances and the borrowing related to the rescue
The government’s health reform programme since 2000 has covered many aspects of the organisation of health care and was accompanied by a sizeable increase in spending on healthcare. Many of these reforms have the potential to improve the efficiency and responsiveness of the health care system and ultimately health outcomes. This chapter provides an overview of the organisation and financing of the National Health Service, reviews its
While the immediate imperative is to tackle the financial crisis and to steer the economy through the current downturn, there are also a number of longer-term challenges that need to be addressed to foster a robust and sustainable recovery. In particular assistance for young and low skilled workers needs to be enhanced and the performance of the education sector also needs to be improved.
The UK financial market has been severely affected by the financial market crisis. The crisis has exposed weaknesses in the supervisory framework as well as that for crisis management and resolution. This chapter reviews the supervisory and regulatory framework and the many reforms that have already been adopted to remedy these weaknesses. It also provides recommendations for further reforms.