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Far-reaching institutional and structural reforms following the 2001 crisis underpinned an unprecedented period of high growth until 2007. More recently, however, tensions arose and growth slowed down as a result of loss of competitiveness in large areas of the economy, the deterioration of international conditions, and a weakening of confidence domestically. New government initiatives to strengthen the macroeconomic policy framework,
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The democratically elected government that came to power in 1994 inherited an economy wracked by long years of internal conflict and external sanctions. Against that backdrop, economic performance since 1994 has been impressive. In particular, the successive governments during that period have shown considerable prudence, refraining from resorting to economic populism in an effort to boost short-term growth. As a result, public
Combining continued sound macroeconomic policies with competition-enhancing structural policies is the best option for realising South Africa’s employment potential and addressing social ambitions in the context of robust economic growth.
Brazil’s economic fundamentals have improved considerably in the ten years following the abandonment of exchange rate management in 1999 and adoption of a policy framework combining inflation targeting, rules based fiscal management and a flexible exchange rate. The economy is therefore weathering the effects of the unfolding global financial and economic crisis rather well, and an incipient recovery is getting under way. The policy
Despite considerable progress in many areas, there remains substantial scope for making government operations more cost-effective. Brazil spends a high share of GDP on selected government financed programmes in relation to many OECD countries and its emerging-market peers, but outcome indicators are often comparatively poor. As a result, in the absence of efficiency gains, further increases in spending would need to be financed
Despite the current problems related to the global financial and economic crisis, ongoing macroeconomic adjustment continues to bear fruit. Attainment of the primary budget surplus targets has delivered falling public debt-to-GDP ratios since 2003. Prudent debt management has reduced refinancing risk and external vulnerabilities. The forward looking conduct of monetary policy within a framework combining inflation targeting with a
Brazil has not been left unscathed by the unfolding global crisis. But economic fundamentals are strong, and the macroeconomic policy responses have been appropriate. Longer-term challenges remain, including the need for tax reform and to make government operations more cost-effective.
While Austria’s education system has long equipped the Austrian labour force with good vocational skills, it now faces major challenges to provide youth with new, higher and more generic skills.
Significant fiscal consolidation will be needed after the recession. The authorities should improve the spending and tax structure, efficiency of public spending and continue with fiscal federalism reforms
Stimulating competition, innovation and investment in services and fostering the employment of low-skilled workers would help increase potential output and social cohesion.