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Korea recovered faster and more vigorously from the global crisis than most OECD countries, but strong economic growth alone will not be enough to address the fundamental challenges posed by its rapidly ageing population and rising inequality, according to the latest Economic Survey of Korea.
At the launch of the Economic Survey of Korea, A. Gurría. said the country needs to sustain strong economic growth while achieving social cohesion through a fair distribution of income.
Japanese, , 2,428kb
The Great East Japan Earthquake took a heavy toll of human lives and inflicted a massive economic damage, estimated at 3½ per cent of GDP. This event requires considerable time and a nation-wide effort of reconstruction. This is the first component of Prime Minister Noda’s “Strategies to Revitalise Japan”, which we very much welcome and support, said OECD Secretary-General.
English, , 1,645kb
Japan has several major strengths it can draw upon but major reforms are needed on several fronts. A keystone of the Revitalisation strategy is tax reform, not only to boost revenues but also to support growth and make it greener and more inclusive.
Notwithstanding impressive progress, poverty and inequality remain high in Chile in OECD comparison, and the tax-benefit system does little to improve on this.
Poor growth performance over the past decades in Europe has increased concerns for rising income dispersion and social exclusion.
- Economic Survey of the European Union 2012
Enhancing inclusive growth and fiscal sustainability requires effective implementation of recent reforms and fiscal consolidation. Good public administration and the rule of law are essential for effective policy implementation.
English, , 6,050kb
Fiscal consolidation: How much, how fast and by what means? OECD Economic Policy Papers, No. 1
The economic crisis has led to a surge in government deficits and pushed public indebtedness to 100% of GDP for the OECD as a whole in 2011. New research shows that bringing debt down to prudent levels will require sustained fiscal consolidation in most OECD countries.