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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.
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Fiscal consolidation: How much is needed to reduce debt to a prudent level? OECD Economics Department Policy Notes, No. 11
Consolidating public finances in order to address the consequences of the crisis, underlying weaknesses and also future spending pressures creates important challenges.
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Large fiscal challenges will pre-occupy OECD governments for some time to come. The economic crisis that began in 2008 caused deficits to surge, and fiscal imbalances were swollen further by stimulus measures and bank rescue operations.
Composite leading indicators (CLIs) continue to point to a positive change in momentum in the OECD as a whole but with some divergence between major economies.
Despite a general trend of increasing labour income inequality, there have been differences in the timing, intensity and even direction of these changes across OECD countries.
Norway’s dual income tax system achieves high levels of revenue collection and income redistribution, without overly undermining economic performance and while paying attention to environmental externalities.
- Economic Survey of Norway 2012
Throughout the global and European economic crisis, Poland has been the OECD’s champion in terms of cumulative real GDP growth. But Poland must continue to build on its past achievements and make further progress in areas where reforms are needed to sustain strong growth in the years to come.
W okresie globalnego kryzysu gospodarczego Polska wyróżniła się na tle państw OECD dzięki znacznie szybszemu wzrostowi gospodarczemu w porównaniu do większości państw oraz imponującemu sukcesowi w zakresie redukcji różnic dochodów w porównaniu ze swoimi europejskimi partnerami.
Euro area finance ministers meeting this week need to boost the firepower of the European stability funds to at least one trillion euros in order to restore market confidence, OECD Secretary-General Angel Gurría said today.