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Macroeconomic crises and shocks often cause large and unforeseen income and employment losses. This chapter presents new OECD analysis of the types of policies that have helped to protect the most vulnerable from these losses in a wide group of OECD and emerging countries.
Norway’s economy was protected from the worst of the 2008-09 crisis and should escape relatively unscathed from the euro area turmoil. This Survey discusses policies to promote sustainable growth and labour participation, and improve public spending and the tax system.
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Data - Norway Survey graph 2012
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Overview - Economic Survey of Norway 2012
Germany recovered rapidly from the 2008-09 recession, with GDP topping pre-crisis rates during 2011 and unemployment falling significantly. Public finances are sound, but further reforms are needed to transform its growth model to thrive as a knowledge-based economy.
Chile has made good progress in improving housing conditions, but still around 10% of the population lives in either overcrowded houses, or of inadequate quality and/or with poor access to basic services.
Composite leading indicators (CLIs) point to a positive change in momentum for the OECD as a whole, driven primarily by the United States and Japan, but similar signs are beginning to emerge in a number of other developed economies.
Finland enjoys high well-being, but competitiveness has deteriorated, output has fallen and the population is ageing rapidly. Structural reforms are needed to extend working lives and raise public sector efficiency and potential growth.
The OECD’s latest economic survey of Norway, to be published on Wednesday 15 February 2012, discusses how sound macroeconomic policies and well-managed petroleum wealth have helped the country successfully weather the global economic crisis.
English, , 102kb
In the wake of the financial crisis, government debt in the OECD area has increased massively on top of already high debt-GDP ratios prior to the crisis, by some 30% of GDP between 2007 and 2011 on average, rendering fiscal positions in many countries unsustainable.