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The global crisis will have a lasting impact on the Swiss economy. Despitethe recession, Switzerland has weathered the crisis better than otherOECD economies in part owing to exports in goods less sensitive to thebusiness cycle and resilient domestic credit markets, in part reflecting theabsence of a marked housing cycle. Swift intervention by the authorities tosupport the country’s largest bank also helped avoid an aggravation of
The comparatively large magnitude of the losses of the two largest banks of Switzerland in relation to capital has underscored the systemic risks to the economy posed by the institutions’ size relative to Swiss GDP and their extensive cross-border and cross-currency activities.
The Swiss National Bank took decisive action to support financial market stability and dampen the recession. In the current situation, the main challenge facing the SNB concerns the exit strategy.
The Swiss education system performs well in many important dimensions. Remaining challenges include raising education outcomes of children with modest socio-economic background. Removing barriers to higher tertiary attainment could also help raise productivity.
Renting accommodation in Switzerland is considerably more expensive than in other high income OECD countries.
In vista de sus fuertes vínculos comerciales, de inversión, de migración y financieros con el resto del mundo, América Latina no se ha escapado de la crisis global y se espera una contracción del PIB de la región de entre 1.5% y 2% en 2009, segun el Secretario general de la OCDE.
As a region with strong trade, investment, migration and financial links with the rest of the world, Latin America has not escaped the global crisis and its GDP is expected to contract between 1.5% and 2% in 2009, according to the OECD Secretary-General.
Through this conference on Innovation and Sustainable Growth in a Globalised World, the OECD and the World Bank are joining forces to work more closely on innovation, a crucial factor in the success of development policy, notably in middle income market economies.
In this volume, the OECD and the World Bank jointly take stock of how globalisation is posing new challenges for innovation and growth in both developed and developing countries, and how countries are coping with them.
Individual elements in the Belgian tax system affect the growth process through different channels and to a varying degree.