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The Polish economy has become increasingly connected with the international economy, but challenges are widespread to improve Poland’s position in global markets.
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Speech by Andrew Dean, Director, OECD Economics Department. Launch of the Economic Survey of Poland 2010
"The crisis brought to the fore that in a globalised economy, no single country has all the answers. Using our methods of peer learning, benchmarking and monitoring, the OECD can pave the way to build a stronger, more balanced and sustainable economic growth" said Angel Gurría in a speech delivered at the Prague University.
Presenting the OECD Economic Survey of the Czech Republic in Prague, Angel Gurría underlined that "The economy has shown considerable resilience in the face of extraordinary challenges."
The economy has moved into the first stages of recovery, but major challenges lie ahead: assuring medium- and long-term fiscal sustainability, further advancing pro-growth tax reform and building on recent reforms to improve the business environment.
Presenting the Economic Survey of the Czech Republic at a high level seminar in Prague, A. Gurría suggested the creation of a "watchdog" to monitor the fiscal policy process in order to make it easier to avoid overspending in good times and thus to limit deficit bias.
The German banking system came under pressure during the financial crisis, not least due to its significant exposure to toxic assets which originated in the US.
Past consolidation has allowed the automatic stabilisers operate fully during the crisis. Further fiscal easing in late 2008 and early 2009 contributed to a markedly widening fiscal deficit in 2010.
The German job market has weathered the crisis well, said OECD Secretary-General Angel Gurría. Presenting the Economic Survey of Germany in Berlin, he said structural reforms were needed to ensure the sustainability of public finances and of long term growth. Stimulating domestic investment would help reduce the current account surplus, he added.
Unemployment has fallen significantly prior to the crisis, not least due to past labour market reforms, and has remained surprisingly stable during this recession – both relative to past experience and vis à vis other OECD countries.