Korea’s transformation from one of the poorest countries in the world in the 1950s to a major industrial power and member of the OECD was exceptionally rapid, reflecting good policies, notably sound fiscal and monetary policy, high levels of investment in human and physical capital and an outward orientation that increased its share of world trade.
Germany has been enjoying strong economic performance in recent years, building on strengthened domestic demand, good social outcomes and export performance. Exports have benefited from a large, productive and innovative manufacturing sector which has reinforced its position in sectors of long-standing comparative advantage, notably cars, chemical products and machine tools.
Amid strong outlook for U.S. economy, risks abound
Greece’s economic recovery is finally gaining traction after an unprecedented depression. GDP has started to recover after having fallen by a quarter from 2008 to 2016. In the last two years, the pace of reforms has accelerated and broadened.
The latest OECD Economic Survey of Costa Rica details the factors behind the strong socio-economic achievements of the past decades as well as the challenges remaining to ensure growth is both sustainable and more inclusive. It projects growth of around 3.7% for the 2018-19 period and lays out an agenda for achieving further transformation and greater convergence with OECD countries.
Thailand has made remarkable socio-economic progress over the past several decades. Even so, rising prosperity has not been shared equally across the country. Today, Thailand strives to pursue a development path to benefit all, seeking to reinvigorate economic transformation and reduce multifaceted inequalities in the face of a rapidly ageing population and technological change.
Economic growth remains strong. Rising social transfers and a booming labour market are underpinning rapid consumption growth. The unemployment rate is at a record low level, labour shortages are spreading, and there are early signs of accelerating wages. The labour market is expected to tighten further, leading to somewhat fasterwage and price inflation.
Israel’s economy continues to register remarkable macroeconomic and fiscal performance. Growth is strong and unemployment low and falling. With low interest rates and price stability, financial policy is prudent, and public debt is comparatively low and declining.
Living standards are high in Ireland, with recent improvements underpinned by the strongest post-crisis output recovery in the OECD.
Finland enjoys a high level of income and well-being. Nevertheless, output has been dragged down by the global downturn, the decline of the electronics and paper industries and the Russian recession.