Well-being is high in Canada, and the economy has regained momentum, supported by a rebound in exports and strengthening business investment. Macroeconomic policies are gradually becoming less stimulatory, and budget policies are sustainable in the long term, although difﬁ culties remain at the provincial level.
The economy of the Czech Republic is thriving, growth is high, unemployment rate is low and ﬁscal stance is positive. Strong demand from the external sector and household consumption boosted by high increases in wages are driving growth.
Turkish GDP per capita has continued to catch up with the more advanced OECD economies. Despite a series of adverse shocks including severe geo-political tensions at the southeastern border and an averted coup attempt in 2016, GDP growth averaged nearly 7% over 2010-17
Since renewed independence in 1991 and transition from a centrally planned to a market economy, Lithuania has substantially raised well-being of its citizens. Thanks to a market-friendly environment the country grew faster than most OECD countries over the past ten years.
The Netherlands is experiencing vibrant economic activity, with gross domestic product (GDP) at about 8% above its pre-crisis peak and the unemployment rate below 4%. Growth picked up to above 3% in 2017, which was well above the euro area and OECD averages.
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.