Austria’s transition to a digital economy and society is progressing but is slower than in the most advanced economies. A whole-of-government approach should help embrace change and facilitate the flourishing of innovative businesses, work practices and lifestyles throughout Austria.
Iceland is the OECD’s smallest economy and,currently,the fastest growing. A booming financial services and construction led to a deep financial crisis in 2008. However, Iceland has made a remarkable turnaround, helped by spectacular growth of tourism, prudent economic policies and a favourable external environment.
Slovakia’s economy continues to perform extremely well both in terms of macroeconomic outcomes and public finances
Belgium performs well in many economic and social dimensions. The macroeconomic policy framework is sound and has been strengthened by many important reforms in recent years, including in labour taxation, business regulation and support for the self-employed and SMEs.
New Zealand has experienced robust economic growth since 2012, buoyed by record levels of inward migration and strong terms of trade. Employment has expanded vigorously, reversing much of the increase in unemployment since the onset of the global financial crisis.
Since 2000, the quality of life of Colombians has improved markedly. Macroeconomic and social policies have sustained strong GDP growth and reduced poverty.
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Brazil’s old-age pensions have reduced old-age poverty below OECD levels, but pension expenditures of 8.2% of GDP are expected to rise rapidly as the population ages. A pension reform is necessary to ensure the financial sustainability of the system.
While growth has picked up, more needs to be done for Japan to overcome a record high government debt ratio and an accelerating decline in its working-age population.
Remarks by Alvaro S. Pereira, Director, Country Studies, Economics Dept
Spain is enjoying a robust recovery from a deep recession, with GDP growth averaging 2.5% over the past three years.