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.
Further structural reform is required to raise productivity growth through a better climate for business and stronger R&D outcomes.
In India, the acceleration of structural reforms, the move towards a rule-based policy framework and low commodity prices have provided a strong growth impetus.
Italy is recovering after a deep and long recession. Structural reforms, accommodative monetary and fiscal conditions, and low commodity prices have helped the economy to turn the corner.
Sweden weathered the global financial and economic crisis with limited damage,thanks to strong macroeconomic, fiscal and financial fundamentals, as well as a competitive and diversified business sector.
Portugal has undertaken an ambitious structural reform programme since 2011. Reforms have spanned across a wide range of policy areas, product markets, labour markets, taxes, regulations and the public sector.
Ambitious structural reforms and sound macroeconomic policies have ensured the resilience of the highly-open Mexican economy in the face of challenging global conditions.
Malaysia’s recent growth has moderated somewhat in the face of severe global headwinds but has remained robust. Stepping up structural reforms to increase productivity and inclusiveness would also improve the sustainability of growth over the medium run and help achieve Malaysia’s ambition to become a high-income country around 2020.
Despite a weak global context, growth has remained relatively robust. Policy has appropriately shifted towards boosting infrastructure investment, improving the business climate and reducing corruption.