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While the immediate imperative is to tackle the financial crisis and to steer the economy through the current downturn, there are also a number of longer-term challenges that need to be addressed to foster a robust and sustainable recovery. In particular assistance for young and low skilled workers needs to be enhanced and the performance of the education sector also needs to be improved.
The United Kingdom, like many OECD economies, is experiencing a severe recession as a consequence of a series of global shocks and any recovery in 2010 is likely to be slow. The financial crisis has severely impaired the supply of credit and house prices have fallen sharply. Unemployment is expected to increase significantly. The large rise in the government deficit is providing support to demand, but the debt-to-GDP ratio will
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The world economy is being buffeted by several shocks. The United Kingdom, like most OECD economies, is in a deep recession. House prices have fallen after an extended period of large increases which left many households over-extended.
The UK financial market has been severely affected by the financial market crisis. The crisis has exposed weaknesses in the supervisory framework as well as that for crisis management and resolution. This chapter reviews the supervisory and regulatory framework and the many reforms that have already been adopted to remedy these weaknesses. It also provides recommendations for further reforms.
List of OECD Economic Surveys of the United Kingdom
Summary of Economic Surveys: Italy
How is the recession affecting Italy’s fiscal situation? What steps should the government take when the economy recovers? How healthy are Italy’s banks? What regulatory reforms are needed? What about plans for fiscal federalism? How does Italy’s education measure up?
Despite the improvement in regulatory indicators, overall productivity performance has improved very little in Italy. This chapter reviews a number of possible structural explanations.
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Italy is facing a difficult period. The economy is in a sharp recession, mainly because of external developments linked to the global financial crisis, and there is great uncertainty about the strength and timing of the recovery.
Italy is suffering a serious economic recession, which started earlier than elsewhere but has now accelerated following the downturn elsewhere and collapse in world trade.