Policy Brief: Economic Assessment of South Africa, 2008

The democratically elected government that came to power in 1994 inherited an economy wracked by long years of internal conflict and external sanctions. Against that backdrop, economic performance since 1994 has been impressive. In particular, the successive governments during that period have shown considerable prudence, refraining from resorting to economic populism in an effort to boost short-term growth. As a result, public

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Economic Assessment of South Africa 2008

Combining continued sound macroeconomic policies with competition-enhancing structural policies is the best option for realising South Africa’s employment potential and addressing social ambitions in the context of robust economic growth.

Economic Survey of Brazil 2009: Making government operations more cost-effective

Despite considerable progress in many areas, there remains substantial scope for making government operations more cost-effective. Brazil spends a high share of GDP on selected government financed programmes in relation to many OECD countries and its emerging-market peers, but outcome indicators are often comparatively poor. As a result, in the absence of efficiency gains, further increases in spending would need to be financed

Economic Survey of Brazil 2009: Reaping the benefits of macroeconomic consolidation

Despite the current problems related to the global financial and economic crisis, ongoing macroeconomic adjustment continues to bear fruit. Attainment of the primary budget surplus targets has delivered falling public debt-to-GDP ratios since 2003. Prudent debt management has reduced refinancing risk and external vulnerabilities. The forward looking conduct of monetary policy within a framework combining inflation targeting with a

Economic Survey of Brazil 2009: Looking beyond the global financial and economic crisis towards sustained growth

Brazil’s economic fundamentals have improved considerably in the ten years following the abandonment of exchange rate management in 1999 and adoption of a policy framework combining inflation targeting, rules based fiscal management and a flexible exchange rate. The economy is therefore weathering the effects of the unfolding global financial and economic crisis rather well, and an incipient recovery is getting under way. The policy

Economic Survey of Brazil 2009

Brazil has not been left unscathed by the unfolding global crisis. But economic fundamentals are strong, and the macroeconomic policy responses have been appropriate. Longer-term challenges remain, including the need for tax reform and to make government operations more cost-effective.

Economic Survey of Austria 2009: Re-inventing the education system

While Austria’s education system has long equipped the Austrian labour force with good vocational skills, it now faces major challenges to provide youth with new, higher and more generic skills.

Economic Survey of Austria 2009: Medium-term fiscal policy challenges

Significant fiscal consolidation will be needed after the recession. The authorities should improve the spending and tax structure, efficiency of public spending and continue with fiscal federalism reforms

Economic Survey of Austria 2009: Lifting growth potential through further product and labour market reforms

Stimulating competition, innovation and investment in services and fostering the employment of low-skilled workers would help increase potential output and social cohesion.

Economic Survey of Slovenia 2009: Restoring a sustainable growth path within the monetary union

Slovenia achieved strong economic growth leading to a marked catch up with the EU15 during the last decade. This dynamic growth has been interrupted by the global recession, adversely affecting Slovenian exports and banks’ refinancing possibilities. As the economy recovers, efforts to achieve real convergence need to be renewed.