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Owing to slow growth and a relatively weak fiscal position, Portugal’s public debt had been rising for almost a decade when the global crisis struck, sharply increasing the deficit.
Impressive productivity performance during the last decades has weakened since 2007, reflecting the 2008-09 recession but also a poor performance in important sectors, like the information and communication technology sector.
Portugal has started on a long road of economic adjustment to boost growth and reduce debt. A range of structural reforms are needed to restore fiscal sustainability, improve labour market performance and rebalance the economy towards tradables.
Canada has weathered the global economic crisis comparatively well but will have to become more productive to sustain its high standard of living, according to OECD’s latest Economic Survey of Canada.
Korea faces the challenge of reversing rising inequality while sustaining robust economic growth.
While Korea remains one of the fastest-growing OECD economies, its potential growth rate per capita is projected to decelerate from around 4% during the current decade to around 2¼ per cent during the 2030s.
Korea, which has had the highest growth rate of greenhouse gas emissions in the OECD area since 1990, adopted an ambitious Green Growth Strategy in 2009.
What: The OECD Economic Survey of Canada provides an in-depth analysis of the Canadian economy and gives recommendations for economic policy. The report covers macroeconomic developments, monetary policy, financial market regulation as well as fiscal policy.
Loan creation has not recovered after the crisis owing to a combination of demand and supply factors.
Despite a deep recession in 2009 and weak growth in subsequent years, Hungary’s fiscal position compares favourably with many other OECD countries.