We are talking about two very different regions, in historic, economic and social terms, but both regions are in great need of structural reforms and they can learn a lot from one another. In today’s globalised and increasingly interconnected world, the common challenges and threats we face demand common solutions.
“Our experience has shown that reforms are usually enacted in times of crisis, as there may be no other option,” said OECD Secretary-General Angel Gurría during the Survey launch in Berlin. “However, reform processes should continue in good times. For Germany, this means that the country should act now to embark on a more inclusive and resilient growth path.”
After six long years of pain and fear, the major advanced economies are finally building momentum. While two of the four cylinders of the global economy’s growth engine – credit growth and emerging market activity – are still running below full speed, there are encouraging signs that the other two, trade and investment, are finally warming up.
A moderate recovery is under way in major advanced economies after two years of subdued growth. Overall, most indications point to a continued underlying strengthening of the pace of growth, helped by accommodative monetary policy and reduced fiscal drag.
This study compares a number of housing policies such as housing taxation, land use and rental regulations and social housing policies for OECD countries relying on new data.
A broad agenda of reforms in four areas – labour markets, education, product markets and innovation – should strengthen Poland’s economy and allow it to continue its path of convergence towards the income levels of the more affluent OECD economies, said Angel Gurría during a seminar in Warsaw.
After five years of work at every level to correct the fiscal, financial and external imbalances that led to the crisis, and to reinforce fiscal and financial institutions, the Euro Area is beginning to show signs of recovery. But, despite these positive signs, growth is still weak and uneven.
Finland has been hit hard by the global crisis, mainly through a sharp fall in exports, and the recovery is still hesitant. Bold action is needed to find new sources of growth, regain competitiveness, ensure sound public finances, and preserve the Finnish welfare model, Mr Gurría said.
Le Secrétaire général de l’OCDE, M. Angel Gurría soutient vivement les annonces faites récemment par le Président François Hollande pour rendre l’économie française plus dynamique et la mettre sur la voie d’une croissance plus forte.
Despite the slowdown of the world economy, Russia has continued to grow. Most importantly, your macroeconomic house is basically in order, with inflation largely under control, public finances close to balance, and a current account surplus. But growth must become sustainable and fair through the implementation of the right policy mix, said OECD Secretary-General.