Large shifts in countries’ external current account positions can be disruptive, often reflecting sudden stops in the flows of external finance and leading to exchange rate and banking crises.
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This chapter discusses the size of current consolidation requirements and the pace at which budget positions should be strengthened in the context of a set of macroeconomic projections to 2025.
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The 2009 report presents indicators of the development of the regulatory management systems used in OECD countries to improve the quality of regulation.
Turkey has considerably improved its terms of access to the global capital market. Progress in macroeconomic fundamentals has enhanced credibility and reduced risk premia and capital costs.
Located on the southern coast of China, Guangdong is the country’s most populous and rich province. It has 95.4 million inhabitants and provides one-eighth of the national GDP. A key development feature of Guangdong has been “processing trade”, which has allowed companies to profit from importing materials, assembling goods and exporting them via Hong Kong, China.
The recent economic crisis has had a strong impact on the province, although Guangdong also faces in-depth structural problems. Growing labour costs and strain on land availability have increasingly challenged the province’s traditional model of development, as have new competitors in China and abroad. Meanwhile, regional disparities within the province have increased, with a high concentration of economic activities and foreign direct investment in the Pearl River Delta area, an agglomeration of nine prefectures of 47.7 million inhabitants that represents 79.4% of the province’s total GDP.
This review assesses Guangdong’s current approach to economic development. The province is focusing on industrial policies primarily aimed at heavy manufacturing industries (e.g. automobile, shipbuilding, petrochemicals) and supported by investment in hard infrastructure transport projects and energy supply, along with the implementation of the “Double Relocation” policies intended to move lower value-added factories to lagging regions through incentive mechanisms like industrial parks.
The review discusses how some principles of the OECD regional paradigm could help Guangdong. It also addresses the huge environmental challenges that the province is facing and explores the opportunity for developing a green growth strategy. Strategies to improve Guangdong’s governance are analysed as well, with particular attention paid to co-ordination issues within the Pearl River Delta.
The Territorial Review of Guangdong is integrated into a series of thematic reviews on regions undertaken by the OECD Territorial Development Policy Committee. The overall aim of these case studies is to draw and disseminate horizontal policy recommendations for regional and national governments.
To the Public Governance Ministerial Meeting, Angel Gurría underlined that "Trust is a key intangible asset, necessary for the functioning of our market economies", that "Trust is also needed for governments to undertake the necessary reforms to restore long-term sustainable growth."
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The OECD Working Party of Senior Budget Officials (SBO) studies ways to help countries modernise their budget processes. This note highlights key institutional elements of a reformed budget process that can help minimise the extent of any future fiscal crisis.
Under the work programme with Middle East and North African countries (MENA), the third meeting of the OECD-MENA Senior Budget Officials network was held in Dubai, United Arab Emirates, 31 October-1 November 2010, hosted by the authorities of the United Arab Emirates
Plan Avanza, Spain’s national Information Society strategy, has helped it into the knowledge economy. This book identifies areas on which Spain should continue work.
The oil price hike in 2007-08 underlined the vulnerability of Indonesia’s energy subsidy policy to oil price volatility. In addition to entailing significant economic and environmental costs, energy subsidies put pressure on the public budget and benefit mostly rich households.