The prospect of a number of COVID-19 vaccines becoming widely available next year has lifted hopes for a faster recovery, but for momentum to pick up policymakers will need to retain both public health and fiscal support while acting decisively on the lessons learnt, according to the last OECD Economic Outlook.

Australia, Japan, Korea and New Zealand have done relatively well in addressing the COVID-19 epidemic and limiting the first wave of the virus, according to Health at a Glance Asia/Pacific 2020. The report is the OECD’s first analysis of the pandemic's impact on health systems and the policy responses in the Asia-Pacific region.

Improved digital connectivity and skills have helped many countries to cope with the health and economic crisis from COVID-19. Yet the pandemic underscores the need to help people and firms by closing the gaps in access to fast and reliable internet between and within countries, the OECD’s latest Digital Economy Outlook reveals.

Governments should continue providing support to the philanthropic sector while taking steps to safeguard tax systems and ensuring that philanthropic activities align with the public interest, according to a new report, Taxation and Philanthropy. The non-profit sector represents as much as 5% of GDP in many countries, the report points out.

Despite a sharp fall of 10.6% in real GDP growth per capita in the OECD area in Q2 2020, real household income per capita actually increased by 5.3%, reflecting government support measures in response to the coronavirus crisis. The resulting positive gap of 15.1 percentage points was the largest on record.

Developing countries face a shortfall of USD 1.7 trillion in the financing they need to stay on track for the 2030 Sustainable Development Goals (SDGs), the Global Outlook on Financing for Sustainable Development warns. As well as a gap in public spending, the report points to a drop in private finance from foreign investment and remittances.