The OECD has published detailed “Pillar Two” rules that will help governments drive forward the implementation of the landmark 2021 tax agreement, ensuring a global minimum 15% tax rate for Multinational Enterprises from 2023.

Decisive policy action means Austria’s economy is recovering well – but tackling labour and skills shortages, accelerating the transition to net zero, and addressing long-term spending pressures are key, says OECD Secretary-General, Mathias Cormann.

While pension entitlements have been protected during the COVID-19 pandemic, rapidly ageing populations will exert long-term financial pressure on pension systems. Putting them on a sound footing will require painful policy decisions.

Output in most OECD countries has surpassed where it was in late 2019, but new COVID variants, supply bottlenecks and inflationary pressures are stifling the global recovery. Better global co-ordination on vaccines and investment in healthcare and infrastructure are vital.