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ECONOMIC OUTLOOK
Headwinds persist for global economy as a result of Russia’s war of aggression

TRUST AND DEMOCRACY
OECD Ministers commit to action to strengthen trust and democracy

OECD Development Assistance Committee
Lithuania joins the OECD Development Assistance Committee

CARBON PRICING
Share of emissions covered by carbon prices has risen, according to OECD data

In focus

How are governments using tax policy to respond to the energy price shock?

Steep rises in energy prices may warrant an exceptional fiscal policy response to help cushion living standards and assist firms – ideally targeted at the most vulnerable while preserving some price incentives to reduce energy consumption.

Governments’ responses so far have largely focused on price control (USD 162bn, or 66% of total value of support) of which 6% is targeted; it also tends to support rather than curb demand. This contrasts with responses focusing on income support measures (USD 84bn, or 34% of the total value of support), of which 73% is targeted.

Split by type of fuel (chart 2), USD 169bn, or 69% of total value of support, is directed at fossil fuel use, and USD 77bn or 31% at non-fossil fuel use. 

> Learn more: Tax Policy Reforms 2022

 

Videos, podcasts, blogs

Spiking inflation triggered by Russia's war of aggression in Ukraine is weighing on the world economy. How should governments respond?

» Watch OECD VIDEOS

 

Trust in government is under strain – but what drives public trust, and how can policymakers build people's confidence in their governments? The OECD's Elsa Pilichowski shares her perspectives. 

» Explore all OECD PODCASTS

 

While modern democracies may have flaws, they guarantee freedoms we take for granted. Elsa Pilichowski considers the challenges facing democracies today.

» Read all OPINIONS

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