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This page features the latest OECD data, recommendations and policy advice on the economic impacts of COVID-19 and the recovery, and includes a curated collection of earlier OECD economic content.
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Prior to Russia's war of aggression against Ukraine, the global recovery from the pandemic was expected to continue in 2022 and 2023, helped by progress with global vaccination efforts, supportive macro-economic policies in the major economies, and favourable financial conditions.

Russia's war against Ukraine is however hindering global growth and aggravating inflationary pressures, creating a new negative supply shock for the world economy, just when some of the supply-chain challenges appeared to be fading.

Governments will need to cushion the blow of higher energy prices, diversify energy sources and increase efficiency wherever possible.

OECD Economic Outlook, September 2023

The tightening of monetary policy is working its way through economies. Alongside the rapid increase of policy rates, interest rates for new corporate loans and new mortgage loans have increased. While the rising borrowing costs are painful for households and firms, dampening households’ and firms’ demand through higher borrowing costs is a standard channel through which monetary policy normally takes effect. 

Monetary policy needs to remain restrictive until there are clear signs that underlying inflation pressures have durably abated. Policy interest rates appear to be at or close to a peak in most economies, including the United States and the euro area, with policy judgements more finely balanced as the effects of higher interest rates become visible.  

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In-work poverty

In low-paying occupations, one in ten jobs was destroyed across OECD countries. The employment recovery of low-paid workers has been slow in many countries, and recent high inflation has eroded real wages.

Having a job is often not enough to avoid poverty: on average across OECD countries, 8% of individuals living in households with at least one worker were poor. In fact the majority (68%) of all working-age people in poverty are employed, making them the largest target population for anti-poverty policies in all OECD countries.

The concept of a ‘living wage’ – a wage that allows employees and their dependants to reach a basic but decent standard of living – has resurged in recent years as a lever to meet a worker’s basic needs and to acknowledge that they are “part of a prospering society, not just a tool for its creation”.

Less a legal instrument, like minimum wage, the living wage is seen as one of the elements that may inform wage negotiations and motivate companies’ efforts to behave more responsibly.

A growing number of businesses – especially those relying on suppliers operating in developing countries – have put in place voluntary programmes to provide a living wage to their workers, and these commitments have become an important piece of corporate Human Rights policies, as recognised by the OECD Due Diligence Guidelines.

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The pressure of high sovereign debt

Fiscal responses to the COVID-19 pandemic drove record levels of debt issuance in the OECD area in 2020, with gross sovereign borrowing requirements peaking at USD 15.4 trillion.

While borrowing slightly moderated during 2021-2022, it is forecast to rise again in 2023 to USD 12.9 trillion, reflecting the significant debt being taken on by the countries most impacted by Russia’s war of aggression against Ukraine.

The outstanding amount of central government marketable debt in the OECD area is expected to continue its rise in 2023 to nearly USD 52 trillion— over 30% higher than 2019.

The greatest risks are faced by low-income countries as 20% of their outstanding debt is due within one year and 42% within three years. In several countries, including Zambia, Sri Lanka, and Ghana, are currently under enormous debt stress.

Looking forward, it is important that these countries continue to receive financial and technical support from international financial institutions in order to manage their debt in a transparent and prudent way.

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Resilient anti-corruption

A recent OECD study finds that anti-corruption objectives may have been deprioritised during the COVID-19 crisis. Massive business and supply-chain disruptions, combined with large increases in government spending with scant oversight, and rapid changes to the regulatory landscape not subject to established accountability mechanisms, generated many opportunities for businesses to engage in corruption.

Data from the Public Integrity Indicators show that many countries lack safeguards to prevent corruption in lobbying, political finance and conflict-of-interest situations.

Lobbying is a particularly unregulated policy area in OECD countries, leading to opportunities for undue influence over policymaking. As measured against OECD standards on lobbying, OECD countries fulfilled less than 40% of criteria regarding both regulations and practice.

Countries fare better in regulating political finance, fulfilling on average two-thirds of criteria for regulations and over half for practice. When it comes to conflict-of-interest safeguards, while many countries have strong regulatory requirements, they often fail to track submissions of interest and asset declarations, or have weak procedures in place for verifying their content.

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Latest economic insights

Economic Outlook

OECD Interim Economic Outlook

Despite recent signs of improvement, recovery over the next two years is expected to be moderate. The outlook remains fragile and downside risks predominate. High uncertainty generated by the war could take a heavy toll on activity.

Report

Pandemic preparation

A systemic recovery

The COVID-19 crisis shows how the prioritisation of effiency has reduced the resilience of key systems to shocks. A systems approach-based resilience is proposed to prepare socioeconomic systems for future shocks.

Report

MENA Region

Navigating beyond COVID-19: Recovery in the MENA Region

This report reflects on the ongoing and long-term impacts of the COVID-19 crisis on MENA countries and suggests directions for policy action, knowing that MENA governments will need to set priorities due to limited public resources.

Report

Employment

The post-COVID-19 rise in labour shortages

This paper provides evidence and stylised facts about labour market tightening and labour shortages since the onset of the pandemic, arguing that other factors beyond the economic cycle may also play a role.

Working paper

Indicators

Main Economic Indicators, Volume 2022 Issue 12

A monthly statistical publication presenting data for a wide range of indicators for OECD countries as well as for a selection of non-member economies.

Economic indicators

Aid for Trade

Aid for Trade at a Glance 2022

Aid for Trade was an important tool in the fight against the COVID-19 pandemic, and can help address emerging challenges. Recent data indicate that a shift is under way to harness Aid for Trade's potential to support an inclusive and sustainable recovery.

Report

Financial planning

Financial planning and financial education for old age in times of change

This paper considers recent trends in the financial landscape, such as pension reforms, the impact of the COVID-19 crisis and the growing digitalisation of finance, and discusses their implications for old age financial planning and financial education polices.

Policy paper

TRADE & COVID

Global supply chains at work: A tale of three products to fight COVID-19

International markets and global supply chains played a pivotal role during the COVID-19 pandemic, by allowing countries to obtain the necessary protective goods, food and other essentials, and key components of things like tests and vaccines.

Policy response

OECD weekly GDP tracker

Tracking GDP growth in OECD and G20 countries

‌The weekly tracker of GDP growth provides a real-time indicator of economic activity using machine learning and Google Trends data.

The tracker provides estimates of year-on-year growth rates in weekly GDP. It applies a machine learning model to a panel of Google Trends data for 46 countries and aggregates, with information about search behaviour related to consumption, labour markets, housing, trade, industrial activity and economic uncertainty.

Click to access the tracker

Explore key topics and broaden your knowledge of the Sustainable Development Goals (SDGs)

Browse OECD content on SDG 8

Browse all related resources

This inventory focuses on the global economy, pulling together analysis and data directly and indirectly related to the broad and far-reaching economic challenges arising in the context of the coronavirus (COVID-19). From productivity and income redistribution to tourism and SMEs, this collection brings together a broad range of policies to promote sustainable economic growth and build resilience for an inclusive and green recovery.

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06/12/2023
Report
Revenue Statistics 2023
Data on government sector receipts, and on taxes in particular, are basic inputs to most structural economic descriptions and economic analyses, and they are increasingly used in economic comparisons. This annual publication gives a conceptual framework to define which government receipts should be regarded as taxes. It presents a unique set of detailed and internationally comparable tax data in a common format for all OECD countries from 1965 onwards. This year’s edition includes a special feature on tax revenue buoyancy in OECD countries.
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31/10/2023
Report
Statistiques des recettes publiques en Afrique 2023
Cette publication annuelle comprend des statistiques comparables des recettes fiscales et non fiscales pour 33 pays africains : l’Afrique du Sud, le Botswana, le Burkina Faso, le Cabo Verde, le Cameroun, la République du Congo, la République démocratique du Congo, la Côte d’Ivoire, l’Égypte, l’Eswatini, le Gabon, le Ghana, la Guinée, la Guinée équatoriale, le Kenya, le Lesotho, Madagascar, le Malawi, le Mali, le Maroc, Maurice, la Mauritanie, la Namibie, le Niger, le Nigéria, l’Ouganda, le Rwanda, le Sénégal, les Seychelles, la Sierra Leone, le Tchad, le Togo et la Tunisie. Le rapport applique aux pays africains la méthodologie bien établie relative à la classification des recettes publiques exposée dans le Guide d’interprétation de l’OCDE, permettant ainsi de comparer les ratios impôts/PIB et les structures fiscales non seulement sur le continent mais aussi avec l'OCDE, l'Amérique latine et les Caraïbes, et l'Asie et le Pacifique. Les données des pays africains présentées dans cette publication sont également incluses dans la Base de données mondiale des Statistiques des recettes publiques de l'OCDE, qui constitue une référence fondamentale pour l'analyse de la mobilisation des ressources intérieures. Cette édition comprend une étude spéciale sur la Boîte à outils numérique sur la TVA pour l'Afrique. Cette publication est produite conjointement par le Centre de politique et d’administration fiscales et le Centre de développement de l’OCDE, la Commission de l’Union africaine (CUA) et le Forum sur l’administration fiscale africaine (ATAF), avec le soutien financier de l’Union européenne. ÉTUDE SPÉCIALE : BOÎTE À OUTILS NUMÉRIQUE SUR LA TVA POUR L'AFRIQUE
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25/10/2023
Report
OECD Economic Surveys: Spain 2023
Spain implemented sizable measures to cushion the impact of the pandemic and of the inflationary shock after Russia’s war of aggression against Ukraine. The economy has held up well, but public debt, which was already high, has increased because of the pandemic, making it urgent to step up the pace of fiscal consolidation. Public policy should continue to address Spain’s structural weaknesses. Growth potential is low and will remain so with the rapid ageing of the population. Fulfilling the country’s objectives to fight climate change will require a strong and broad commitment in favour of a cleaner energy mix and a more environment-friendly tax regime. Unemployment remains the highest in the OECD and the integration of young people into the job market remains challenging, although recent reforms have reduced the high share of temporary contracts. Improving educational and labour market outcomes among the young should entail strengthening the connection between the educational system and the labour market, supporting students at risk of falling behind, improving career counselling, and providing a more efficient public employment service. Boosting the low level of entrepreneurship among young people requires additional financial and educational support. More social rental housing in stressed areas would facilitate access to housing for young people. SPECIAL FEATURE: INCREASING OPPORTUNITIES FOR THE YOUNG IN SPAIN
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23/10/2023
Report
International Migration Outlook 2023
The 2023 edition of International Migration Outlook analyses recent developments in migration movements and the labour market inclusion of immigrants in OECD countries. It also monitors recent policy changes in migration governance and integration in OECD countries. This edition includes two special chapters on the labour market integration of migrant mothers and on fertility patterns among migrant populations in OECD countries. The Outlook also includes country notes and a detailed statistical annex.
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03/10/2023
Report
Economic Policy Reforms 2023
The Going for Growth report, updated biennially, looks at structural reforms in policy areas that have been identified as priorities to boost growth in OECD and selected non-OECD countries. The selection of priorities is supported by internationally comparable indicators that enable countries to assess their economic performance and structural policies in a wide range of areas. For this edition, Going for Growth advises on country-specific structural policy priorities to strengthen growth fundamentals and pave the way for successful green and digital transitions. Four key policy areas are identified: enhancing the design of social support programs; lifting potential growth by removing obstacles to effective resource utilisation; securing faster progress towards decarbonization; making the digital transformation a driver of productivity growth.
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27/09/2023
Report
Tax Administration 2023
This report is the eleventh edition of the OECD's Tax Administration Series. It provides internationally comparative data on aspects of tax systems and their administration in 58 advanced and emerging economies. The report is intended to inform and inspire tax administrations as they consider their future operations, as well as to provide information on global tax administration trends and performance for stakeholders and policy makers. The report is structured around nine chapters that examine the performance of tax administration systems, using an extensive data set and a variety of examples to highlight recent innovations and successful practices. This edition also contains an additional chapter that explores progress on the digital transformation of tax administrations. The underlying data for this report comes from the International Survey on Revenue Administration and the Inventory of Tax Technology Initiatives.
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11/09/2023
Paper
Immigration and employment dynamics in European regions
This paper provides novel evidence on the regional impact of immigration on native employment in a cross-country framework based on rich European Labour Force Surveys and past censuses data for 2010-2019. The paper finds a modest average impact of the rise in the share of immigrants across European regions on the employment-to-population rate of natives, but highly uneven effects over time and across workers and regions. The short-run estimates show adverse employment effects in response to immigration that nevertheless disappear in the longer run. High-school or less educated native workers experience employment losses due to immigration, whereas higher educated workers are more likely to experience employment gains. Moreover, the presence of institutions providing strict employment protection and high coverage of collective wage agreements exert a protective effect on native employment. Finally, the paper finds that regions experiencing strong growth can absorb immigrant workers, resulting in little or no effect on the native workforce, including in the short-run.
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06/09/2023
Paper
Nowcasting trade in value added indicators
Trade in value added (TiVA) indicators are increasingly used to monitor countries’ integration into global supply chains. However, they are published with a significant lag - often two or three years - which reduces their relevance for monitoring recent economic developments. This paper aims to provide more timely insights into the international fragmentation of production by exploring new ways of nowcasting five TiVA indicators for the years 2021 and 2022 covering a panel of 41 economies at the economy-wide level and for 24 industry sectors. The analysis relies on a range of models, including Gradient boosted trees (GBM), and other machine-learning techniques, in a panel setting, uses a wide range of explanatory variables capturing domestic business cycles and global economic developments and corrects for publication lags to produce nowcasts in quasi-real time conditions. Resulting nowcasting algorithms significantly improve compared to the benchmark model and exhibit relatively low prediction errors at a one- and two-year horizon, although model performance varies across countries and sectors.
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28/08/2023
Paper
The taxation of labour vs. capital income
This working paper presents novel analysis comparing in a consistent way the tax treatment of labour and capital income across OECD countries, through stylised effective tax rates (ETRs). It shows that dividend income and capital gains are generally subject to lower ETRs than wage income at the personal level. In many countries, capital income is also tax-favoured even when considering taxes paid by both firms and individuals, although the gap between labour and capital income taxation tends to be smaller than when considering only personal-level taxes. The gap between ETRs on labour and capital income varies between countries and grows with income levels in some. The paper highlights that differential tax treatment of labour and capital income can affect the efficiency and equity of tax systems.
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25/07/2023
Report
Revenue Statistics in Asia and the Pacific 2023
This annual publication compiles comparable tax revenue statistics for 30 economies, including Armenia, Australia, Bangladesh, Bhutan, Cambodia, People’s Republic of China, Cook Islands, Fiji, Indonesia, Japan, Georgia, Kazakhstan, Korea, Kyrgyzstan, Lao People’s Democratic Republic, Malaysia, Maldives, Mongolia, Nauru, New Zealand, Pakistan, Papua New Guinea, Philippines, Samoa, Singapore, Solomon Islands, Thailand, Tokelau, Vanuatu and Viet Nam. Additionally, it provides information on non-tax revenues for selected economies. The publication applies the OECD Revenue Statistics methodology to Asian and Pacific economies, facilitating consistent comparison of tax levels and structures within the region as well as globally. This tenth edition of the report includes a special feature on strengthening property taxation in Asia. The publication is jointly produced by the OECD’s Centre for Tax Policy and Administration and the OECD Development Centre, in co-operation with the Asian Development Bank, the Pacific Islands Tax Administrators Association and the Pacific Community.
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07/07/2023
Report
Africa's Development Dynamics 2023
Africa’s Development Dynamics uses lessons from Central, East, North, Southern and West Africa to develop policy recommendations and share good practices across the continent. Drawing on the most recent statistics, the analysis of development dynamics aims to assist African leaders in reaching the targets of the African Union’s Agenda 2063 at all levels: continental, regional, national and local. This edition explores how Africa can attract investments that offer the best balance between economic, social and environmental objectives. Its fresh data and analysis aim to help policy makers improve risk assessments, strengthen African-led partnerships, and accelerate regional integration in ways that increase sustainable investments. Two continental chapters examine Africa’s investment landscape and related policy priorities. Five regional chapters offer tailored recommendations in strategic areas including natural ecosystems, renewable energy, climate finance and agri-food value chains. Africa’s Development Dynamics feeds into a policy debate between the African Union’s governments, citizens, entrepreneurs and researchers. It proposes a new collaboration between countries and regions, focusing on mutual learning and the preservation of common goods. This report results from a partnership between the African Union Commission and the OECD Development Centre.
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06/07/2023
Report
OECD-FAO Agricultural Outlook 2023-2032
The OECD-FAO Agricultural Outlook 2023-2032 provides a consensus assessment of the ten-year prospects for agricultural commodity and fish markets at national, regional, and global levels, and serves as a reference for forward-looking policy analysis and planning. Recent surges in agricultural input prices experienced over the last two years have raised concerns about global food security. This year’s Outlook demonstrates that rising fertiliser costs can lead to higher food prices. A new feature of the OECD-FAO Aglink-Cosimo model allows the impact of changing costs of the main mineral fertilisers to be analysed separately from costs of other production inputs. Based on this new feature, a scenario analysis estimates that for each 1% increase in fertiliser prices, agricultural commodity prices would increase by 0.2%. Global food consumption – the main use of agricultural commodities – is projected to increase by 1.3% per year over the next decade, a slower pace than the previous decade due to the foreseen slowdown in population and per capita income growth. This year’s Outlook also provides improved estimates for food consumption by incorporating for the first time calculation methods to estimate food loss and waste. This report is a collaborative effort between the Organisation for Economic Co-operation and Development (OECD) and the Food and Agricultural Organization (FAO) of the United Nations, prepared with inputs from Member countries and international commodity organisations. It highlights fundamental economic and social trends that drive the global agri-food sector, assuming there are no major changes to weather conditions or policies. More information can be found at www.agri-outlook.org.
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05/07/2023
Paper
Central Bank Digital Currencies (CBDCs) and democratic values
Discussions on Central Bank Digital Currencies (CBDCs) have so far mostly focused on the potential risks that these currencies could represent for financial intermediation and financial stability. It is important, however, to also consider how they could contribute to the welfare of citizens, and how they can be leveraged to help uphold certain democratic values. This paper explores how the design and implementation of CBDCs can help countries mitigate threats to individual liberties and human rights, as well as promote the equitable treatment of citizens, the protection of privacy, and citizens’ trust in central banks. The sound governance architecture of CBDC systems at the national and international level can further support these objectives.
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30/06/2023
Report
Government at a Glance 2023
The 2023 edition of Government at a Glance provides a comprehensive overview of public governance and public administration practices in OECD Member and partner countries. It includes indicators on trust in public institutions and satisfaction with public services, as well as evidence on good governance practices in areas such as the policy cycle, budgeting, public procurement, infrastructure planning and delivery, regulatory governance, digital government and open government data. Finally, it provides information on what resources public institutions use and how they are managed, including public finances, public employment, and human resources management. Government at a Glance allows for cross-country comparisons and helps identify trends, best practices, and areas for improvement in the public sector.
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29/06/2023
Report
OECD Economic Surveys: Netherlands 2023
The Dutch economy swiftly returned to its pre-pandemic growth path, but rapidly rising inflation disrupted growth, magnifying existing challenges, such as the urgency of the transition to net zero, ageing-related fiscal pressures, and pervasive labour shortages. Significant investments in low-carbon infrastructure and technologies are needed to reduce fossil fuels dependence and exposure to global energy price fluctuations. Healthy public finances allowed for fiscal support to protect households and firms from surging energy prices, but population ageing will increase fiscal pressure going forward. Streamlining the tax system would enhance macro-financial stability and productivity by reducing distortions in investment and labour supply decisions. Lifting labour supply, in complement to raising productivity, would help to strengthen growth potential and enable the green and digital transitions. Removing tax disincentives on additional hours worked and streamlining income-dependent benefits while improving access to childcare would both increase labour input and reduce inequalities. Supporting re- and upskilling of the workforce, as well as narrowing regulatory gaps between regular and non-standard forms of employment further would alleviate shortages by facilitating transitions between occupations. Better integrating people with a migrant background and easing medium-skill labour migration in specific occupations could further boost labour supply. SPECIAL FEATURE: LIFTING LABOUR SUPPLY
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27/06/2023
Report
OECD SME and Entrepreneurship Outlook 2023
Over the past few years, the global economy has suffered profound shocks that have had a marked impact on small and medium-sized enterprises (SMEs) and entrepreneurs. While government support protected SMEs from the economic impact of the COVID-19 pandemic, new threats have emerged. Rising geopolitical tensions and global financial risks, high inflation, tightening monetary and fiscal policies, labour shortages, high trade barriers and slowing integration into global value chains all contribute to a more challenging business environment for SMEs. Meanwhile, there is an urgent need to accelerate the contribution of SMEs and entrepreneurship to the green and digital transitions and help them navigate a changing international trade and investment landscape. Against this background, the OECD SME and Entrepreneurship Outlook 2023 provides new evidence on recent trends in SME performance, changing business conditions, and policy implications. It reflects on the broad underlying theme of SME integration into a series of networks, including global production and supply-chain networks and the role of women led-businesses in international trade, knowledge and innovation networks, and skill ecosystems, as well as the main policies in place to ensure SMEs can integrate these networks and benefit from the ongoing transformations they go through. The report also contains statistical country profiles that benchmark the 38 OECD across a set of indicators.
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26/06/2023
Paper
Online product safety sweep report
In October 2021, twenty-one OECD countries and partner economies participated in an online product safety sweep to identify the degree to which products were available for sale online despite (i) being banned or recalled, (ii) having inadequate labelling or (iii) not meeting voluntary or mandatory product safety standards. Results reveal that large volumes of unsafe products are readily traded across borders and a 79% average rate of non-compliance (or potential non-compliance) with product safety standards and laws. More needs to be done by online marketplaces and other retailers to identify and remove unsafe product listings and by consumer authorities to deter non-compliance.
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26/06/2023
Paper
Consumer vulnerability in the digital age
Protecting consumers when they are most vulnerable has long been a core focus of consumer policy. This report first discusses the nature and scale of consumer vulnerability in the digital age, including its evolving conceptualisation, the role of emerging digital trends, and implications for consumer policy. It finds that in the digital age, vulnerability may be experienced not only by some consumers, but increasingly by most, if not all, consumers. Accordingly, it sets out several measures to address the vulnerability of specific consumer groups and all consumers, and concludes with avenues for more research on the topic.
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26/06/2023
Paper
The multi-level fiscal governance of ecological transition
This paper investigates the role of fiscal federalism in driving ecological transition, a key challenge in the United Nations’ Sustainable Development Goals agenda. The ecological transition seeks a sustainable society that prioritises natural resource preservation and reduces environmental impacts. The study investigates the link between fiscal federalism institutions and ecological transition policies, focusing on regional and local governments’ role in implementing environmental goals. Despite subnational governments’ commitment to green objectives, comprehensive plan implementation has been limited due to local governments’ incentive schemes and capacity constraints. The paper examines the potential of fiscal federalism institutions, such as fiscal rules, transfers and capacity-building programs, to support ecological transition policies. The research emphasises engaging regional and local governments in the green agenda and highlights the need for tailored approaches in multi-level fiscal governance to effectively achieve environmental goals. By investigating fiscal federalism’s potential contribution to ecological transition, the paper offers valuable insights for policymakers addressing environmental challenges through a multi-level governance approach.
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23/06/2023
Paper
Public policy uses of the SEEA stocks and flows accounts
The System of Environmental Economic Accounting Central Framework (SEEA CF) was adopted in 2012. In one decade, it has expanded to 92 countries, including most OECD countries. However, there is still work to be done by national statistics producers to increase the use of SEEA statistics. This paper focuses on the SEEA stocks and flows accounts, providing examples of where they are already used to support public policy making in high-priority areas such as climate change, environmental sustainability, the circular economy, and management of ecosystems and freshwater, as well as feeding into indicators, dashboards and other frameworks. Although these examples show that SEEA statistics are already informing public policy making in many countries, there are still important “influence gaps”. The second part of this paper discusses why these gaps exist and what can be done about them.
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