The war in Ukraine is a major humanitarian crisis with associated economic shocks that threaten the post‑pandemic recovery. The latest OECD Economic Outlook highlights the implications and risks for growth, inflation and living standards from higher commodity prices and potential disruptions to energy and food supplies, and discusses the associated policy challenges.
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Belgium’s recovery from the COVID-19 pandemic has been robust thanks to extensive policy support. However, the new shock from the war in Ukraine is exacerbating inﬂation, and supply and labour market shortages, highlighting the importance of boosting the resilience of the Belgian economy.
© FrimuFilms/Shutterstock.comBelgium Economic Snapshot
Tunisians are facing the worst crisis in a generation, as COVID-19 hit an economy that was already slowing down. Macroeconomic policy through ﬁscal stimulus and monetary easing limited the depth and severity of the recession, but the pandemic has exacerbated structural weaknesses, in particular low investment and job creation, high unemployment and informality, mismatch between skills demand and supply, and outward migration of high-skilled professionals.
© Lizavetta/Shutterstock.comTunisia Economic Snapshot
Latvia has enjoyed continuing catch-up in per capita incomes with the more afﬂuent OECD countries through the pandemic, despite slow progress in vaccination. Fiscal policy has handled the health-system challenges while protecting jobs and ﬁrms but could do more to ease inequality and poverty, especially among the elderly.
© RossHelen/Shutterstock.comLatvia Economic Snapshot
Norway has been more successful than many countries in limiting the spread and impact of COVID‑19. The country has maintained good outcomes on many economic and social indicators. GDP per capita remains among the highest in the OECD. However, there are challenges in sustaining good outcomes amid post‑pandemic economic adjustment, continued population aging and the urgency of tackling climate change.
© Tatiana Popova/Shutterstock.comNorway Economic Snapshot