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  • 17-November-2020

    English

    The impact of COVID-19 on SME financing - A special edition of the OECD Financing SMEs and Entrepreneurs Scoreboard

    The COVID-19 crisis has had a profound impact on SME access to finance. In particular, the sudden drop in revenues created acute liquidity shortages, threatening the survival of many viable businesses. The report documents an increase in demand for bank lending in the first half of 2020, and a steady supply of credit thanks to government interventions. On the other hand, other sources of finance declined, in particular early-stage equity. This paper, a special edition of Financing SMEs and Entrepreneurs, focuses on the impacts of COVID-19 on SME access to finance, along with government policy responses. It reveals that the pre-crisis financing environment was broadly favourable for SMEs and entrepreneurs, who benefited from low interest rates, loose credit standards and an increasingly diverse offer of financing instruments. It documents the unprecedented scope and scale of the policy responses undertaken by governments world-wide, and details their key characteristics, and outlines the principal issues and policy challenges for the next phases of the pandemic, such as the over-indebtedness of SMEs and the need to continue to foster a diverse range of financing instruments for SMEs.

  • 20-August-2020

    English

    The International Online Conference to Address Water-related Disaster Risk Reduction under COVID-19: “Water, DRR and Economics under COVID-19”

    The 6% decline in global GDP that we project for 2020 in our most recent Economic Outlook is larger than any other decline in the 60 years of OECD’s existence. And in case of a second wave of infections, global GDP could decline by more than 7.5%.

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  • 14-April-2020

    English

    Synthesising good practices in fiscal federalism - Key recommendations from 15 years of country surveys

    The design of intergovernmental fiscal relations can help to ensure that tax and spending powers are assigned in a way to promote sustainable and inclusive economic growth. Decentralisation can enable sub-central governments to provide better public services for households and firms, while it can also make intergovernmental frameworks more complex, harming equity. The challenges of fiscal federalism are multi-faceted and involve difficult trade-offs. This synthesis paper consolidates much of the OECD’s work on fiscal federalism over the past 15 years, with a particular focus on OECD Economic Surveys. The paper identifies a range of good practices on the design of country policies and institutions related strengthening fiscal capacity delineating responsibilities across evels of government and improving intergovernmental co-ordination.

  • 15-April-2019

    English

    Launch of 2019 Economic Survey of Japan

    Japan’s current economic expansion, which began in December 2012, is now the longest in its post-war history; it is not, however, its fastest. We expect GDP to reach ¾ per cent this year and in 2020. The growth of output per capita has accelerated to a pace close to the OECD average and job creation has been robust. Persistent deflation has been replaced with positive, albeit low, inflation.

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  • 15-April-2019

    English

    OECD-BIAC Japan/Keidanren Working Lunch: 2019 Economic Survey of Japan and Japan’s G20 Presidency

    Let me begin with the context. The global expansion continues to lose momentum and world trade growth has slowed sharply. Trade tensions have clouded the outlook for firms and risk disrupting investment and global value chains.

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  • 15-April-2019

    English

    Further reforms in Japan needed to meet the challenges of population ageing and high public debt

    The Japanese economy is undergoing the longest expansion in its post-war history, marked by strong job creation and business investment. Government policy must overcome the intertwined challenges posed by rapid population ageing and high government debt to ensure sustainable and inclusive growth for future generations, according to a new report from the OECD.

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  • 12-April-2019

    English

    Mr. Angel Gurría, Secretary-General of the OECD, in Tokyo on 15-16 April 2019

    Mr. Angel Gurría, Secretary-General of the OECD, will be in Tokyo on 15-16 April 2019 on an Official visit to Japan, to present the OECD 2019 Economic Survey of Japan. During his visit, the Secretary-General will hold bilateral meetings with Prime Minister Abe, as well as several Ministers and other high-level Japanese officials.

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  • 18-April-2018

    English

    Japan: Promoting Inclusive Growth for an Ageing Society

    Japan has achieved a comparatively high level of well-being: skill levels are high, unemployment is low and life expectancy at birth is the highest in the OECD. Since its launch in 2013, Abenomics has had a positive effect on the economy, and per capita output growth has picked up. However, to achieve inclusive growth and greater well-being, Japan needs to address important challenges to foster fiscal sustainability, narrow the productivity gap with leading OECD countries and manage the demographic transition. A new fiscal plan going beyond achieving a primary surplus should lay out concrete measures to raise revenues and control spending. As Japan’s population ages, using all available talent in the labour market and achieving gender equality are key to overcome labour shortages. Boosting productivity, which has been stagnant, will require increasing returns from R&D, capitalising on the digital economy, fostering the dynamism of SMEs, and reducing barriers to foreign direct investment and trade to promote greater integration into global value chains. Japan’s education system is one of the top performers in the OECD, but there is scope to further invest in teachers and schools. Finally, further action to foster green growth and environmental quality as well as effectively leveraging upcoming international sports events, such as the Rugby World Cup 2019 and the Olympic and Paralympic Games 2020, would also boost local development and inclusive growth. The complementarity of reforms needed to achieve inclusive and sustainable growth in in an aging society makes a compelling case for a comprehensive approach.
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  • 4-October-2017

    English

    Ensuring fiscal sustainability in Japan in the context of a shrinking and ageing population

    With gross government debt of 219% of GDP in 2016, Japan’s fiscal situation is in uncharted territory and puts the economy at risk.

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  • 28-September-2017

    English

    Boosting productivity for inclusive growth in Japan

    Never in the past 30 years has productivity growth been lower than since the 2008 global financial crisis, and never has income inequality been higher than it is today in Japan, and in the OECD area

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