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Over many decades, Argentina’s economy has been held back by weak policy settings and productivity has stagnated. Recent and additional reforms will help to raise prosperity for all Argentinians in the medium term. Strengthening competition by reducing barriers to market entry and foreign trade has particularly high payoffs.
Over many decades, Argentina's economy has been held back by weak policy settings and productivity has stagnated. Recent and additional reforms will help to raise prosperity for all Argentinians in the medium term. Strengthening competition by reducing barriers to market entry and foreign trade has particularly high payoffs. Tariff barriers have prevented a stronger integration into the world economy, which could raise consumer purchasing power, reduce the cost of firms' inputs and lead companies in shielded sectors to become more productive. Currently, many jobs are trapped in activities with limited potential for productivity and wage growth. As job reallocation can result in temporary income losses, policies should ease the transition by enhancing training and social protection. Social policies are effective in reducing inequalities and poverty continued its declining trend during 2016 and 2017, until a severe economic crisis pushed the economy into a deep recession in 2018. This has shifted the immediate policy focus to restoring confidence and unwinding significant fiscal and external imbalances. Swift and decisive policy responses were necessary and their implementation will lay the grounds for a return of macroeconomic stability and a recovery from the recession, although significant risks remain. SPECIAL FEATURE: FOSTERING INTEGRATION INTO THE WORLD ECONOMY
India has been a growth champion in recent years and has succeeded in taming inflation, the current account deficit and non-performing loans. India's participation in the global economy has risen, with outstanding performances in some services, while the largest diaspora in the world is an asset in developing new markets. India has also lifted many millions of people out of poverty and has made access to housing for all a priority. Ambitious structural reforms -- including better targeted household support, financial inclusion initiatives, the implementation of the Goods and Services Tax, the Insolvency and Bankruptcy Code, the new approach to federalism and the corporate income tax reform -- have played a key role.
Japan's current economic expansion is its longest of the post-war era, with per capita output growth nearly matching the OECD area since 2012. However, the expansion has peaked and global uncertainties weigh on the outlook. Growth is projected to continue at a moderate rate, supported by expansionary monetary policies and fiscal measures to offset the 2019 consumption tax rate hike. Notwithstanding rising female participation, labour shortages are intensifying, reflecting Japan's shrinking and ageing population, thus underlining the importance of labour market reform. Traditional labour practices, such as seniority-based wages and mandatory retirement, are poorly suited to the era of 100-year lives. Comprehensive reforms, including abolishing the right of firms to set mandatory retirement and removing obstacles to female employment, are essential. Population ageing also puts further upward pressure on public social spending and government debt, which relative to GDP is already the highest ever recorded in the OECD area. Japan needs a comprehensive fiscal consolidation plan covering specific spending cuts and revenue increases to ensure fiscal sustainability. It is essential to contain the rise in health and long-term care spending, while expanding the joint provision of local public services across jurisdictions and developing compact cities in the context of depopulation. SPECIAL FEATURES: LABOUR REFORM IN AN AGEING SOCIETY; ENSURING FISCAL SUSTAINABILITY
OECD Economic Surveys: Switzerland 2019 by OECD Pdf
Swiss citizens continue to enjoy high living standards on a range of dimensions. Economic growth has slowed but the healthy labour market is still supporting incomes and consumption. However, risks to the outlook are building. Monetary policy has been very accommodative but low interest rates are adding to financial risks. Fiscal policy is sound and debt low. There is scope to make greater use of available fiscal space. Adapting to population ageing is becoming pressing. This trend, along with digital transformation, will bring new opportunities for the economy and society, but challenges as well. Policies have not kept up with rising life expectancy, particularly the statutory retirement age. Updating the pension system and lowering barriers to working longer would ensure that workers continue to receive adequate incomes during retirement.
Mexico’s robust macroeconomic policy framework has supported moderate growth despite several headwinds in recent years. However, low productivity growth has hindered Mexico’s convergence to higher-income OECD countries and inequalities remain high. These factors call for a renewed strategy to boost productivity and inclusiveness.
OECD Economic Surveys: New Zealand 2019 by OECD Pdf
Well-being in New Zealand is generally high, although there is room for improvement in incomes, housing affordability, distribution, water quality and GHG emissions. Economic growth is projected to remain around 21⁄2 per cent. The main risks to the outlook are rising trade restrictions and a housing market correction. Labour market reforms have been initiated to increase wages for the low paid but will need to be implemented cautiously to minimise potential adverse effects. Substantial planned increases in bank capital requirements should reduce the expected costs of financial crises but might reduce economic activity.
Estonia’s economy continues to perform well, and growing incomes support well-being. However, the expansion has peaked, and growth is set to soften due to weak international demand. Prudent fiscal policy has resulted in low debt, but spending pressures related to meeting infrastructure needs and ageing are mounting. Old age poverty is high and the proposal to allow early withdrawal of pension funds threatens macroeconomic stability and pension adequacy. The gender wage gap is among the highest in the OECD, and inequalities in income and health are considerable, reflecting gaps in the social safety net. The oil-shale sector is highly energy-intensive and is the main culprit behind Estonia’s high greenhouse gas emissions, but reducing dependence on the sector is challenging, as it is an important employer and meets 70% of Estonia’s energy needs.
OECD Economic Surveys: South Africa 2020 by OECD Pdf
The COVID-19 outbreak is worsening an already fragile economic outlook. Since 2013, growth has been modest and unemployment has been rising. Policy uncertainty has been the main driver of low confidence and subdued investment. Following a sharp fiscal deterioration in recent years, the crisis also heightened debt sustainability challenges.
Like many other countries, Malaysia was hit hard by the COVID-19 pandemic starting in early 2020. Its past policy prudence has allowed Malaysia to react swiftly and boldly to the public health and economic crisis.
The Economic Survey of China assesses the country’s recent macroeconomic performance and proposes policy measures to promote higher-quality growth. Policy recommendations relate to how to integrate product and labour markets and enhance inclusiveness.
The Swedish economy is growing steadily, but the expansion has peaked and global uncertainties weigh on the outlook. Monetary and fiscal stimulus has supported the recovery, but is being gradually withdrawn as the economy operates close to full capacity. Strong public finances provide space for fiscal loosening in the case of a downturn, especially as low interest rates reduce monetary policy margins. Beyond a strong economy, Sweden enjoys high well-being, low inequality and strong environmental performance. Nevertheless, some structural issues need to be addressed, notably alleviating obstacles to housing affordability and enhancing the efficiency of public services by seizing the opportunities offered by digitalisation. Maintaining a high level of workforce skills is essential to sustain growth, competitiveness and social cohesion, calling for action to lift educational performance and promote lifelong learning. Against a background of lacklustre school results and increasing segregation, this Survey proposes a coherent set of reforms to strengthen education institutions, better target funding to pupils' needs, enhance the steering of competition and school choice, increase the attractiveness of the teaching profession and reinforce teacher education. SPECIAL FEATURE: EDUCATION
Portugal’s economic recovery is now well established, with GDP back to its pre-crisis level. However, legacies of the recent crisis remain. A high public debt burden and ongoing financial sector vulnerabilities make the economy less resilient. The country is also facing a rapidly ageing ...
The Swedish economy is growing steadily, but the expansion has peaked and global uncertainties weigh on the outlook. Monetary and fiscal stimulus has supported the recovery, but is being gradually withdrawn as the economy operates close to full capacity. Strong public finances provide space for fiscal loosening in the case of a downturn, especially as low interest rates reduce monetary policy margins. Beyond a strong economy, Sweden enjoys high well-being, low inequality and strong environmental performance.
