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221. Economic Survey of Greece, 2007

Publication Date:
05-2007
Content Type:
Policy Brief
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
Growth performance over the last decade has been among the best in the OECD, though a precise calibration is not yet possible following the recent revisions to GDP data. High growth has been driven by a range of factors, some of which are transitory. It is particularly encouraging that growth has been sustained over the last two years, despite substantial fiscal consolidation, mainly being driven by investment and exports. However, significant further reforms are needed to ensure that good performance is sustained in the years to come. It is imperative to use this period of strong performance to tackle remaining weaknesses in product and labour markets and move fiscal policy further towards a sustainable position by vigorous continued consolidation and pension reform. The key challenge, in terms of political economy, is to manage the required reforms in a context where society may be unduly complacent because the “good times” appear to be continuing.
Topic:
Development, Economics, and International Trade and Finance
Political Geography:
Europe and Greece

222. Economic Survey of Italy, 2007

Publication Date:
06-2007
Content Type:
Policy Brief
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
A welcome economic recovery is under way in Italy. In part, this reflects the cyclical upswing in the rest of Europe, but there are also early signs of a more fundamental improvement, notably in terms of export and labour market performance. Even so, medium-term prospects remain challenging: Total factor productivity shows little signs of resurgence, high public indebtedness threatens fiscal sustainability and population ageing looms large. Without further reforms to restore economic dynamism, living standards will be dragged down relative to other countries. This Survey discusses policies undertaken by the government to address these challenges, notably to boost competition on product markets, achieve fiscal sustainability and make fiscal federalism work – all in support of growth and adjustment.
Topic:
Development, Economics, and International Trade and Finance
Political Geography:
Europe and Italy

223. Competition Law and Policy in Sweden

Publication Date:
06-2007
Content Type:
Policy Brief
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
Sweden's 1993 Competition Act (CA) remains the foundation of a broad policy approach that includes prohibitions against restrictive agreements and abuse of dominance, control of concentrations, advocacy and support for academic research. Enforcement of this legislation by the Swedish Competition Authority (SCA) marked a shift towards a judicial, rules-based approach.
Topic:
Development, Economics, and Government
Political Geography:
Europe and Sweden

224. Economic Survey of Slovak Republic, 2007

Publication Date:
04-2007
Content Type:
Policy Brief
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
Following major economic reforms, the Slovak economy has grown strongly in recent years, driven by rapid productivity growth, but still has far to go to catch up to the per capita income levels in the advanced European countries. The incoming government has made achieving a more equal distribution of income a priority insofar as this can be done without damaging long-term growth prospects. There is considerable scope both to strengthen growth prospects and to reduce income inequality by raising employment rates, improving education outcomes (including by reducing the impact of socio-economic background), and by removing barriers to product-market competition. The new government has also reiterated its commitment to Slovakia's entry into the euro area in January 2009 and has taken steps to make it probable that Slovakia will satisfy the Maastricht criteria for entry on a sustainable basis. Policies may need to be adapted to support macroeconomic stability in the currency union.
Topic:
Development, Economics, and Poverty
Political Geography:
Europe, Eastern Europe, and Slovakia

225. Sweden: Achieving Results for Sustained Growth

Publication Date:
03-2007
Content Type:
Policy Brief
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
Regulatory reform contributes to promoting sustained economic growth, complementing sound macro-economic policies. While Sweden has made significant progress on regulatory reform since the early 1990s and enjoyed major productivity gains as a result, it should instil more competition in the public sector, cut red tape and liberalise labour markets if it is to meet the challenge of an ageing population and maintain its high standards of social welfare.
Topic:
Development, Economics, and Markets
Political Geography:
Europe and Sweden

226. Economic Survey of Belgium, 2007

Publication Date:
03-2007
Content Type:
Policy Brief
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
The Belgian economy is in a strong recovery phase. The balancing of the budget since the start of the decade has allowed public debt to fall fast relative to GDP, providing a favourable macroeconomic background for the recovery. Moreover, structural reforms, particularly in the labour market, are showing signs of success. Output has accelerated and was by mid-2006 growing at 3% – the fastest pace since 2000. With growth well above potential, some production factors are already under strain. The challenge will be to persist with stability and reform-oriented policies to bolster the economy's trend growth, a challenge made more acute by the impending ageing of the population.
Topic:
Development, Economics, and Markets
Political Geography:
Europe and Belgium

227. OECD Territorial Reviews: Randstad Holland, Netherlands

Publication Date:
03-2007
Content Type:
Policy Brief
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
The Randstad is the poly-centric urban area in western Netherlands, comprising Amsterdam, Rotterdam, The Hague, Utrecht, and several smaller cities. It is one of the most densely populated areas in the OECD, which has developed into an advanced urban economy with many leading sectors, such as logistics, horticulture and financial services. The Randstad has one of the lowest unemployment rates in all OECD countries and is one of the most attractive metropolitan areas for foreign direct investment.
Topic:
Civil Society, Development, and Economics
Political Geography:
Europe, Netherlands, Rotterdam, and Amsterdam

228. Economic Survey of Sweden, 2007

Publication Date:
02-2007
Content Type:
Policy Brief
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
Sweden enjoys excellent macroeconomic performance with high rates of growth, low unemployment and stable inflation expectations. Early steps in regulatory reform, taken in the 1990s, are paying off in terms of productivity and GDP growth. However, tensions are visible at the margin. Employment rates have not recovered to traditionally high levels since the crisis of the early 1990s. Joblessness is widespread among immigrants and youngsters, and disability and sickness rates are comparatively high. As well, renewed regulatory reform is needed, inter alia to address the low rate of enterprise formation and enterprise growth that may weaken the economy's ability to venture into new business fields.
Topic:
Development, Economics, and Markets
Political Geography:
Europe and Sweden

229. Economic Survey of Norway, 2007

Publication Date:
01-2007
Content Type:
Policy Brief
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
The economy is experiencing a favourable period of robust growth, low unemployment and moderate underlying inflation. This largely reflects the effects of globalisation, of which Norway has been a prime beneficiary, supplying energy and other commodities at high prices and increasingly importing products from low-cost countries. Sizeable labour migration inflows, together with sustained productivity growth, have kept cost inflation at a moderate pace. A tradition of foreign trade openness, domestic competition, a good policy framework and sound macroeconomic management have meant that Norway was well prepared to take advantage of these international trends.
Topic:
Development, Economics, and Markets
Political Geography:
Europe and Norway

230. Economic Survey of Spain, 2007

Publication Date:
01-2007
Content Type:
Policy Brief
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
Spain's economy has managed a remarkable performance in terms of growth, employment and public finances over more than a decade. A combination of expansionary monetary conditions, fiscal prudence, beneficial structural reforms and the positive supply-side effects of the strong rise in immigration has contributed to these outcomes. But these favourable developments are tempered by deterioration in several areas: the still high inflation differential has harmed competitiveness, and the resulting low real interest rates entail excessive domestic demand, which has been supported, jointly with employment growth and immigration, by ongoing rapid increases in household indebtedness and house prices. Despite some improvement, growth has therefore remained unbalanced as manifest in the large external deficit. Looking ahead, productivity gains are still modest, risking a substantial weakening in output and per capita income growth in the coming years.
Topic:
Development, Economics, and Migration
Political Geography:
Europe and Spain