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2831. Economic Survey of Mexico, 2005

Publication Date:
09-2005
Content Type:
Policy Brief
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
Fiscal management has been successful in recent years, and the backdrop of an inflation-targeting monetary policy has helped anchor expectations that macroeconomic stability is here to stay. In addition, the financial sector has gone through an important transformation and a broader and deeper domestic capital market has developed. This will enable the Mexican authorities to turn more of their attention to long-term priorities, which are where the important policy challenges increasingly lie. Faster growth of living standards will require reforms to the tax system so as to finance the appropriate level of current spending and long-term investment needs. Fiscal relations between the different levels of government need to be re-thought so as to ensure a more effective and more equitable use of revenues. Part of higher oil revenues should be earmarked for financing some important multi-year but finite programmes. Major reforms to education, the labour market, the electricity industry, other network sectors and ways of doing business are also desirable, and will help spur investment in Mexico's future by both domestic and foreign firms. It is important that reforms be assessed and judged by legislators on their intrinsic merits rather than through the prism of short-term political considerations.
Topic:
Development, Economics, and Emerging Markets
Political Geography:
Central America and Mexico

2832. OECD Territorial Review of Japan

Publication Date:
09-2005
Content Type:
Policy Brief
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
In recent years Japan has been challenged by important socioeconomic changes. Low economic growth, population ageing and depopulation, and new trade relationships with the East Asia region have made it increasingly necessary to transform the system established during the period of economic and demographic expansion.
Topic:
Development, Economics, and Emerging Markets
Political Geography:
Japan, Israel, and East Asia

2833. Economic Survey of Norway, 2005

Publication Date:
08-2005
Content Type:
Policy Brief
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
The Norwegian economy continues to recover strongly from its 2002-2003 slowdown. Low interest rates, competition induced productivity gains, high investments by the booming oil sector, terms-of-trade gains and supportive macroeconomic policies are the main drivers. Inflation is low and labour inputs in terms of hours worked are rising briskly. Strong growth is likely for the remainder of this year and possibly during 2006.
Topic:
Development, Economics, and Emerging Markets
Political Geography:
Europe and Norway

2834. Economic Survey of Hungary, 2005

Publication Date:
07-2005
Content Type:
Policy Brief
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
The composition of growth of the Hungarian economy has become healthier and real convergence looks set to be on a sustainable path. While most reforms to establish a flourishing market economy have been carried out and the current government is launching a new reform initiative of "100 Steps", more needs to be done in two broad areas in order to maintain high growth: Achieving a smooth entry into the euro area: Frequently missed policy targets, tensions between the government and the Central Bank and stubbornly high twin deficits have established an unhealthy climate of financial volatility, which contrasts with and may even risk threatening the rather smooth process of real convergence. Increasing trend growth by both raising the employment potential and trend productivity growth: A large share of Hungarians with some work capacity is not working in part because of the way social benefits are designed. Low employment is aggravated by impediments to regional mobility of the labour force. Hungary needs to move further up the value added chain. This process for the time being rests very much on investments by foreign companies while innovative activities and commercial applications of own research remain limited.
Topic:
Development, Economics, and Government
Political Geography:
Eastern Europe and Hungary

2835. Economic Survey of euro area, 2005

Publication Date:
07-2005
Content Type:
Policy Brief
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
Economic policy in the euro area pursues the objectives of achieving solid economic growth, a better performance of labour markets and restoring sound public finances in the context of a single monetary policy which aims at maintaining price stability. Although inflation has remained just above the ECB's definition of price stability, longer-term inflation expectations remain firmly anchored to price stability. However, progress towards the other goals has been disappointing thus far partly owing to adverse shocks such as higher oil prices or exchange rate shifts. On unchanged policies and with population ageing the euro area's potential output growth is set to decelerate over the next decades and eventually stabilises at around 1% per annum by about 2020, as illustrated in the following scenario:
Topic:
Development, Economics, and Government
Political Geography:
Europe

2836. Economic Survey of Greece, 2005

Publication Date:
07-2005
Content Type:
Policy Brief
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
Recent and prospective growth performance is good. The Greek economy has continued to grow vigorously, buoyed especially by low nominal and real interest rates and an expansionary fiscal policy stance, largely reflecting public works in preparation for the Olympic Games in 2004. The outlook is for some slowing activity in the near term, triggered by fiscal consolidation, but a subsequent pick-up in growth thereafter. However, inflation is likely to remain above the euro-area average, to a certain extent eroding Greece's international competitiveness. Fiscal consolidation is the main priority. The fiscal audit, performed by the new government in close collaboration with Eurostat has revealed a very loose fiscal policy since the late 1990s, culminating in a general government deficit of 6% of GDP in 2004. The government debt-to-GDP ratio has remained stubbornly above 100%, despite uninterrupted strong growth during the past eleven years. Reining in government deficits is of vital importance both to meet the fiscal objectives of EMU, and to prepare for demographically-related budget pressures that will start emerging in a decade's time. Moreover, sustained high public debt makes Greece relatively more vulnerable to changes in interest rates and market sentiment, while it's servicing threatens to crowd out public spending in areas important for Greece's ambitions to reach income levels elsewhere in the EU.
Topic:
Development, Economics, and Government
Political Geography:
Europe and Greece

2837. Economic Survey of New Zealand, 2005

Publication Date:
07-2005
Content Type:
Policy Brief
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
The economy has continued on its strong upward course and living standards – measured as real GDP per person – have risen steadily over the past decade, putting the country on track towards the government’s objective of returning to the top half of the OECD. But capacity has become increasingly strained, and monetary policy has been tightened to ensure inflation remains well anchored. The country’s prospects are bright, with potential growth projected to remain comfortably above 3% per year over the medium term
Topic:
Development, Economics, and Government
Political Geography:
Australia/Pacific and New Zealand

2838. Economic Survey of France, 2005

Publication Date:
06-2005
Content Type:
Policy Brief
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
France has high productivity per hour worked and a sophisticated social welfare system, but it also suffers from low labour force participation and high structural un employment. This poor labour market performance contributes to a persistent budget deficit which is exacerbating, rather than alleviating, the fiscal pressures arising from ageing. Rising public debt threatens fiscal sustainability. It is partly a result of insufficient public expenditure control an d insufficient public understanding of the need to meet long-run challenges as well as short-term targets. Aspects of the labour code designed to protect employees, and some aspects of the system of social transfers have had some unintended but perverse consequences leading to structurally high levels of unemployment and low participation rates. Dynamism and growth of activity and employment are held back by a lack of competition in a large number of service sectors.
Topic:
Development and Economics
Political Geography:
Europe and France

2839. Economic Survey of Sweden, 2005

Publication Date:
06-2005
Content Type:
Policy Brief
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
The Swedish economy has undergone impressive changes and has delivered a remarkable surge in productivity since the mid-1990s. Consequently, per capita incomes are slowly making up the ground lost in earlier decades. Labour market performance, however, has been less inspiring. Employment rates have yet to recover to their 1990 peaks and hours of work need to increase to support the welfare state.
Topic:
Development, Economics, and Government
Political Geography:
Europe and Sweden

2840. Economic Survey of Austria, 2005

Publication Date:
05-2005
Content Type:
Policy Brief
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
The Austrian economy has demonstrated the capacity to take advantage of positive external developments. Important challenges remain, however, in two areas: Fiscal performance needs to be improved despite substantial progress in securing the sustainability of government finances: government debt is still relatively high, fiscal consolidation also incorporates significant one-off measures and fiscal federal relations are often inefficient. Trend growth is still held back by low labour force participation of older workers – also a potential source of future growth deceleration, high seasonal inactivity, relatively weak productivity growth in the services and a sub-optimal environment for innovation activities.
Topic:
Development, Economics, and Government