OECD Economic Surveys: Estonia 2019

OECD Economic Surveys: Estonia 2019
Author: OECD
Publisher: OECD Publishing
Total Pages: 119
Release: 2019-12-17
Genre:
ISBN: 9264531718

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: Korea 2020

OECD Economic Surveys: Korea 2020
Author: OECD
Publisher: OECD Publishing
Total Pages: 128
Release: 2020-08-11
Genre:
ISBN: 926449619X

Economic activity has contracted less in Korea than in other OECD countries, thanks to the prompt and effective reaction of the authorities to contain the spread of the COVID-19 virus and to the wide-ranging government support to households and businesses. Nevertheless, the pandemic generates strong headwinds.

OECD Economic Surveys: France 2021

OECD Economic Surveys: France 2021
Author: OECD
Publisher: OECD Publishing
Total Pages: 147
Release: 2021-11-18
Genre:
ISBN: 9264891242

The French economy rebounded quickly following the COVID-19 crisis, in particular thanks to the acceleration of the vaccination campaign and strong public support measures. Rapid and effective implementation of the recovery and investment plans would help support stronger and more sustainable growth.

OECD Economic Surveys: Norway 2019

OECD Economic Surveys: Norway 2019
Author: OECD
Publisher: OECD Publishing
Total Pages: 118
Release: 2019-12-09
Genre:
ISBN: 9264928979

Wellbeing in Norway is high; GDP per capita is among the top-ranking countries and the country scores well in measures of inclusiveness. Several challenges must be addressed, however, if this good standing is to be sustained. The economy is vulnerable to trade risks. Also, though property markets and related credit appear to be heading for a soft landing, risks remain. Norway has substantial opportunities for more effective public spending remain, and exploiting these will become more important as fiscal space narrows. Productivity growth remains low, requiring attention to business policy.

OECD Economic Surveys: Spain 2021

OECD Economic Surveys: Spain 2021
Author: OECD
Publisher: OECD Publishing
Total Pages: 124
Release: 2021-05-27
Genre:
ISBN: 9264555803

The Spanish economy entered a deep recession in 2020 due to the COVID-19 pandemic. A strong government response has protected jobs and firms. However, the crisis has exacerbated long-standing structural challenges, such as high unemployment, inequalities and regional disparities.

OECD Economic Surveys: Malaysia 2021

OECD Economic Surveys: Malaysia 2021
Author: OECD
Publisher: OECD Publishing
Total Pages: 124
Release: 2021-08-12
Genre:
ISBN: 9264801545

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.

OECD Economic Surveys: United Kingdom 2020

OECD Economic Surveys: United Kingdom 2020
Author: OECD
Publisher: OECD Publishing
Total Pages: 125
Release: 2020-10-14
Genre:
ISBN: 9264510966

Like many countries, the United Kingdom has been hit severely by the COVID-19 outbreak. A strict lockdown was essential to contain the pandemic but halted activity in many key sectors. While restrictions have eased, the country now faces a prolonged period of disruption to activity and jobs, which risks exacerbating pre-existing weak productivity growth, inequalities, child poverty and regional disparities. On-going measures to prevent a second wave of infections will need to be carefully calibrated to manage the economic impact.

OECD Economic Surveys: Turkey 2021

OECD Economic Surveys: Turkey 2021
Author: OECD
Publisher: OECD Publishing
Total Pages: 122
Release: 2021-01-14
Genre:
ISBN: 9264528075

After initial success in fighting the COVID-19 pandemic and a strong economic rebound, Turkey faces a resurgence of cases which puts pressure on the country’s health system, public resources, social cohesion and macroeconomic sustainability. Public finances offer room for government support to the households and businesses most in need, but this should be provided under a more transparent and predictable fiscal, quasi-fiscal, monetary and financial policy framework.

OECD Economic Surveys: Norway 2024

OECD Economic Surveys: Norway 2024
Author: OECD
Publisher: OECD Publishing
Total Pages: 112
Release: 2024-06-20
Genre:
ISBN: 9264522417

Norway’s economy is slowing as inflation and higher interest rates weigh on consumption and investment. The labour market is tight and wage growth robust, while labour shortages and job mismatches are high and rising. Inflation is falling but still way above the target of 2%. The fiscal stance is expansionary. It should become contractionary to support monetary policy. While Norway is one of the OECD’s most productive countries, productivity growth over the past decade has been weak. Making skills more relevant, notably by strengthening vocational education and training, could help raise productivity and ease tight labour markets. Higher and broader taxation of greenhouse gas emissions and investing in lower‐cost emission cuts would help achieve emission reductions more efficiently. Public spending as a share of GDP is the highest in the OECD, which brings important benefits in the form of high-quality public services. However, oil revenues are set to decline, and ageing costs to rise, foreshadowing strains on public finances in the future. Norway could benefit from applying a medium-term expenditure framework, introducing a spending rule, and establishing a full-fledged fiscal council. Reforming the very generous sickness and disability scheme could help reduce spending pressures and increase employment. Regional policy should become more cost-conscious. Infrastructure investment is very high, and imposing a minimum benefit-cost ratio on individual projects and strengthening ex-post evaluations could help improve its effectiveness. SPECIAL FEATURE: RAISING THE EFFECTIVENESS OF PUBLIC SPENDING