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Globalisation, digitalisation, ageing and environmental degradation are the megatrends shaping tomorrow’s living standards and well-being. The prospects look weak in the absence of renewed reform dynamism. The global economy is facing further headwinds, with growth weakening in the wake of high trade uncertainty. At the same time, gains in living standards, as measured by GDP per capita, have been much slower since the Great Financial Crisis. All this should prompt policy makers to implement necessary reforms to deliver on stronger, more inclusive and environmentally-sustainable growth and help people make the most out of opportunities created in this new world.
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Slowing growth and increasing global uncertainty should not divert policy makers’ attention from longer-term objectives of improving incomes and well-being. Addressing such long-term objectives requires implementing key structural reforms. This chapter presents an overview of the Top 5 reform priorities and recommendations for OECD member and key non-member states. Two cross-cutting themes can be identified: improving the equality of opportunities for workers and firms and securing the environmental sustainability of gains in growth and well-being. Country-specific information supporting this chapter is available in the country notes (Chapter 4).
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The pace of reforms is not fast enough. After a peak of reform action in both advanced and emerging-market economies following the global financial crisis, the pace of structural reforms has moderated again, implying a lost opportunity to boost growth. This chapter assesses the overall progress in structural reforms that OECD and key non-OECD member countries achieved on the past Going for Growth priority areas over 2017-2018. The detailed country-specific information supporting this chapter is available in country notes (Chapter 4).
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Curbing emissions and pollution is crucial in ensuring that the gains in growth and well-being are sustainable in the long term. Hence, environmental considerations are key in the setting of national and global reform priorities. Going for Growth 2019 takes steps to integrate environmental sustainability in the reform priority selection framework. This chapter presents the details of this integration, summarises its results in terms of country-specific Going for Growth priorities and recommendations and outlines the future steps.
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