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At a time when macroeconomic policies are under acute pressure in many countries, the role of structural policies has come more into focus. Structural reforms are important both on the conventional grounds that they boost long-term growth and welfare but also because they can take some pressure off macroeconomic policies. Better structural policies will help achieve fiscal sustainability and provide greater leeway for monetary policy. Importantly, structural reforms can bolster confidence. For these reasons they are more than ever a priority for the OECD and feature prominently in G20 action plans and work agendas.
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This chapter examines the potential side effects of the growth-enhancing policy recommendations reviewed in Chapter 1 on two other aspects of well-being, namely income distribution and the environment, as well as on government budget balances and current accounts. In doing so, the chapter describes the main channels of influence and identify possible policy trade-offs and complementarities.
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This chapter contains a comprehensive set of quantitative indicators that allow for a comparison of policy settings across countries. The indicators cover areas of taxation and income support systems and how they affect work incentives, as well as product and labour market regulations, education and training, trade and investment rules and innovation policies. The indicators are presented in the form of figures showing for all countries the most recent available observation and the change relative to the previous observation.