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Global growth is finally back to cruising speed. For the first time in many years, all the major regions of the world are enjoying a widespread and largely synchronised upswing, even if some economies have been in steady expansion for much longer than others. Hopefully, the stagnation of living standards endured by a large share of the population in many OECD economies is coming to an end. The more rapid decline in unemployment seen in recent months is clearly an encouraging sign. However, the improvements in labour markets have yet to translate into significant and broad-based wage gains. Comprehensive structural reforms are needed to sustain stronger growth beyond the cyclical upswing, create more and better paying jobs, improve opportunities and strengthen inclusion.
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At nearly 4 per cent projected for 2018, the annual GDP growth rate of the global economy is close to the pace of growth preceding the great recession. This period of strong and broadly-based global growth creates favourable conditions for the successful implementation of structural reforms – necessary to turn the upswing into stronger and sustainable long-term growth for all.
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This chapter reviews the main growth challenges faced by advanced and emerging economies and takes stock of the progress made in 2017 in the adoption and implementation of structural policy reforms to address these challenges. Progress is assessed on the basis of actions taken in response to Going for Growth policy recommendations formulated in the previous edition.
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This chapter reviews the available green growth indicators with respect to their usefulness for the potential integration in Going for Growth in the future as well as broadly evaluates country scores and progress on them. The chapter also flags the key measurement gaps that will be crucial in determining the scope and depth of green growth coverage in Going for Growth. The Annex provides additional information on the main green growth indicators that would be potential inputs to the Going for Growth process.
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This Chapter presents the new OECD indicators of the design of insolvency regimes in light of their relevance for productivity growth and Going for Growth more generally. It shows significant cross-country differences in the extent to which insolvency regimes promote orderly exit of non-viable firms, indicating that some countries have scope to improve resource allocation and productivity through reforms of bankruptcy laws and procedures.