Economic Policy Reforms 2011

Going for Growth

image of Economic Policy Reforms 2011

The global recovery from the deepest recession since the Great Depression is under way, but it remains overly dependent on macroeconomic policy stimulus and has not yet managed to significantly reduce high and persistent unemployment in many countries. Going for Growth 2011 highlights the structural reforms needed to restore long-term growth in the wake of the crisis. For each OECD country and, for the first time, six key emerging economies (Brazil, China, India, Indonesia, Russia and South Africa), five reform priorities are identified that would be most effective in delivering sustained growth over the next decade. The analysis shows that many of these reforms could also assist much-needed fiscal consolidation and contribute to reducing global current account imbalances.

The internationally comparable indicators provided here enable countries to assess their economic performance and structural policies in a wide range of areas.

In addition, this issue contains three analytical chapters covering housing policies, the efficiency of health care systems and the links between structural policies and current account imbalances.

English Also available in: French

The Many Dividends from Structural Reform

The global recovery has been underway for some time now, but it remains uneven. Emerging market economies are growing strongly, while growth in OECD economies has been insufficient to significantly reduce unemployment from its post-crisis peak with all of the attendant human and social costs. Global payment imbalances are widening again. How sustainable post recession global growth will be? Policy driven recovery has still not been fully replaced by self sustained, job rich growth, especially in advanced economies. At the same time policy space is reaching its limits, in both the fiscal and monetary policy domains. Monetary policies have been stretched to their limits, and public budgets are in need of consolidation – and indeed most OECD governments are tightening fiscal policy in 2011 and beyond. In addition, the recovery takes place against the background of permanent scars from the recession that, while difficult to assess precisely, are associated with output losses in most advanced economies that are likely to persist for several years.

English Also available in: French

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