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

Tackling Current Account Imbalances: Is there a Role for Structural Policies?

This chapter presents new OECD empirical analysis which points to some potential for structural reforms to reduce global imbalances by influencing saving and investment rates. For example, social welfare and financial market reforms could curb the current account surpluses of several emerging countries including China. Likewise, growth-enhancing product market reform could reduce the surpluses of some advanced economies such as Japan and Germany by boosting capital spending. The OECD scenario analysis outlined here shows that a package of fiscal consolidation and structural reforms in the main world economies could possibly reduce current global imbalances by about a third.

English Also available in: French

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