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Economic Policy Reforms 2016

Going for Growth Interim Report

image of Economic Policy Reforms 2016

Going for Growth is the OECD’s regular report on structural reforms in policy areas that have been identified as priorities to boost incomes in OECD and selected non-OECD countries (Brazil, China, Colombia, India, Indonesia, Latvia, Russian Federation and South Africa). Policy priorities are updated every two years and presented in a full report, which includes individual country notes with detailed policy recommendations to address the priorities.The next full report will be published in 2017.

This interim report takes stock of the actions taken by governments over the past two years in the policy areas identified as priorities for growth. This stocktaking is supported by internationally comparable indicators that enable countries to assess their economic performance and structural policies in a wide range of areas.

 

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Reform priorities in a difficult macro context

This chapter reviews the main issues related to the short-term impact of structural reforms in different macroeconomic contexts and takes stock of existing theoretical and empirical studies. Taking reforms introduced in normal times as a benchmark, it reviews the available evidence on the impact of reforms that are implemented in bad times – i.e. in the presence of a sizeable negative output gap and persistently weak demand – as well as under different assumptions regarding the availability or effectiveness of macroeconomic policies in supporting the reforms. In doing so the chapter focuses on the key channels through which different reforms influence short-term activity via the main components of demand and discusses how these channels operate under different macro conditions.

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