Economic Policy Reforms 2017

Going for Growth

image of Economic Policy Reforms 2017

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 (Argentina, Brazil, the People's Republic of China, Colombia, Costa Rica, India, Indonesia, Lithuania, the 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, as well as a follow-up on actions taken. The selection of priorities and the monitoring of reform actions are supported by internationally comparable indicators that enable countries to assess their economic performance and structural policies in a wide range of areas.

In addition to the new set of policy priorities and country notes, the 2017 report also includes a special chapter discussing how the Going for Growth framework has been extended to identify reform packages that boost growth while ensuring that the benefits are widely shared.

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Executive summary

Governments cannot afford to let up on reform if they want to escape the low-growth trap many of them are facing and to ensure that the gains of economic growth benefit the vast majority of citizens. Over the past two years, global growth has remained flat at around 3%, well below the average growth rate of nearly 4% over the previous 10 years. The slowdown in the People’s Republic of China and other emerging-market economies accounts for much of the difference, but growth rates of 2% or less have been the norm on average across OECD countries during post-crisis years, with the prospect of persistently weak demand and investment dragging down potential growth.

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