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2008 OECD Economic Surveys: Denmark 2008

image of OECD Economic Surveys: Denmark 2008

OECD's periodic survey of the Danish economy.  After examining some of the key challenges faced by Denmark, the survey looks in more detail at the fiscal strategy; promoting employment and inclusiveness; tax reform, hours worked and growth; health care; and pension savings and capital taxation.

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Promoting employment and inclusiveness

Unemployment reached a three-decade low already by mid 2006, and has fallen further since then. A number of indicators suggest that the labour market is “tight” although wages growth has been benign until recently. This may be explained by a fall in the level of structural unemployment, but also changes in the industry composition of the economy that may have helped to contain overall wage growth pressures. Even so, the actual unemployment rate is now clearly below the NAIRU and recent data suggest some reaction of wages to the very tight labour market conditions. With continued, albeit somewhat more modest, economic growth projected and the government’s new 2015 Strategy for fiscal policy relying on strong gains in labour utilisation, efforts to increase labour supply will have to be redoubled. This chapter assesses the prospect of promoting further employment growth, given the current labour market patterns.

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