2005 OECD Economic Surveys: Spain 2005

image of OECD Economic Surveys: Spain 2005

This 2005 edition of OECD's periodic survey of Spain's economy opens with a broad assessment of economic challenges and includes chapters covering macroeconomic stability and competitiveness, raising productivity growth and job creation, getting the most out of public sector decentralisation and reforming the public pension system. 

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Reforming the Pension System

Like the other OECD countries, Spain will be faced with population ageing. The consequences were analysed in detail in the 2001 Economic Survey. It concluded that a reform of the public pension system, including a lowering in the generosity of the parameters underlying pension calculations, was needed to guarantee the longterm financial viability of the system. Since then, demographic prospects have been affected by the surge in immigration. Also various studies have been published, including official ones, suggesting that the scale of the challenge to the public finances may be less critical than had been thought. This chapter takes stock of the situation and assesses the cogency of the OECD’s past recommendations in this area. It also discusses the role that could be played by various measures that aim at increasing the employment rate for women and older workers and by a fiscal policy accumulating surpluses ahead of the demographic shock.

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