Category: Structural reform

The G20’s Enhanced Structural Reform Agenda: Some progress, but more reforms needed

April 21, 2017

by Agnès Cavaciuti, Tomasz Kozluk, Dorothée Rouzet, Nicolas Ruiz and William Witheridge, OECD Economics Department As G20 Finance Ministers and Central Bank Governors meet in Washington, there are signs that the growth prospects for their economies are improving. Recent indicators point to rising business confidence and industrial production in many countries, and fiscal initiatives in … More The G20’s Enhanced Structural Reform Agenda: Some progress, but more reforms needed

Italy’s reforms are paying off but challenges remain

February 15, 2017

By Mauro Pisu, Head of Italy Desk, Country Studies Branch, OECD Economics Department Italy is recovering after a deep and long recession. Structural reforms, accommodative monetary and fiscal conditions, and low commodity prices have spearheaded the ongoing economic recovery. The Jobs Act and social security contributions’ exemptions jolted the labour market, leading to rising employment … More Italy’s reforms are paying off but challenges remain

Structural reforms to revive growth in Europe: necessary but not sufficient

February 9, 2017

By Aida Caldera Sánchez, European Union Desk, and Nicolas Ruiz, Structural Surveillance Division, OECD Economics Department After many years characterised by output losses or quasi-stagnation, steadier growth appears to be setting in across European economies. Recent data point to an upturn in growth, the euro-area unemployment rate has finally fallen below 10%, and private-sector confidence … More Structural reforms to revive growth in Europe: necessary but not sufficient

Strengthening economic resilience: What lessons to draw from the post-1970s record of severe recessions and financial crises

January 31, 2017

By Alain de Serres, Filippo Gori and Mikkel Hermansen, OECD Economics Department Major global crises such as the 2008-09 episode are mercifully rare, but severe recessions have been quite frequent among OECD countries over the past four decades.  Even when they do not inflict long-lasting economic damages, they often entail significant costs in terms of … More Strengthening economic resilience: What lessons to draw from the post-1970s record of severe recessions and financial crises

Weighing up the Growth Dividends from Structural Reforms

January 12, 2017

by Balázs Égert and Peter Gal, OECD Economics Department In many OECD countries, economic growth has yet to recover the lost ground suffered in the aftermath of the financial crisis. In some of them, unemployment has been persistently high, investment rates disappoint, and productivity is extremely sluggish – a “low growth trap”. Put differently, all three … More Weighing up the Growth Dividends from Structural Reforms

Structural reforms can be inclusive; it all depends on the details

January 5, 2017

By Orsetta Causa,  Mikkel Hermansen and Nicolas Ruiz, Structural Surveillance Division, OECD Economics Department Structural reforms are regularly assessed based on their ability to boost GDP per capita. This emphasis relies on the assumption that higher GDP per capita is systematically associated with rising living standards for the vast majority of citizens. This view is … More Structural reforms can be inclusive; it all depends on the details

Coping with Creative Destruction: Reducing the Costs of Firm Exit

December 14, 2016

By  Dan Andrews, Head of Productivity Workstream, OECD Economics Department Creative destruction, the process through which a market economy replaces failing firms with successful ones, is a key driver of productivity growth. Reversing the current slowdown in productivity growth will therefore partly depend on structural reforms to recharge the engine of creative destruction. This will … More Coping with Creative Destruction: Reducing the Costs of Firm Exit

What do pro-competitive policies imply for workers?

November 30, 2016

By Boris Cournede, Senior Economist, Public Economics Division, OECD Economics Department Reforms that make economies more competitive have become a polarising subject. On one side, they are well established as a core staple of reform programmes: they are known to boost growth. On the opposite side, they often come up as lightning rods for criticism, … More What do pro-competitive policies imply for workers?

Strengthening the Turkish manufacturing sector to rebalance growth

July 15, 2016

By Rauf Gonenc, Head of the Turkey Desk, Country Studies Branch, OECD Economics Department Turkey’s economy continued to grow strongly despite substantial domestic and regional headwinds. However, external imbalances have widened making the economy vulnerable to external shocks. The 2016 OECD Economic Survey of Turkey calls for rebalancing to alleviate the enduring tension between growth … More Strengthening the Turkish manufacturing sector to rebalance growth

Revisiting policy options for more jobs

June 30, 2016

by Alain De Serres, Head of Division, and Peter Gal, Economist Structural Surveillance Division, Policy Studies Branch, OECD Economics Department In many OECD countries, the labour market has yet to recover the lost ground suffered in the aftermath of the financial crisis. In some of them, unemployment has been persistently high, resulting in a very … More Revisiting policy options for more jobs