Italy’s reforms are paying off but challenges remain

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

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

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

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

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

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?

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

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

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

Structural reforms for more inclusive growth in Greece

by Christian Daude, Senior Economist, Office of the Chief Economist, OECD Economics Department (former head of the Greek Desk) The Greek economy is turning around lately, but it remains in a deep depression. GDP has fallen by more than a quarter between 2007 and 2015, unemployment remains extremely high at 25 percent and anchored poverty – … More Structural reforms for more inclusive growth in Greece