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The French economy rebounded quickly following the COVID-19 crisis, in particular thanks to the acceleration of the vaccination campaign and strong public support measures. Rapid and effective implementation of the recovery and investment plans would help support stronger and more sustainable growth.
- Basic statistics of India, 2015 or latest year available (Numbers in parentheses refer to the OECD average) - Acronyms - Executive summary - Assessment and recommendations - Follow-up to previous OECD policy recommendations - Making income and property taxes more growth-friendly and redistributive - Achieving strong and balanced regional development - Spatial inequalities: across states or between rural and urban areas?
Austria is a stable and wealthy economy and growth has picked up following the 2016 tax reform and the recovery of export demand. Employment has expanded, driven by rising participation of women and elderly and by immigration, although hours worked per worker have declined.
Estonia’s economy continues to perform well, and growing incomes support well-being. However, the expansion has peaked, and growth is set to soften due to weak international demand. Prudent fiscal policy has resulted in low debt, but spending pressures related to meeting infrastructure needs and ageing are mounting. Old age poverty is high and the proposal to allow early withdrawal of pension funds threatens macroeconomic stability and pension adequacy. The gender wage gap is among the highest in the OECD, and inequalities in income and health are considerable, reflecting gaps in the social safety net. The oil-shale sector is highly energy-intensive and is the main culprit behind Estonia’s high greenhouse gas emissions, but reducing dependence on the sector is challenging, as it is an important employer and meets 70% of Estonia’s energy needs.
The OECD Economic Outlook is the OECD's twice-yearly analysis of the major economic trends and prospects for the next two years.
India has been a growth champion in recent years and has succeeded in taming inflation, the current account deficit and non-performing loans. India's participation in the global economy has risen, with outstanding performances in some services, while the largest diaspora in the world is an asset in developing new markets. India has also lifted many millions of people out of poverty and has made access to housing for all a priority. Ambitious structural reforms -- including better targeted household support, financial inclusion initiatives, the implementation of the Goods and Services Tax, the Insolvency and Bankruptcy Code, the new approach to federalism and the corporate income tax reform -- have played a key role.
Swiss citizens continue to enjoy high living standards on a range of dimensions. Economic growth has slowed but the healthy labour market is still supporting incomes and consumption. However, risks to the outlook are building. Monetary policy has been very accommodative but low interest rates are adding to financial risks. Fiscal policy is sound and debt low. There is scope to make greater use of available fiscal space. Adapting to population ageing is becoming pressing. This trend, along with digital transformation, will bring new opportunities for the economy and society, but challenges as well. Policies have not kept up with rising life expectancy, particularly the statutory retirement age. Updating the pension system and lowering barriers to working longer would ensure that workers continue to receive adequate incomes during retirement.
Austrian citizens enjoy high living standards, well-being and social cohesion. Until the ongoing global slowdown, robust employment growth in the private sector kept domestic demand and investment remarkably robust. More people moved into work and inward migration has been strong. At the same time, new challenges related to social cohesion challenges have emerged, as increased skill differences in the population and diverging productivity performance across firms have generated a higher range of outcomes for job quality and market wages than in the past. Myriad entrepreneurial firms across all regions should better adapt to new megatrends of ageing, globalisation and digitalisation.
Austria is set to overcome the COVID-19 shock and its economic scars with the help of genuine sanitary, health and economic support policies. The country faces the opportunities and the challenges of two major structural transformations: transition to a net zero emission economy, and the generalisation of more advanced forms of digitalisation.
Swiss citizens continue to enjoy high living standards on a range of dimensions. Economic growth has slowed but the healthy labour market is still supporting incomes and consumption. However, risks to the outlook are building. Monetary policy has been very accommodative but low interest rates are adding to financial risks. Fiscal policy is sound and debt low. There is scope to make greater use of available fiscal space. Adapting to population ageing is becoming pressing. This trend, along with digital transformation, will bring new opportunities for the economy and society, but challenges as well. Policies have not kept up with rising life expectancy, particularly the statutory retirement age. Updating the pension system and lowering barriers to working longer would ensure that workers continue to receive adequate incomes during retirement. Ageing will also pressure health care spending and increase demand for long-term care. Policies to contain costs and reduce fragmentation in the system can help maintain access to quality care. Switzerland is well placed to seize the opportunities offered by new technologies. Addressing the barriers to adoption, improving the availability of information and helping workers adapt will enable firms, individuals and governments to reap the benefits of digitalisation. SPECIAL FEATURE: POLICIES FOR AN AGEING SOCIETY