This Survey is published on the responsibility of the Economic and Development Review Committee of the OECD, which is charged with the examination of the economic situation of member countries.The economic situation and policies of the United States were reviewed by the Committee on 19 May 2016. The draft report was then revised in the light of the discussions and given final approval as the agreed report of the whole Committee on 2nd June 2016.The Secretariat’s draft report was prepared for the Committee by Douglas Sutherland and Jonathan Millar, under the supervision of Patrick Lenain. Statistical research was provided by Damien Azzopardi and Mabel Gabriel with general administrative support provided by Raquel Páramo. The previous Survey of the United States was issued in June 2014.

Seven years after the financial crisis, the US economy has rebounded : output has surpassed its pre-crisis peak by 10%, robust private-sector employment gains have sharply reduced unemployment, fiscal sustainability has been largely restored and corporate profits are high. The short-term outlook is for further growth near potential (albeit crisis-reduced at about 2%), where well-designed investments in infrastructure, skills and green growth would contribute to a more robust and sustainable expansion.

Seven years after the financial crisis, the United States is making a comeback. The US economic recovery, while modest by historical standards, has been one of the strongest in the OECD, thanks to robust monetary policy support and an early fiscal expansion. Many private-sector jobs have been created, pushing unemployment down to its pre-crisis level, thereby providing consumers with higher income and improving their confidence. Further economic growth at a pace near 2% a year is likely in the short term, while a new recession is a low-probability prospect in the current environment. But a number of long-term challenges remain unresolved. In particular, the slowdown of productivity growth already apparent since the mid-2000s has continued in recent years. Faster productivity growth – supported by well-designed investments in innovation, infrastructure, skills and inclusiveness – would help to address future challenges such as rising income inequality, population ageing and fiscal sustainability.

The objective of this Annex is to review action taken since the previous Survey (June 2014) on the main recommendations from previous Surveys.