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SMEs and entrepreneurs play a key role in national economies around the world, generating employment and income, contributing to innovation and knowledge diffusion, responding to new or niched demands and social needs, and enhancing social inclusion. However, SMEs are often more affected by business environment conditions and structural policies than larger firms.
This report presents comparative evidence on SME performance and trends, and on a broad range of policy areas and business environment conditions that are important for small businesses. The analysis takes into account the multi-dimensionality of SME policy objectives and the significant heterogeneity of the SME population, within and across countries. Data and indicators on framework conditions are complemented with information on recent policy trends in OECD countries. This publication addresses a growing demand by governments for tools to monitor the business environment for small and medium-sized enterprises, and benchmark the effectiveness of policies in creating appropriate conditions for them to flourish and grow.
This publication examines the opportunities and challenges, for business and government, associated with technologies bringing about the “next production revolution”. These include a variety of digital technologies (e.g. the Internet of Things and advanced robotics), industrial biotechnology, 3D printing, new materials and nanotechnology. Some of these technologies are already used in production, while others will be available in the near future. All are developing rapidly. As these technologies transform the production and the distribution of goods and services, they will have far-reaching consequences for productivity, skills, income distribution, well-being and the environment. The more that governments and firms understand how production could develop in the near future, the better placed they will be to address the risks and reap the benefits.
Der vorliegende Bericht enthält Änderungen der OECD-Verrechnungspreisleitlinien, die die Übereinstimmung der Verrechnungspreise mit der Wertschöpfung gewährleisten sollen. Diese Änderungen betreffen die folgenden wichtigen Themen: Verrechnungspreisfragen im Zusammenhang mit Geschäftsvorfällen, bei denen es um immaterielle Wert geht; vertragliche Vereinbarungen, einschließlich vertraglicher Aufteilungen der Risiken und entsprechenden Gewinne, die nicht mit den tatsächlich wahrgenommenen Tätigkeiten im Einklang stehen; die Höhe der Rendite von Finanzierungen kapitalstarker Mitglieder eines multinationalen Konzerns, wenn diese Rendite nicht mit dem Umfang der von der Finanzierungsgesellschaft wahrgenommenen Tätigkeiten übereinstimmt; sonstige Risikobereiche. Der Bericht erläutert zudem Folgearbeiten, die hinsichtlich der geschäftsvorfallbezogenen Gewinnaufteilungsmethode durchgeführt werden und die in detaillierten Leitlinien dazu münden sollen, wie diese Methode sachgerecht angewandt werden kann, um die Verrechnungspreise stärker an der Wertschöpfung auszurichten.
India’s economy continues to grow at an impressive rate, with projected annual GDP growth of 7.5% in 2017-18. India will thus remain the fastest-growing G20 economy. Unprecedented growth in exports in services since the 1990s has made India a global leader in this sector. Inflows of foreign direct investment (FDI) grew at three times the annual world average rate in the last decade, reflecting the success of efforts to attract international investment and gradually loosen restrictions to foreign investment. India’s economic successes are being translated into increased well-being for its population. As GDP per capita has more than doubled in ten years, extreme poverty has declined substantially. Access to education has steadily improved, and life expectancy has risen. Multiple opportunities present themselves for India, and the right mix of policies is needed to take advantage of them. India has made advances in integrating in global value chains and developing a competitive advantage in fields such as information and communication technology. Now is the time to secure continued progress by boosting competition and further lowering barriers to trade and investment. Looking to the future, it will be vital to fully tap into the potential offered by India´s young population. This means investing in the large numbers of young people entering the labour market. Likewise, the rapid pace of development must be matched with the upgrades to infrastructure necessary to support it.
Ces dernières années ont été marquées par un phénomène de rejet de la mondialisation. Jamais les coûts d’une ouverture et d’une connectivité accrues – y compris les conséquences de la libéralisation des échanges et de l’investissement – n'ont été autant mis en balance avec leurs avantages, bien des voix se faisant entendre pour plaider en faveur d’une pause, voire d’une inversion, du mouvement mondial d’intégration qui a été la marque des trois dernières décennies. Si ce rejet s’explique par de multiples raisons économiques, sociales et politiques, on dispose d'éléments en nombre suffisant montrant que les oubliés de la mondialisation sont nombreux, en particulier dans la moitié inférieure de l’échelle de distribution des revenus, notamment dans les pays avancés. Ce rejet montre que nous devons agir rapidement pour remettre la mondialisation sur les rails et nous assurer que ses avantages seront plus équitablement partagés. Les conséquences d’une possible inversion de l’intégration mondiale pourraient être graves : un regain de protectionnisme pourrait se traduire par une perte nette de richesse et d’opportunités, et l’adoption de politiques de repli national mettrait en péril nombre des avancées acquises au fil des dernières décennies.
Recent years have seen a remarkable backlash against globalisation. The costs of increased openness and connectivity – including the consequences of trade and investment liberalisation – are weighted as never before against the benefits, with many voices advocating a slowdown or even a reversal of the global integration that has characterised the past three decades. While there are many economic, social and political reasons for this backlash, there is sufficient evidence showing that globalisation is leaving many people behind, particularly in the lower half of the income distribution, and especially in advanced countries. This backlash suggests that we need to act quickly to fix globalisation and make sure that its benefits are more equally shared. The consequences of a potential reversal of global integration could be dramatic: increased protectionism resulting in a net loss of wealth and opportunities and dangerous inward-looking policies that would put at risk many of the benefits achieved in the past decades.
This Interim Report updates projections made in the November 2016 issue of OECD Economic Outlook (Number 100).
People in many countries, especially advanced countries, are expressing growing discontent about globalisation. They feel that its benefits have accrued mostly to a small and already well-off segment of the population. In addition, many citizens are dissatisfied with the way economic integration has been advanced. They complain about too little transparency and too many conflicts of interests between policy makers and firms. Several of the negative effects feeding the discontent have more to do with technological change than with globalisation per se, but the two are closely intertwined. Moreover, the policies put in place to alleviate negative impacts of economic openness on some groups, industries and regions have not always worked as intended, and global rule-making has not kept up with reality. Given its many benefits, reversing economic integration is not a solution. Rather, we need to find ways to make it work for all. This report sets out what needs to be done to advance a fairer and more inclusive globalisation – at the global level, at the European level and within Germany.
In vielen Ländern und vor allem in den fortgeschrittenen Volkswirtschaften äußern die Menschen wachsenden Unmut über die Globalisierung. Sie haben den Eindruck, dass von ihren Vorteilen vor allem ein kleiner, ohnehin besser gestellter Teil der Bevölkerung profitiert. Außerdem sind viele Bürgerinnen und Bürger unzufrieden darüber, wie die wirtschaftliche Integration vorangetrieben wurde. Sie beklagen einen Mangel an Transparenz und zu viele Interessenkonflikte zwischen Politik und Wirtschaft. Einige der negativen Effekte, die die Unzufriedenheit wachsen lassen, hängen stärker mit dem technologischen Wandel zusammen als mit der Globalisierung an sich, allerdings sind diese beiden Elemente eng miteinander verknüpft. Außerdem zeigten die Maßnahmen, die ergriffen wurden, um die negativen Effekte der wirtschaftlichen Öffnung für bestimmte Gruppen, Branchen und Regionen abzumildern, nicht immer die gewünschte Wirkung, und die weltweite Rechtsetzungstätigkeit konnte nicht mit der Realität Schritt halten. Die wirtschaftliche Integration rückgängig zu machen, ist angesichts ihrer zahlreichen Vorteile keine Lösung. Vielmehr müssen wir Wege finden, um zu gewährleisten, dass alle von dieser Integration profitieren können. Dieser Bericht legt dar, was getan werden muss – auf globaler Ebene, auf europäischer Ebene und in Deutschland –, um die Globalisierung gerechter und inklusiver zu gestalten.
Economic growth has picked up since Abenomics was launched in 2013, and so has job creation. However, Japan faces serious demographic headwinds, as its population is projected to decline by a quarter over 2015-50, with the share over age 65 rising from 26% to almost 40%. Firms already face labour shortages. Population ageing also puts upward pressure on government spending. Gross government debt, which has risen to 219% of GDP, the highest ever recorded in the OECD area, continues to rise. Labour productivity is about a quarter below the top half of OECD countries despite Japan's high levels of human capital, R&D and business investment. Slowing productivity growth has been accompanied by increased income inequality and relative poverty. Gender gaps in employment and wages are relatively large. This Economic Survey of Japan assesses the country’s recent macroeconomic performance and prospects, and offers recommendations to boost productivity and foster more inclusive growth. In particular, the expanding gap between leading and lagging firms should be narrowed by promoting business sector dynamism and entrepreneurship. Breaking down labour market dualism is a priority to bring about inclusive growth and raise productivity. Faster productivity and output growth, accompanied by measures to limit public spending growth and gradually increase government revenue, would help ensure fiscal sustainability.
SPECIAL FEATURES: PRODUCTIVITY FOR INCLUSIVE GROWTH; FISCAL SUSTAINABILITY
Un Compte satellite du tourisme a pour objectif d’analyser en détail tous les aspects de la demande de biens et de services associés à l’activité des visiteurs; de voir comment cette demande se confronte dans la pratique à l’offre de ces biens et services dans cette même économie; et de décrire les interactions entre cette offre et d’ autres activités économiques. Le présent volume, Compte satellite du tourisme : recommandations concernant le cadre conceptuel 2008, offre un cadre mis à jour pour la construction d’un Compte satellite du tourisme. Il devrait permettre une plus grande compatibilité interne des statistiques du tourisme avec le reste du système statistique d’un pays et une meilleure comparabilité internationale des données.
The purpose of a Tourism Satellite Account is to analyse in detail all the aspects of demand for goods and services associated with the activity of visitors; to observe the operational interface with the supply of such goods and services within the economy; and to describe how this supply interacts with other economic activities. The present volume, Tourism Satellite Account: Recommended Methodological Framework 2008, provides an updated framework for constructing a Tourism Satellite Account. It should permit greater internal consistency of tourism statistics with the rest of the statistical system of a country, as well as increased international comparability of these data.
China has continued to grow fast by international standards. While growth is gradually moderating as the population ages, GDP per capita remains on course to almost double between 2010 and 2020. As a result, the Chinese economy will remain the major driver of global growth for the foreseeable future. Notwithstanding the economy’s impressive performance and unprecedented poverty reduction, imbalances have built up. China’s growth has long been driven by capital accumulation, supported by high savings. However, the growth model has led to misallocation of capital and falling investment efficiency, and to excess capacity in some manufacturing industries and in the real estate sector. High enterprise investment has been financed by debt, fuelled by interest subsidies and implicit guarantees for state-owned enterprises and other public entities. Slowing growth implies lower profits for firms, and therefore greater pressure to improve efficiency. It also translates into slower growth of incomes and limits the fiscal resources available to make growth more inclusive. Income inequalities measured by the Gini index have declined but are still high. The urban-rural divide is large and the household registration system hinders labour movement to where it could be better used.
This Economic Survey of China assesses the country’s recent macroeconomic performance and proposes policy measures to promote higher-quality growth. Policy recommendations relate to how to improve corporate performance and enhance inclusiveness.
SPECIAL FEATURES: BOOSTING FIRM PERFORMANCE AND ENTREPRENEURSHIP; ENHANCING INCLUSIVENESS
Going for Growth is the OECD’s regular report on structural reforms in policy areas that have been identified as priorities to boost incomes in OECD and selected non-OECD countries (Argentina, Brazil, the People's Republic of China, Colombia, Costa Rica, India, Indonesia, Lithuania, the Russian Federation and South Africa). Policy priorities are updated every two years and presented in a full report, which includes individual country notes with detailed policy recommendations to address the priorities, as well as a follow-up on actions taken. The selection of priorities and the monitoring of reform actions are supported by internationally comparable indicators that enable countries to assess their economic performance and structural policies in a wide range of areas.
In addition to the new set of policy priorities and country notes, the 2017 report also includes a special chapter discussing how the Going for Growth framework has been extended to identify reform packages that boost growth while ensuring that the benefits are widely shared.
Spain is enjoying a robust recovery from a deep recession and a wide range of structural reforms has contributed to sustainable rises in living standards. Highly accommodative euro-area monetary policy, low oil prices and, more recently, expansionary fiscal policy have all supported domestic demand. Exports have been a particular bright spot, as Spain has resisted the slowdown in global export growth. However, raising well-being and GDP per capita, particularly via productivity increases, and making growth more inclusive remains a challenge. Spain has long suffered from very low productivity growth, which has restrained increases in living standards. Misallocation of capital towards low productivity firms and underinvestment in innovation have dragged down productivity, although more recently capital allocation has been improving. Policies to foster a better allocation of capital and higher productivity include reducing regulatory barriers in product markets that are holding back competition, encouraging higher investment in R&D and innovation and ensuring that capital goes to a wider set of innovative firms. Reducing entry barriers and improving framework conditions would also help to foster green investment. The unemployment rate is gradually falling down thanks to stronger growth, but it remains very high, particularly among the young and long-term unemployed. The high share of long-term unemployed risks loss of skills, disaffection and alienation. Poverty has also risen, mainly due to lack of quality jobs that provide enough hours of paid work to support decent incomes. Part of the answer is continued strong economic growth, but strengthening training and job placement and better minimum income support are crucial.
SPECIAL FEATURES: IMPROVING JOB QUALITY; INNOVATIVE BUSINESS INVESTMENT
Tras haber experimentado una recesión profunda, España disfruta de una sólida recuperación al tiempo que la amplia batería de reformas estructurales acometidas ha contribuido al aumento sostenible de los niveles de vida. La política monetaria altamente acomodaticia de la zona del euro, el bajo precio del petróleo y, más recientemente, la política fiscal expansiva han servido de apoyo a la demanda interna. Las exportaciones han destacado especialmente, ya que España ha resistido la ralentización del crecimiento mundial de las exportaciones. No obstante, sigue siendo complicado conseguir un aumento del bienestar y del PIB per cápita, sobre todo mediante incrementos de la productividad, así como generar un crecimiento más inclusivo.
España lleva tiempo padeciendo un crecimiento muy bajo de la productividad, lo cual ha limitado el aumento de los niveles de vida. La asignación de capital hacia empresas de baja productividad y la escasez de inversión en innovación han lastrado la productividad, aunque recientemente la asignación de capital ha mejorado. Entre las políticas que favorecen una mejor asignación del capital y una mayor productividad se incluyen la reducción de los obstáculos regulatorios en los mercados de bienes que lastran la competencia, la promoción de mayores inversiones en I+D+i, y garantías de que el capital se dirija a un espectro más amplio de empresas innovadoras. La reducción de las barreras de entrada y la mejora de las condiciones estructurales para la creación de empresas también contribuirían a impulsar las inversiones respetuosas con el medio ambiente.
La tasa de desempleo disminuye progresivamente gracias al mayor crecimiento económico pero sigue situándose en niveles muy elevados, sobre todo entre los jóvenes y los desempleados de larga duración. Hay una elevada proporción de desempleados de larga duración que corre el riesgo de perder habilidades, lo que puede llevar a la desafección y alienación. La pobreza también ha aumentado, debido principalmente a la falta de empleo de calidad que proporcione suficientes horas de trabajo remunerado y unos ingresos adecuados. Parte de la respuesta a estas dificultades es la continuación de un crecimiento económico sólido, pero también es fundamental reforzar la formación y la asistencia en la búsqueda de empleo, así como mejorar la protección social con un mayor apoyo en materia de ingresos mínimos.
CAPÍTULOS ESPECIALES: MEJORAR LA CALIDAD DEL TRABAJO; INVERSIÓN EMPRESARIAL INNOVADORA
Australia’s economy has enjoyed considerable success in recent decades, reflecting strong macroeconomic policy, structural reform and the long commodity boom. Living standards and well-being are generally high, though challenges remain in gender gaps and in GHG emissions. The economy is now rebalancing following the end of the commodity boom, supported by an accommodative macroeconomic stance and currency depreciation. The strengthening non-mining sector is projected to support output growth and spur further reductions in unemployment. Low interest rates have supported aggregate demand but are ramping up investor risk taking and putting pressure on the housing market.
Improving competition and other framework conditions that influence the absorption and development of innovation are key for restoring productivity growth. Innovation requires labour and capital markets that facilitate new business models. Productivity growth could be boosted through stronger collaboration between business and research sectors in R&D activity.
Australia’s adjustment to the end of the commodity boom has not been painless. Unemployment has risen, and inequality is rising. In addition, large socioeconomic gaps between Australia's indigenous community and the rest of the population remain. Developing innovation-related skills will be important for the underprivileged and those displaced by economic restructuring and can help reduce gender wage gaps.
SPECIAL FEATURES: INNOVATION-DRIVEN PRODUCTIVITY; BOOSTING R&D OUTCOMES
Ce rapport formule des recommandations en vue d’élaborer des règles nationales qui neutraliseront l’effet de dispositifs hybrides, et prévoit d’apporter des modifications au Modèle de Convention fiscale de l’OCDE pour lutter contre ces dispositifs. Une fois transposées dans le droit interne, les recommandations figurant dans la première partie du rapport neutraliseront les effets des dispositifs hybrides transnationaux qui permettent de multiples déductions au titre d’une même dépense ou des déductions opérées dans un pays sans imposition correspondante dans l’autre pays. La première partie préconise d’établir des règles permettant de contrer les asymétries des régimes fiscaux concernant des paiements effectués au titre d’un instrument financier hybride ou effectués par une entité hybride ou en sa faveur. Elle recommande aussi d’adopter des règles qui ciblent les asymétries indirectes qui surviennent lorsque les effets d’un dispositif hybride sont importés dans un pays tiers. Ces recommandations s’accompagnent de commentaires et d’exemples qui illustrent comment elles doivent être appliquées. La deuxième partie du rapport décrit les modifications proposées au Modèle de Convention fiscale pour faire en sorte que les avantages des conventions fiscales soient octroyés aux entités hybrides (y compris aux entités à double résidence) uniquement lorsque les circonstances s’y prêtent. Cette partie examine également les interactions entre le Modèle de Convention fiscale de l’OCDE et les recommandations relatives au droit interne qui font l’objet de la première partie.
India is the fastest-growing G20 economy, thanks to ambitious structural reforms and low commodity prices. Deregulation and improvement in the ease of doing business have boosted foreign investment. However, investment is still held back by the relatively high corporate income tax rates, slow land acquisition processes, stringent regulations, weak corporate balance sheets, high non-performing loans and infrastructure bottlenecks. Quality job creation has been low, due to complex labour laws. A comprehensive tax reform would promote inclusive growth: implementation of the Goods and Services Tax would support competitiveness, investment and economic growth as will reducing the corporate income tax rate and broadening the base. Property and personal income taxes could be reformed to raise more revenue, promote social justice and empower sub-national governments. Ensuring clarity and certainty in tax legislation and employing more skilled tax officers would strengthen the tax administration. Spatial disparities in living standards are large. India is reforming relations across levels of government to empower the states and make policies more responsive to local conditions. Some states have taken the lead in improving the ease of doing business and now enjoy higher productivity and income. In rural areas, poverty rates are high and access to core public services is often poor. Farm productivity is low owing to small and fragmented land holdings, poor input management, and inefficient market conditions. In urban areas, agglomeration benefits are quickly reduced by congestion costs, in particular air pollution and long commuting time.
SPECIAL FEATURES: TAX REFORM; REGIONAL DEVELOPMENT