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We are facing a series of converging planetary emergencies linked to the environment, the economy, and our social and political systems, but we will not meet these challenges using the tools of the last century. We need to rethink the role of the economy in improving the well-being of people and the planet. As the world’s leading intergovernmental forum on economic policy, the OECD has a central role to play in creating a new economic narrative. OECD Secretary-General Angel Gurría therefore invited a high-level group of experts to contribute their proposals on what needs to change in economic policy and policymaking. This report summarises their conclusions. The Advisory Group argues that we need to go beyond growth, to stop seeing growth as an end in itself, but rather as a means to achieving societal goals including environmental sustainability, reduced inequality, greater wellbeing and improved resilience. This requires updating the philosophy, tools and methods underpinning the analysis that influences economic decision-making. Drawing on developments across the modern field of economics and political economy, the report argues for a new approach which recognises the rootedness of economic systems and behaviour in the relationship between people, social institutions and the environment.
At a moment when many countries of the MENA region are looking to accelerate economic growth and build more stable, open societies, this report argues that greater women’s economic empowerment holds one of the keys. It asserts that despite challenges some countries are facing in guaranteeing women equal access to economic opportunity, progress is underway and can be further nurtured through targeted, inclusive and coordinated policy actions. Building on the conclusions of a first monitoring report released in 2017, the report analyses recent legislative, policy and institutional reforms in support of women’s economic empowerment in Egypt, Jordan, Morocco and Tunisia and seeks to identify success factors that have helped anchor reform. Moreover, it delivers actionable examples and practical tools for policy makers to help them transform policies into effective actions for women’s economic empowerment.
The Economic Outlook for Southeast Asia, China and India is a regular publication on regional economic growth, development and regional integration in Emerging Asia. It focuses on the economic conditions of the Association of Southeast Asian Nations (ASEAN) member countries: Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Viet Nam. It also addresses relevant economic issues in China and India to fully reflect economic developments in the region. This November Update of the Outlook, following the Update 2020 released in July, presents a regional economic monitor, depicting the economic outlook and macroeconomic challenges in the region amidst the COVID-19 pandemic.
The Economic Outlook for Southeast Asia, China and India is a bi-annual publication on regional economic growth, development and regional integration in Emerging Asia. It focuses on the economic conditions of the Association of Southeast Asian Nations (ASEAN) member countries: Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Viet Nam. It also addresses relevant economic issues in China and India to fully reflect economic developments in the region.
The update of the Outlook comprises three main parts, each highlighting a particular dimension of recent economic developments in the region. The first part presents the regional economic monitor, depicting the economic outlook and macroeconomic challenges in the region. The second and third parts consist of special thematic chapters addressing major issues facing the region. The second chapter of this update focuses on the Covid-19 outbreak, discussing in particular the socio-economic impacts of the pandemic. An analysis of the quality of education in the region is discussed in the third chapter.
In increasingly knowledge-based societies and economies, data are a key resource. Enhanced access to publicly funded data enables research and innovation, and has far-reaching effects on resource efficiency, productivity and competitiveness, creating benefits for society at large. Yet these benefits must also be balanced against associated risks to privacy, intellectual property, national security and the public interest.
This report presents current policy practice to promote access to publicly funded data for science, technology and innovation, as well as policy challenges for the future. It examines national policies and international initiatives, and identifies seven issues that require policy attention.
Environment at a Glance 2020 presents a digest of major environmental trends in areas such as climate change, biodiversity, water resources, air quality and circular economy. Analysis is based on indicators from the OECD Core Set of Environmental Indicators – a tool to evaluate environmental performance and to track the course towards sustainable development. The report uses the latest comparable data received from OECD members and compiled from other international sources.
Sufficient and affordable access to different sources of finance is crucial to enable SMEs and entrepreneurs to contribute to inclusive growth. The 9th edition of the Scoreboard on Financing SMEs and Entrepreneurs provides data from 48 countries around the world on SME lending, alternative finance instruments and financing conditions, as well as information on policy initiatives to improve SME access to finance.
Lending conditions remained broadly favourable in the run-up to the COVID-19 outbreak, despite some early signals of tightening. Nevertheless, SME bank credit increased only at a modest pace in many countries and declined in some others in 2018. At the same time, the take-up by SMEs of other sources of finance, including leasing and factoring, equity crowdfunding and venture capital investments expanded significantly, suggesting that SMEs are increasingly turning to a combination of instruments.
The thematic chapter provides an overview of the evolution of SME financing policies over the last decade, from the immediate post-crisis period and the early recovery years, to the most recent policy trends.
Housing is key to inclusive growth. It is the biggest spending item of household budgets, the main driver of wealth accumulation and biggest source of debt for most households. Housing and the neighbourhood in which people live also have important implications for individual health, employment and educational outcomes – effects that can begin in childhood and can last a lifetime. Nevertheless, the housing market may also present a barrier to inclusive growth for some groups, such as low-income households, children, youth, seniors and the homeless.
The COVID-19 pandemic has highlighted even more abruptly just how important housing issues are to people, and prompted governments to introduce a range of emergency housing supports. However, the pandemic has also underscored the need for governments to develop more structural responses to address persistent housing challenges.
This report assesses the key underlying pre-COVID-19 housing policy issues and proposes a series of recommendations to support more inclusive housing outcomes. These include measures to address some of the structural barriers to inclusive growth in the housing market, as well as measures to address the specific housing challenges facing vulnerable groups.
How’s Life? charts whether life is getting better for people in 37 OECD countries and 4 partner countries. This fifth edition presents the latest evidence from an updated set of over 80 indicators, covering current well-being outcomes, inequalities, and resources for future well-being. Since 2010, people’s well-being has improved in many respects, but progress has been slow or deteriorated in others, including how people connect with each other and their government. Large gaps by gender, age and education persist across most well-being outcomes. Generally, OECD countries that do better on average also feature greater equality between population groups and fewer people living in deprivation. Many OECD countries with poorer well-being in 2010 have since experienced the greatest gains. However, advances in current well-being have not always been matched by improvements in the resources that sustain well-being over time, with warning signs emerging across natural, human, economic and social capital. Beyond an overall analysis of well-being trends since 2010, this report explores in detail the 15 dimensions of the OECD Better Life Initiative, including health, subjective well-being, social connections, natural capital, and more, and looks at each country’s performance in dedicated country profiles.
Since the launch of the Ðổi Mới economic reforms in 1986, Viet Nam has achieved tremendous economic and social progress. Today, it is well integrated on global markets, has enjoyed robust growth, and has seen remarkable poverty reduction. With its recent successful fiscal consolidation, its attractiveness as a trading destination and rapidly growing domestic middle class, Viet Nam faces a window of opportunity for its transition to an inclusive market economy. Three guiderails should form the basis of this strategy: integration, transparency and sustainability. Better integration between state-owned enterprises, foreign investors and domestic private companies in open markets will be key to future performance gains. Partnerships between universities and enterprises would also help upgrade skills and create innovation, thereby making the integration durable. Transparency and performance of government are prerequisites for trust and a key lever to enhance efficiency and productivity in most areas of the state and the economy. A more sustainable development path will need better management of water, air and energy to address climate change. Reforms of the social security system can also ensure that no one is left behind, especially in the face of a fast ageing population.
The National Accounts of OECD Countries, Financial Accounts includes financial transactions (both net acquisition of financial assets and net incurrence of liabilities), by institutional sector (non-financial corporations, financial corporations, general government, households and non-profit institutions serving households, total economy and rest of the world) and by financial operation. Country tables are expressed in national currency. Data are based on the System of National Accounts 2008 (2008 SNA) for all countries.
The National Accounts of OECD Countries, Financial Balance Sheets includes financial stocks (both financial assets and liabilities), by institutional sector (non-financial corporations, financial corporations, general government, households and non-profit institutions serving households, total economy and rest of the world) and by financial instrument. Data are based on the System of National Accounts 2008 (2008 SNA) for all countries.
The 2019 edition of National Accounts of OECD Countries, General Government Accounts is an annual publication, dedicated to government finance which is based on the System of National Accounts 2008 (SNA 2008). It includes tables showing government aggregates and balances for the production, income and financial accounts as well as detailed tax and social contribution receipts and a breakdown of expenditure of general government by function, according to the harmonised international classification, COFOG.
The National Accounts of OECD Countries, Main Aggregates covers expenditure-based GDP, output-based GDP, income-based GDP, GDP per capita, disposable income, saving and net lending, population and employment. It includes also comparative tables based on purchasing power parities (PPPs) and exchange rates. Data are shown for all OECD countries and the Euro area. Country tables are expressed in national currency. Data are based on the System of National Accounts 2008 (2008 SNA).
The National Accounts of OECD Countries, Detailed Tables includes, in addition to main aggregates including GDP, final consumption expenditure of households by purpose, simplified accounts for three main sectors: general government, corporations and households. Data are shown for all OECD countries and the Euro area back to 2007. Country tables are expressed in national currency. Data are based on the System of National Accounts 2008 (2008 SNA) for all countries.
The OECD Economic Outlook is the OECD's twice-yearly analysis of the major economic trends and prospects for the next two years. The Outlook puts forward a consistent set of projections for output, employment, prices, fiscal and current account balances.
Coverage is provided for all OECD member countries as well as for selected non-member countries. This issue includes a general assessment of the macroeconomic situation, a series of notes on the macroeconomic and structural policy issues related to the COVID-19 outbreak and a chapter summarising developments and providing projections for each individual country.
The COVID-19 pandemic will cast a long shadow over the world’s economies and the economic outlook is very uncertain. This issue of the OECD Economic Outlook analyses the impacts of COVID-19 on the economy and puts forward projections for output, employment, prices, fiscal and current account balances.
This issue includes a general assessment of the macroeconomic situation, a series of notes on the current policy challenges related to the COVID-19 pandemic and a chapter summarising developments and providing projections for each individual country. Coverage is provided for all OECD members as well as for selected partner economies.
Belgium performs well in many economic and well-being dimensions, but risks are building up. Maintaining the reform momentum will boost the resilience of the Belgian economy. Rebuilding fiscal buffers should remain a priority to cope with population ageing. Strong mortgage credit growth and easing of lending standards require adequate prudential measures. The employment rate remains low and changes in the nature of work can exacerbate existing gaps according to socio-economic status or regions. Rising skill shortages in some sectors signal a need to better align skills with labour market needs. Better work incentives could be achieved through reforming both unemployment and in-work benefits. Boosting medium-term growth requires higher productivity growth through faster technological diffusion and ensuring that firms are more exposed to competition.
SPECIAL FEATURE: ADDRESSING LABOUR MARKET CHALLENGES