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GDP growth in Korea has recovered, supported by strong exports. Employment remains stable at a high level, while unemployment is low. Interest rates have likely peaked and housing prices have stabilised, all of which should support consumption going forward. Household debt remains high, and construction-related project finance has become a financial stability concern. Reforms to ensure fair competition in the domestic market would increase productivity in the SME sector. Reducing greenhouse gas emissions in line with the 2030 target requires tightening the emissions trading scheme and reforming energy markets to incentivise clean electricity supply and energy savings. The Korean fertility rate has fallen to the lowest in the world, which will put labour supply and public finances under pressure. A large career cost for women who become mothers holds back female employment and fertility, and underpins the widest gender pay gap in the OECD. Improving the work-life balance for both genders, closing remaining gaps in family policies, addressing high housing and education costs, and tackling labour market dualism are key to reverse the trend. Such reforms, combined with increasing the legal retirement age, reducing the high significance of seniority in determining wages, and a more welcoming regime for work immigration, would also boost labour supply and tax revenue.
SPECIAL FEATURES: PRODUCTIVITY, CLIMATE POLICY, BOOSTING FERTILITY AND RESPONDING TO AGEING
OECD Contributions to the 2030 Agenda and beyond: Shaping a sustainable future for all provides a roadmap, based on OECD knowledge, data, tools and best practices, for national and international action to prepare for future challenges and opportunities. It examines the critical role of robust governance in protecting our planet and ensuring a prosperous future for all. The report outlines five key priorities for achieving a sustainable and equitable future, including effective institutions, effective policies, innovative solutions, harnessing the power of science and technology, and navigating the complexities of financing sustainable development. It shares practical insights and explores strategies for empowering youth and future generations as key stakeholders in building a resilient world. The report provides a comprehensive resource for national and international policymakers seeking to translate the Sustainable Development Goals into concrete action.
The “OECD Review of Resourcing Schools to Address Educational Disadvantage in Ireland” provides an independent analysis meant to support Irish authorities in identifying ways to strengthen the resources and supports provided to students at risk of educational disadvantage in both DEIS and non-DEIS schools. The report serves three purposes: i) to provide insights and advice to Irish education authorities; ii) to help other countries understand the Irish approach to equitable education; and iii) to provide input for comparative analyses of the OECD Education for Inclusive Societies project. The scope for the analysis in this report covers primary and post-primary education. The focus areas of the review in Ireland are: i) governance, ii) resourcing; iii) capacity building; iv) school-level interventions and v) monitoring and evaluation. This report will be of interest in Ireland and other countries looking to improve the equity of students at risk of educational disadvantage in their education systems.
The report describes some of the key developments in international tax reform since February 2024, including on the Two-Pillar Solution to Address the Tax Challenges Arising from the Digitalisation of the Economy and on the implementation of the BEPS minimum standards. It also covers progress made in tax transparency and on tax and development, tax administration and consumption taxes, as well as dedicated segments on tax and inequality and tax policy developments. This report was prepared by the OECD ahead of the third meeting of G20 Finance Ministers and Central Bank Governors held under the Brazilian G20 Presidency from 25-26 July 2024, in Rio de Janeiro, Brazil.
Public administration reforms can lead to a more accountable and effective civil service, better organisation of the administration, and higher quality public services for citizens and businesses. This report analyses the institutional and strategic framework for public administration reform in the Palestinian Authority. It includes recommendations for improving this framework as well as the co-ordination mechanisms, systems, and processes for public administration reform.
Sustained rapid and inclusive economic growth for half a century has brought Malaysia close to the threshold of high-income status. Growth is now accelerating, driven mostly by domestic demand. Exports are also set to rebound amid stronger external demand. The economy has been resilient to recent shocks, and inflation has remained contained. A new fiscal framework provides a good basis for the needed fiscal consolidation, but rising spending needs will require mobilising additional tax revenues. Improving the targeting of social protection while raising social assistance coverage and benefit levels would allow stronger reductions of poverty and inequality. Better access to childcare and a better alignment of tertiary education curriculums with labour market needs would allow more workers, especially women, to participate in the labour market and find jobs that match their skills. Addressing climate change requires phasing out fossil fuel subsidies and a stronger role for carbon pricing, complemented by stricter regulations. Better disaster risk financing and insurance could bolster adaptation efforts.
SPECIAL FEATURES: SMALL AND MEDIUM-SIZED ENTERPRISES; BOOSTING PRODUCTIVITY; SOCIAL PROTECTION; GREEN GROWTH
This review assesses the climate for domestic and foreign investment in Mauritius. It discusses the challenges and opportunities faced by the government in its reform efforts. Capitalising on the OECD Policy Framework for Investment and the OECD Foreign Direct Investment Qualities Policy Toolkit, this review explores trends and qualities in foreign investment, development successes and productivity challenges, investment policy, investment promotion and facilitation, and investment incentives. The review highlights potential reform priorities to help Mauritius fulfil its development ambitions that align with its commitment to comply with the principles of openness, transparency and non discrimination. This report also helps Mauritius, as a new Adherent to the OECD Declaration on International Investment and Multinational Enterprises, to promote greater investment policy transparency, as well as responsible business conduct.
Growth has rebounded from the pandemic and the energy crisis, despite the 2023 earthquake and droughts. Morocco has benefitted from a stable macroeconomic regime and the deficit is narrowing following the pandemic and energy crisis with the government debt ratio is around 70% of GDP. Morocco has embarked on major reforms to encourage investment and to extend health insurance and social protection, but a stronger convergence path will be needed to achieve the vision in the New Development Model. Morocco’s labour productivity gap with the frontier remains large, although it has narrowed. FDI flows have been strong, but domestic private investment is low, and Moroccan firms face obstacles in performing better. Morocco’s young population is an asset, but the labour market suffers from high youth unemployment and low female employment. Emigration is significant. Widespread informality leads to low wages, poor-quality jobs and weak skills. Morocco has made an ambitious commitment to reduce carbon emissions by 45% by 2030 compared to 2010 and to net zero by 2050, benefiting from the country’s potential for renewables-based generation. The country is vulnerable to climate change and already faces significant water stress.
SPECIAL FEATURES: BOOSTING INVESTMENT, FIRM PERFORMANCE AND PRODUCTIVITY; CREATING MORE AND BETTER JOBS
Economic growth is resuming, but challenges remain. Gradual fiscal consolidation is required over the short term to support the return of inflation to target and rebuild fiscal space, following substantial support during the pandemic and the energy crisis. Growing spending needs due to ageing and investment necessary to support the green transition call for tax reforms to strengthen revenues. Supply-side reforms are needed to sustain growth, including by providing businesses with certainty regarding taxation and land use planning to boost investment, and by strengthening work incentives to reduce economic inactivity. The United Kingdom is a front runner in the progress to reach net zero by 2050, but more effort is needed to accelerate emission reductions in residential housing, including a clear long-term strategy, pricing signals, regulatory timelines, and financial support to stimulate the market for decarbonised heating solutions.
SPECIAL FEATURES: BOOSTING LABOUR SUPPLY; ENHANCING BUSINESS INVESTMENT TO LIFT PRODUCTIVITY; GREENING THE RESIDENTIAL HOUSING SECTOR
The OECD Inventory on Export Restrictions on Industrial Raw Materials reveals a concerning trend in which export restrictions are becoming at once increasingly prevalent and more prohibitive. Given the high degree of interdependency in the global economy and many countries’ reliance on international trade for access to critical raw materials, the imposition of export restriction on raw materials risks negative spillover effects cascading down global supply chains. It is therefore important to better understand the motivations of countries using export restrictions, as well as the impact on trading partners and global markets. The OECD Inventory is a unique, freely accessible, source of qualitative and quantitative data which can serve as a foundation for these efforts.
After a robust recovery from the COVID-19 crisis, Colombia's economic growth is returning to a low potential. Medium-term growth prospects depend on maintaining Colombia's strong macroeconomic framework and enacting reforms to create a business-friendly environment which can attract high levels of investment. Implementing fiscal consolidation and adhering to fiscal rules would prevent rising financing costs and safeguard debt sustainability. Reforms to raise tax revenues and improve spending efficiency are needed to create fiscal space for social and productive investment needs. Enhancing the investment climate requires reducing regulatory uncertainties and tackling corruption. Creating connected transport infrastructure, strengthening subnational government capacities and improving equalisation mechanisms in the fiscal transfer system would foster balanced development across the country. Addressing informality, gender gaps, and improving education quality would boost productivity and reduce social disparities. Investing in climate adaptation, renewable energy, and establishing stable regulatory frameworks are key for a climate-resilient economy and achieving carbon neutrality by 2050.
SPECIAL FEATURES: RAISING PRODUCTIVITY; REDUCING LABOUR INFORMALITY; REGIONAL CONVERGENCE
Belgium’s economy has been relatively resilient to recent shocks and is expected to continue to grow steadily. Public finances have deteriorated though. In absence of fiscal consolidation, the debt-to-GDP ratio is projected to rise fast. Cutting ineffective public spending and reforming the budgetary framework to increase accountability across governments would help ensure public finances are on a sustainable path. Reforms to taxes and benefits could foster labour market activation and expand the tax base. Strengthening prevention and return-to-work programmes could contribute to tackling the high and increasing take up of disability benefits and better support employment of people with reduced work capacity. A coordinated strategy to reduce administrative costs and facilitate small firms’ access to training could increase business dynamism and productivity. Targeted support for female entrepreneurs could also unlock additional potential of the SME sector. Achieving the green transition requires setting up binding targets and improving coordination of climate policy across federal and regional governments. Easing procedures and improved financing schemes would help deploy renewable energy production. Transparency in future environmental standards with adequate and well-targeted financial incentives would sustain household investment in energy efficiency and electrification, particularly in the transportation and building renovation sectors.
SPECIAL FEATURES: LABOUR MARKET, CLIMATE POLICY, SMALL- AND MEDIUM-SIZED ENTERPRISES
The global economy remained resilient in the first half of 2024, and inflation has continued to moderate. These trends are projected to continue into 2025, with global growth stabilising at a moderate pace and inflation returning to target in most countries by the end of 2025. Key near term risks include persisting geopolitical and trade tensions, the possibility of a growth slowdown as labour market pressures fade, and potential disruptions in financial markets if the projected smooth disinflation path does not materialise.
The Interim Report says that policy interest rates should be lowered as inflation declines, though the timing and pace of rate reductions should be judged carefully to ensure that inflation returns durably to target. Stronger efforts to contain government spending, enhance revenues and improved budgetary frameworks are needed to ensure fiscal sustainability. Reinvigorating product market reforms to strengthen competition is an essential step to turn the corner on growth and help alleviate fiscal pressures.
The Interim Report is an update on the assessment in the May 2024 issues of the OECD Economic Outlook (Volume 2024 Issue 1).
The OECD’s Development Assistance Committee (DAC) conducts peer reviews of individual members once every five to six years. Reviews seek to improve the quality and effectiveness of members’ development co-operation, highlighting good practices and recommending improvements.
Slovenia's official development assistance to Gross National Income ratio increased from 0.16% in 2017 to 0.19% in 2021, with a temporary uptick to 0.29% in 2022. This increase was mainly due to in-donor refugee costs related to Russia's war of aggression against Ukraine. Slovenia punches above its weight as it influences decision-making in multilateral organisations in line with its priorities, notably on water and gender. Partners value its strong support to the Western Balkans, anchored in its European Union accession experience, as well as its support to demining efforts around the world. This peer review provides a set of recommendations to focus its approach, ensure cross-government co-ordination, match financial and human resources to ambitions, and build stronger relationships with partners.
This report sets out recent developments in international tax reform since July 2024, including on the Two-Pillar Solution to Address the Tax Challenges Arising from the Digitalisation of the Economy. It also covers progress made on the implementation of the BEPS minimum standards and tax transparency, as well as updates on tax policy, tax and inequality and tax administration. This report was prepared by the OECD ahead of the fourth meeting of G20 Finance Ministers and Central Bank Governors held under the Brazilian G20 Presidency from 23-24 October 2024, in Washington D.C., United States.
This report provides trends and evolutions in the ownership and governance of state-owned enterprises across nearly 59 jurisdictions worldwide. It complements the OECD Guidelines on Corporate Governance of State-Owned Enterprises and provides comparable information across jurisdictions to support more effective implementation of the Guidelines.
The OECD Guidelines on Corporate Governance of State-Owned Enterprises give concrete guidance to help policy makers evaluate and improve the legal, regulatory and institutional framework for the ownership and governance of state-owned enterprises (SOEs). They identify the key building blocks to ensure professionalised ownership and governance, and offer practical guidance for implementation at the national level. The Guidelines ensure state-owned enterprises contribute to sustainability, economic security and resilience, by maintaining a global level playing field and high standards of integrity and business conduct.
OECD:n suosituksissa valtio-omisteisten yritysten hyvästä hallintotavasta annetaan konkreettisia ohjeita, joiden avulla poliittiset päättäjät voivat arvioida ja parantaa valtio-omisteisten yritysten omistajaohjausta ja hallintoa koskevaa oikeudellista, sääntelyyn liittyvää ja institutionaalista kehystä. Niissä määritetään keskeiset osatekijät, joilla varmistetaan ammattimainen omistajaohjaus ja hyvä hallintotapa, ja annetaan käytännön ohjeita täytäntöönpanoon kansallisella tasolla. Suosituksilla varmistetaan, että valtio-omisteiset yritykset edistävät vastuullisuutta, taloudellista turvallisuutta ja resilienssiä pitämällä tasapuolisia toimintaedellytyksiä yllä maailmanlaajuisesti sekä noudattamalla integriteettiä ja liiketoimintaa koskevia tiukkoja vaatimuksia.
Aligning finance with climate policy goals is crucial for achieving net-zero greenhouse gas emissions and resilience to climate change, as called for by Article 2.1c of the Paris Agreement. Evidence-based policy making and investment decisions towards such alignment need to be informed by robust assessments. To support such efforts, this inaugural OECD Review on Aligning Finance with Climate Goals brings together best-available evidence on three core questions: (i) How is climate alignment of finance assessed? (ii) What do we know about current finance flows and stocks? (iii) What evidence exists on the role of financial sector policies and actions? The report identifies actions policymakers and financial sector stakeholders can take to improve the evidence base and better align finance with climate goals. It further sets out good practices to prevent greenwashing and inaccurate claims of climate alignment.