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In 2020, the Azerbaijan Investment Holding (AIH) was established to professionalise and improve the governance and performance of Azerbaijan’s key state-owned enterprises (SOEs). This review describes and assesses the corporate governance framework of AIH and its portfolio companies against the OECD Guidelines on Corporate Governance of State-owned Enterprises. It makes recommendations to help the Azerbaijani authorities reform their state-owned sector and align the exercise of state ownership and the governance of SOEs with international best practices.
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.
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
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.
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.
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.
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.
This report provides an in-depth analysis of Peru’s justice system and offers concrete recommendations, based on OECD countries' experience and best practices, for how to make it more effective, efficient, transparent, accessible, and people-centred. Building on the OECD’s Recommendation on Access to Justice and People-Centred Justice Systems, the report suggests how Peru can best implement its challenging justice reform agenda so that access to justice is available to all, including the most in need. In particular, it proposes actionable solutions for modernising Peru's institutional and functional arrangements to improve the administration of justice and people-centred service delivery, bringing it closer to OECD standards and best practices in this area.
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
This report presents the main findings of the second OECD cross-national Survey on Drivers of Trust in Public Institutions, carried out in late 2023. With nearly 60 000 responses, representative of the adult population in 30 OECD countries, the survey investigated how people's expectations and experiences with government influence their trust in public institutions. These experiences and expectations range from day-to-day interactions with public institutions to government decision making on complex policy issues. The report identifies some of the main drivers of trust in government and other public institutions and discusses opportunities for policy action. For the first time, the report also analyses how trust levels and drivers have evolved in the 20 OECD countries that participated in the 2021 survey and how an information environment marked by an increasing amount of polarising content and disinformation affects people’s trust in public institutions.
France has faced two significant, successive shocks: the COVID-19 pandemic and the increase in inflation. Emergency government measures were decisive in protecting business, jobs and purchasing power, but at a high fiscal cost. Efforts to reduce public spending will be key to lower government debt. Lifting productivity growth hinges on a wider diffusion of digital technologies, reduced regulatory barriers and stronger innovation. The effectiveness of carbon pricing could be strengthened by gradually removing subsidies and tax exemptions that certain sectors benefit from.
Students perform at a similar level to OECD peers but the link between socio-economic background and educational outcomes is particularly strong. Spreading the allocation of public support to disadvantaged students more widely across schools would help to avoid threshold effects and to better respond to students’ needs. Rebalancing the distribution of education spending in favour of primary schools could provide greater support to children in the early years of their schooling. The use of modern teaching approaches, including cognitive activation practices, that are associated with better student achievement, could be reinforced.
SPECIAL FEATURE: IMPROVING EDUCATIONAL OUTCOMES
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.
France has embarked on an ambitious reform of its development co-operation in institutional, strategic and financial terms. In addition to a substantial increase in the resources devoted to official development assistance and a strengthening of its crisis response instruments, France has championed the linkages between the green and social agendas and the mobilisation of the private sector for sustainable development. The review discusses the difficult balance between the objectives of visibility and development impact, particularly in fragile contexts. It makes recommendations on combining political impetus, steering by objectives and flexibility; deepening the cross-benefits between the social, environmental, and economic dimensions of sustainable development; and, strengthening the contribution of local private sector to poverty reduction by optimising available resources and instruments.
The transition to net-zero emissions by 2050 will have profound impacts on the labour market and the jobs of millions of workers. Aggregate effects on employment are estimated to be limited. But many jobs will be lost in the shrinking high-emission industries, while many others will be created in the expanding low-emission activities. This edition of the OECD Employment Outlook examines the characteristics of the jobs that are likely to thrive because of the transition (“green-driven jobs”), including their attractiveness in terms of job quality, and compares them to jobs in high-emission industries that tend to shrink. The cost of job displacement in these latter industries is assessed along with the trajectories of workers out of them towards new opportunities, and the labour market policies that can facilitate job reallocation. Particular attention is devoted to upskilling and reskilling strategies to facilitate workers’ transition into fast-growing, green-driven occupations. The distributive impacts of climate-change mitigation policies are also examined, with a focus on carbon pricing and options to redistribute its tax revenue to those most impacted. As usual, the first chapter of the Outlook assesses recent labour market developments (including wage trends), but also provides an update of the OECD Job Quality indicators.
Austria’s economy performed well over the past two decades. The country’s GDP per capita ranks among the highest in the OECD. Income inequalities are relatively low thanks to high redistribution through public transfers, which contributes to a relative poverty rate well below many other OECD countries. The domestic production of energy has a low carbon content largely due to significant hydropower resources. The economy is set to recover from a recession in 2023, but it will do so only slowly and remains fragile. The inflation shock in the wake of Russia’s war of aggression against Ukraine is taking time to subside. Public debt has increased substantially, while the public deficit remains close to 3%. Greater capacity of the economy to adapt to future shocks and address structural challenges is needed. Sound public finances and low government debt provide fiscal space and strengthen a country’s resilience against short- and long-term shocks. Pension system reforms and efficiency measures in health care can help to mitigate long-term fiscal pressures. Public revenues need to be more friendly to sustainable and inclusive growth by shifting away from high levies on labour towards less growth-distortive taxes. Easing regulation, including strict entry requirements for certain professional services will help efficient allocation of resources towards promising activities and firms. Reducing the gap in skills for disadvantaged students and improving the integration of immigrants will be essential to provide equal access to the labour market. Achieving net zero emissions by 2040 will require a clear and comprehensive strategy including higher and more harmonised carbon prices. High exposure to future climate risks, in particular floods, needs to be addressed, and insurance coverage against natural disasters should be expanded.
SPECIAL FEATURE: ACHIEVING A SUCCESSFUL GREEN TRANSFORMATION IN AUSTRIA
The 2024 edition of OECD Tourism Trends and Policies analyses the latest tourism performance and policy trends across 50 OECD countries and partner economies. It takes stock of the tourism economy’s recovery post-pandemic and highlights the need for co-ordinated, forward-looking policies, as challenges remain to build momentum for a more resilient, sustainable and inclusive future for the sector. Evidence on the significance of the tourism economy is presented, with data covering domestic, inbound, and outbound tourism, enterprises and employment, and internal tourism consumption. Tourism policy priorities, reforms and developments are analysed, and examples of country practices highlighted. Thematic chapters provide insights on strengthening the tourism workforce and building the evidence base for sustainable tourism policies.
The Slovenian economy proved resilient following the energy crisis and devastating floods. Growth is projected to pick up gradually. The labour market remains tight, with widespread labour shortages leading to strong wage growth. Inflation has slowed but remains elevated in services. Fiscal consolidation is needed to rebuild fiscal buffers and address emerging pressures from ageing-related cost, notably on pensions. Productivity growth would benefit from lifting remaining barriers in retail trade and restrictions on professional services. Female labour market participation is high, but the gender wage gap could be reduced further through adjustments in the tax and benefit system. Greater harmonisation of carbon prices, notably the removal of reduced tax rates for fossil fuels, is needed to reach emissions targets. High homeownership rates and a limited rental market, combined with insufficient residential construction, constrain housing options for many, especially the young and vulnerable. Enhancing housing supply can be achieved by streamlining spatial planning and permitting systems, reforming housing taxation, improving rental regulations, expanding access to mortgage finance, and promoting the development of social and affordable housing.
SPECIAL FEATURE: ADDRESSING HOUSING MARKET CHALLENGES
This report provides an overview of Czechia's public investment system across levels of government. It offers analysis and recommendations for strengthening institutional capabilities at the national and subnational levels for planning, co-ordinating, appraising and delivering infrastructure. By strengthening infrastructure investment systems at all levels, Czechia can improve its resilience and secure a more sustainable future.
The OECD-FAO Agricultural Outlook 2024-2033 provides a consensus assessment of the ten-year prospects for agricultural commodity and fish markets.
This Outlook edition reveals important trends. Emerging economies will be pivotal in shaping the global agricultural landscape, with India expected to overtake China as the leading player. Yet calorie intake growth in low-income countries is projected to be only 4%. Agriculture's global greenhouse gas intensity is projected to decline, although direct emissions from agriculture will likely increase by 5%. If food loss and waste could be halved, however, this would have the potential to reduce both global agricultural GHG emissions by 4% and the number of undernourished people by 153 million by 2030.
Well-functioning international agricultural commodity markets will remain vital for global food security and rural livelihoods. Expected developments should keep real international reference prices on a slightly declining trend over the next ten years, although environmental, social, geopolitical, and economic factors could significantly alter these projections.
More information can be found at www.agri-outlook.org.
Egypt is a rapidly growing emerging economy and a demographic heavyweight on the African continent. High population growth, land-use change, pollution and climate change are increasingly putting pressure on the natural environment, including on its rich biodiversity. Egypt has achieved relative decoupling of greenhouse gas emissions from economic growth, though it needs to further mainstream climate action across sectors and progressively raise ambition. As one of the world’s most water-stressed countries, greater use of economic instruments would help address scarcity and improve water quality. As part of Egypt’s Vision 2030, the government is committed to turning environmental challenges into opportunities. It has taken steps to move towards more sustainable waste management and address air pollution, which remains a health concern. Egypt has significant potential to accelerate its clean energy transition. While environmental information and data have improved overall, public participation in environmental decision making needs to be further enhanced.
This is the first Green Growth Policy Review of Egypt. It examines progress towards sustainable development and green growth over the past decade. The 40 recommendations aim to help Egypt improve its environmental performance, giving a special focus to building climate-smart, resilient and inclusive cities.
The United States economy has continued to expand at a solid pace and price pressures have eased somewhat. However, a sustained fiscal deficit has contributed to raising public debt as a share of GDP to its highest level since World War II, with a further substantial increase in prospect over coming decades as the population ages. To put the public finances on a more sustainable path, a multi-year fiscal adjustment should be enacted that achieves savings on pensions and healthcare and raises taxation, including on capital incomes. A more medium-term oriented and less complicated federal budgeting process would support this. At the same time, economic growth would benefit from productivity enhancing reforms that promote competition, including through maintaining international trade openness and reinforcing relevant skills in the workforce. Efforts to reduce greenhouse gas emissions have accelerated, but further policy measures will be needed to achieve emission reduction targets. Policy options include a package of broad-based carbon pricing, taxes and sectoral policies. As the climate transition further progresses, additional measures will be needed to support displaced workers from fossil fuel industries and for climate adaptation.
SPECIAL FEATURE: MANAGING FISCAL PRESSURES IN THE UNITED STATES