by Alain De Serres and Nicolas Ruiz, Structural Surveillance Division, OECD Economics Department
The support for governments’ pro-growth structural reform agenda is being undermined by the prolonged period of stagnating living standards that has affected a large share of the population in many countries. Growing political headwinds are clearly one factor contributing to the steady slowdown in the pace of reforms observed since the immediate post-crisis years, (see first chart). Yet, the reforms are needed, both to escape the low-growth trap and to prepare for rapid technological changes.
The annual Going for Growth report just released by the OECD helps government to pursue an ambitious reform agenda, one that seeks to make the most of the potential synergies between product, labour and financial market reforms. It proposes country-specific policy packages to boost productivity and employment, and to ensure that the gains reach a vast majority of workers and households. The…
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