As the effects of the crisis eventually subsides, the coming 50 years will likely see a major shift of economic balance towards emerging economies, particularly those in Asia, with the share in world GDP of non-OECD countries rising well beyond that of the current OECD area by 2060.
GDP growth was overestimated on average across 2007-12, reflecting not only errors at the height of the financial crisis but also errors in the subsequent recovery.
In several OECD countries lengthy civil proceedings can be a drag on economic activity. In the OECD area the average length is around 240 days in first instance, but in some countries a trial may require almost twice as many days to be resolved.
Can both less income inequality and more growth be achieved? A recent OECD study sheds new light on the link between policies that boost growth and the distribution of income.
This study proposes a structured approach to selecting instruments of fiscal consolidation that are consistent with growth, equity and global-rebalancing objectives, which is then illustrated with a particular application.