In recent years, India has enjoyed one of the highest growth rates worldwide, weathering the global financial crisis better than many other countries. Prudent macroeconomic policies will be critical to prolonging the current expansion, given the risks associated with high inflation and volatile...

China is well-placed to avoid the so-called “middle-income trap” and to continue to converge towards the more advanced economies, even though growth is likely to slow from near double-digit rates in the first decade of this millennium to around 7% at the 2020 horizon. However, in order to...

In many OECD countries, government debt reached levels over recent years that call for reduction over the medium to longer term to ensure public finance sustainability. This paper investigates the international transmission of fiscal consolidation shocks via trade flows. Using a measure of...

The supply-side framework and related measures of output and unemployment gaps play a leading role in the OECD analysis of short-term conjunctural conditions and long-term determinants of growth. To allow such diagnoses for Poland, this paper develops a comprehensive supply block in accordance...

The OECD makes frequent use of the supply-side framework and associated measures of factor productivity, productive potential and associated output gaps in the assessment of the short-term conjunctural situation, comparative economic performance and longer-term growth determinants. This paper...

High expectations surrounded the two waves of eastward EU enlargement in 2004 and 2007, with the extension of the EU Internal Market being expected to deliver a substantial boost to economic growth in new and old member States alike. Indeed, considerable progress has been made, with existing...

This paper relates diverging productivity performances across OECD countries over the past fifteen years to differences in the stringency of regulations in the product market. We first summarize industry-level evidence linking these diverging patterns to delays in service markets reforms in the...

The unprecedented 11 September 2001 terrorist attacks in the United States caused massive casualties and damage, and ushered in an era of greater uncertainty. While a prompt and vigorous policy response helped limit the immediate economic impact of the aggression, the heightened terrorist threat...

The 2007-2009 period has been characterised by an oil shock followed by a financial crisis. Higher oil prices and the prospect of higher borrowing costs are likely to reduce the productive potential of OECD economies. The present study provides illustrative numerical estimates of the impact...

This short paper analyses the decline of France’s trade balance over the past 15 years. While the loss in export market shares is comparable to that of the major OECD countries except Germany, it is one of the largest among the countries of the euro area. The determinants of this outcome seem...