OECD Says Pace of Reform Has Accelerated in Greece

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Structural reforms offer governments a powerful tool to boost economic growth, create jobs and bring about a strong and balanced economic recovery, according to the OECD’s latest Going for Growth report. This year΄s report assesses and compares progress that countries have made on structural reforms since 2011 and takes a fresh look at reform priorities to revive growth sustainably and boost employment.

According to the report, it shows that the pace of reform has accelerated where it is most needed – in the European countries hardest hit by sovereign debt duress, including Greece, Ireland, Italy, Portugal and Spain. The report draws attention to the more moderate pace of reform in other euro area countries, notably those with current account surpluses, like Germany or the Netherlands. The highest-income OECD countries, like Norway, Switzerland and the United States, and key emerging-market economies are also shown to have made more limited progress on key reforms.

Sructural reforms can boost long-term growth and welfare but also underpin confidence and take some of the pressure off monetary and fiscal policies to buttress the recovery," said OECD Secretary-General Angel Gurría. “The road to a strong recovery remains fraught with challenges but measures taken in Europe and the United States have reduced the likelihood of a worst-case scenario." Mr. Gurría said. “We have reached a point where bold and concerted action to get the right mix of macro and structural policies can make an upside scenario a real possibility.” capital