ACCORDING to the OECD's latest Going for Growth report, structural reforms can
revive the countries form the economic crisis , boost growth and create jobs to
sustain the economy. The report states that the crisis has acted as a catalyst
for reforms which are necessary to make longer term growth stronger, more
sustainable and more equitable. The report has advised governments to keep up
the reform momentum. The OECD's country-specific structural reform
recommendations are applicable to all G20 countries as they steer their
economies out of the crisis according to the report.
The OECD report
has kept a close watch on the progress that countries have made on structural
reforms from the beginning of the crisis and shows that the pace of reform has
accelerated where it is needed most – in the European countries hardest hit by
the sovereign debt crisis, including Greece, Ireland, Portugal and most
recently, Spain and Italy. The report states that governments have begun to
announce and begin implementing politically difficult yet ambitious reforms in
areas including pension schemes, labour market policies and product market
liberalisation.
|
