Going for Growth 2023 outlines structural reform priorities for OECD and partner countries that can help set long-term growth on a stronger and more sustainable path.
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Spain implemented sizable measures to cushion the impact of the pandemic and of the inflationary shock after Russia’s war of aggression against Ukraine. The economy has held up well, but public debt, which was already high, has increased because of the pandemic, making it urgent to step up the pace of fiscal consolidation.
©Serenity-H/Shutterstock.comSpain Economic Snapshot
The Australian economy rebounded robustly in the wake of the pandemic. However, inflation has risen and fiscal pressures are on the horizon due to population ageing and climate change. Monetary policy should remain restrictive until underlying inflation is clearly on track to meet the central bank target, while fiscal buffers need to be rebuilt through reducing tax exemptions and improving public spending efficiency in areas such as health.
©Tero Hakala/shutterstock.comAustralia Economic Snapshot