OECD economic surveys Spain 2012
OECD's 2012 Economic Survey of Spain examines recent economic developments, policies and prospects and takes a special look at the banking crisis and youth employment.
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| Autores Corporativos: | , |
| Formato: | Libro electrónico |
| Idioma: | Inglés |
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Paris, France :
OECD
[2012]
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| Colección: | OECD Economic Surveys
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| Ver en Biblioteca Universitat Ramon Llull: | https://discovery.url.edu/permalink/34CSUC_URL/1im36ta/alma991009706229906719 |
Tabla de Contenidos:
- Table of contents; Basic statistics of Spain, 2011; Executive summary; Key recommendations; Macroeconomic policies to stabilise the economy and buttress the banking sector; Labour and product market policies to boost employment and growth; Assessment and recommendations; The economy is suffering a protracted recession; Figure 1. Recent macroeconomic developments; Figure 2. Recent financial market developments; Table 1. Short-term economic outlook; The current account deficit has fallen markedly but the trade balance will need to improve further
- Restoring banks' access to funding is the most urgent priorityFigure 3. Developments in the balance of payments; Figure 4. Net foreign asset position and gross external debt; Steps have been taken to accelerate the restructuring and resolution of banks; Resolution of non-viable banks needs to impose losses to some creditors to protect tax-payers better; Reform of bankruptcy procedures can accelerate restructuring; Box 1. Key recommendations to exit the banking crisis; The government has introduced large front-loaded budget consolidation; Table 2. General government revenue and expenditure
- Table 3. Fiscal targets 2012-14 for general governmentTable 4. Expected improvement of the general government budget balance from measures taking effect in 2012 and 2013; Ambitious budgetary rules have been introduced; Box 2. New budgetary rules apply from 2012; Pension reform has damped the expected increase in ageing-related spending but further reform is necessary; Budgetary consolidation should be combined with a reform of the tax system, notably to make it more green-growth friendly; Figure 5. Government expenditure and tax revenue in selected OECD countries
- Table 5. Structure of tax revenueFigure 6. VAT revenue ratio; Box 3. Key recommendations to put public finances on a sustainable basis and make the tax system more growth friendly; Progress in labour market reform is considerable but important challenges remain; Ensuring that employment protection is not a burden for hiring; Promoting job creation through more flexible adjustment of wages; Figure 7. Wage costs; Strengthening activation; Ensuring that youth acquire the skills needed in the labour market; Box 4. Key recommendations on labour market reform
- Reforms to raise productivity can strengthen competitivenessBox 5. Key recommendations on product market reform; Bibliography; Annex A1. Progress in main structural reforms; Chapter 1. Deleveraging the private sector and overcoming the banking crisis; The financial crisis needs to be addressed quickly; Deleveraging has still a long way to go; Figure 1.1. Debt-GDP ratios of the private non-financial sector across OECD countries; Figure 1.2. Households' net wealth; Figure 1.3. Bank lending to non-financial businesses by sector; The housing market is continuing to adjust
- Figure 1.4. The housing market
