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This publication is the OECD’s annual report highlighting developments in structural policies in OECD countries and the key emerging economies. It identifies structural reform priorities to boost real income for each OECD country and Brazil, China, India, Indonesia, Russia and South Africa. The analysis also regularly takes stock of reform implementation in all the countries covered. This report also provides internationally comparable indicators that enable countries to assess their economic performance and structural policies in a wide range of areas.

GDP per capita remains well below levels in leading OECD economies owing to a significant shortfall in labour productivity. However, favourable terms-of-trade developments have somewhat narrowed the income gap.

The income gap vis-à-vis leading OECD economies has remained essentially unchanged, and reflects lower productivity and especially weaker labour utilisation. In most EU countries, unemployment rates have remained at unacceptably high levels.

GDP per capita has remained steady at close to the average of the upper half of the OECD in recent years. A fall in labour utilisation has been offset by a rise in labour productivity.

The gap in GDP per capita vis-à-vis the upper half of the OECD has recently widened as the limited growth in the labour force participation rate, which remains low by international standards, could not offset the decline in the positive labour productivity differential.

GDP per capita is lower than in leading OECD economies due to lower productivity, but the gap continues to narrow. Labour force participation and employment grow at healthy rates despite an ageing population, while labour productivity growth has slowed.

More than six years after the onset of the financial and economic crisis, a return to the pre-crisis growth path remains elusive for a majority of OECD countries. In most advanced economies, potential growth has been revised down and, in some cases, there are growing concerns that persistently weak demand is pulling potential growth down further, resulting in a protracted period of stagnation. Risks of persistent stagnation concern mainly the euro area and Japan, but many of the underlying challenges such as slowing productivity, high long-term unemployment and falling labour force participation are common to other advanced economies. In major emerging-market economies, growth has become far less impressive in the last year or two, owing to a varying extent to infrastructure bottlenecks, financial sector vulnerabilities and resource misallocation. The slowdown has been particularly sharp in countries most exposed to commodity price developments.

The narrowing of significant GDP per capita gap with OECD countries has stagnated mainly due to comparatively weak labour productivity performance.

The GDP per capita gap relative to leading OECD economies has widened since 2007 as productivity and hours worked have fallen. The continued deterioration in the terms of trade further weighs on GDI per capita.

GDP per capita remains above the average of the upper half of OECD countries while labour productivity gap persists. Higher terms of trade have pushed GDI per capita above the average.

Sustained rapid growth has brought GDP per capita to within a quarter of the upper half of the OECD countries. However, productivity in Korea is only about half as high, while working hours are among the longest in the OECD.

Income per capita remains significantly above the level of other OECD countries but is diminishing, owing to declining labour productivity. Employment is also comparatively high. Labour force participation is weaker, although it has recently increased.

The GDP per capita gap relative to best performing OECD countries, which started to widen in the early 2000s, shows signs of stabilising, or even narrowing. Productivity remains below its pre-crisis level.

While the GDP per capita gap relative to the upper half of OECD narrowed rapidly until the crisis, the convergence process slowed down afterwards, due both to a decline in potential growth and cyclical factors. The per capita GDP gap is mainly driven by the productivity gap while the employment rate remains above the OECD average.

The GDP per capita gap vis-à-vis the upper half of OECD countries is substantial. This gap in living standards reflects a shortfall in productivity, where convergence has slowed. Labour market participation is high, but structural unemployment remains elevated.

While large, Indonesia’s GDP per capita gap relative to the upper half of the OECD is continuing to narrow, reflecting strong labour productivity growth as the economy continues to shift away from low‑productivity primary sectors to services and manufacturing. Labour utilisation is already relatively high in Indonesia but has also continued to contribute to rising GDP per capita.

Since 2009, the advantage in GDP per capita against the upper half of OECD countries has been reduced, mainly due to a declining trend in hourly productivity.

The GDP per capita gap has continued to narrow relative to the upper half of the OECD. Labour utilisation has improved on account of rising labour market participation among older workers and women as well as immigration. However hours worked remain low, reflecting the low incidence of full-time female employment.

The income gap vis-à-vis the OECD economies has continued to narrow, reflecting strong growth in employment and physical capital, but it remains significant as a result of low growth in productivity.

The rapid catch-up relative to the upper half of OECD countries has continued thanks to strong labour productivity. However, labour utilisation is still lagging behind and potential employment growth stalled.