Executive Summary
Assessment and Recommendations
Chapter 1. Macroeconomic Developments and Policy Challenges
-Economic Activity Is Still Weak and Uneven
-Comprehensive Reforms Increase Potential Benefits
-Annex 1.A1. Progress on Structural Reform - Summary of Past Recommendations and Actions
-Annex 1.A2. Explaining the Movements in the Savings Ratio
-Annex 1.A3. Explaining Movements in Business Investment
-Annex 1.A4. Explaining Movements in the Real Effective Exchange Rate
Chapter 2. Regaining Fiscal Credibility and Improving Public Sector Efficiency
-Fiscal Development and Forces Acting
-Toward More Efficient Government: Issues in Public Sector Reform
-Continuing Tax Reform
Chapter 3. The Performance of the Education System Needs to Improve
-Outcomes in Secondary Education Need to Improve Further
-Making Take-Up of University Education More Attractive Would Help Weather the Impact of Demographic Change on Standards of Living
Chapter 4. Labour Market Reform Should Go On
-Reducing Disincentives to Labour Force Participation of Older People and Spouses
-Toward More Efficient Employment Policies
-Toward More Flexibility in Setting Wages and Work Conditions
Chapter 5. Fostering Product Market Competition Would Have Large Benefits
-The Relationshiop between Product Market Competition and Economic Performance is Robust
-General Competition Law and Institutions are Effective
-Public Onwership and Support for Industry Is Still Substantial
-Administration Burdens on Doing Business Are Excessive
-Regulatory Challenges in Network Industries Are Significant
-The Service Sector Needs to Be More Open
Glossary