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15 Mar. 2021 - Growth of gross domestic product (GDP) in the G20 area slowed to 2.1% in the fourth quarter of 2020, down from the large rebound in the previous quarter (7.8%) that followed the unprecedented falls in the first half of the year due to COVID-19 containment measures. Among the G20 economies, I ndia continued to record the highest growth (7.9%) in the fourth quarter, following a growth of 23.7% in the previous quarter. In most other economies, GDP growth, although lower than in the third quarter, remained positive: Mexico (3.3%), ....
Economy Technology, labour market institutions and early retirement: evidence from Finland Among various barriers to increasing employment of older workers, this paper focuses on two notable ones that are relevant for the future of work. First, older workers engaged in codifiable, routine tasks are particularly prone to the risk of being displaced by computers and robots. Second, several countries have in place various labour market institutions that encourage early retirement, such as exceptional entitlements or looser criteria for unemployment and disability benefits applied to older individuals. This paper presents evidence that these two factors reinforce each other to push older ....
The need for speed: faster vaccine rollout critical to stronger recovery
A global economic recovery is in sight but a faster and more effective vaccination rollout across the world is critical, while respecting necessary health and social distancing measures, according to the OECD’s latest Interim Economic Outlook. Activity in many sectors has picked up and adapted to pandemic restrictions over recent months. Vaccine deployment, although uneven, is finally gaining momentum and government fiscal stimulus – particularly in the US – is likely to provide a major boost to economic activity. But the pandemic is widening gaps in economic performance between countries and between sectors, increasing social inequalities, particularly affecting vulnerable groups, and risking long-term damage to job prospects and living standards for many people. ....
Economy Enhancing administrative and fiscal decentralisation in the Czech Republic There is considerable regional variation in incomes and poverty in the Czech Republic and gaps have grown over time. With the highest number of municipalities per head in the OECD, subnational government is very fragmented and the resulting lack of capacity at the local level reduces the quality of public services and impedes the uptake of effective development projects. This paper discusses various policy options to address the challenges faced by Czech subnational governments and proposes reforms to enhance their effectiveness. Mergers of municipalities would be an obvious way towards greater ....