IMF Country Report No. 15/72: ICELAND – STAFF REPORT FOR THE 2014 ARTICLE IV CONSULTATION AND FIFTH POST-PROGRAM MONITORING DISCUSSIONS, 16 March 2015. KEY ISSUES Iceland has reached a relatively strong macroeconomic position with good growth prospects. But crisis legacies are still being unwound, including high debt and a large balance of payments (BOP) overhang contained by capital controls. Amidst public pressure for a return to normalcy, policies remain …Read More
European Economic Forecast: Winter 2015
European Commission (2015) European Economic Forecast: Winter 2015, European Economy 1|2015, DG for Economic & Financial Affairs, February. GDP growth in the EU remains sluggish. Sputtering investment has so far prevented a broader and more robust acceleration of domestic demand. Amid challenging global conditions, the fall in crude oil prices should provide a welcome boost to growth. Several important shifts are under way in the global economy. Falling oil …Read More
Update on Economic and Monetary Developments, Economic Bulletin Issue 1/2015
ECB (2015) Update on Economic and Monetary Developments, Economic Bulletin Issue 1/2015, European Central Bank, February. Summary The recent decline in oil prices is supporting the global economic recovery. Nevertheless, the recovery remains gradual and economic developments vary across regions. Growth in the United States remains robust, momentum is slowing in China, and activity in Japan has not regained traction. Economic conditions in Russia have deteriorated further, but spillovers …Read More
World Economic Outlook Update
World Economic Outlook Update, International Monetary Fund, January 2015. Cross Currents Global growth will receive a boost from lower oil prices, which reflect to an important extent higher supply. But this boost is projected to be more than offset by negative factors, including investment weakness as adjustment to diminished expectations about medium-term growth continues in many advanced and emerging market economies. Global growth in 2015–16 is projected at 3.5 …Read More
World Employment and Social Outlook – Trends 2015 (full report)
World Employment and Social Outlook – Trends 2015 (full report), International Labour Organization, January 2015. Summary Renewed turbulence over the employment horizon The world economy continues to expand at rates well below the trends that preceded the advent of the global crisis in 2008 and is unable to close the significant employment and social gaps that have emerged. The challenge of bringing unemployment and underemployment back to pre-crisis levels …Read More
Reforms, Investment and Growth: An Agenda for France, Germany and Europe
Enderlein, H. & Pisani-Ferry, J. (2014) “Reforms, Investment and Growth: An Agenda for France, Germany and Europe“, Report to Sigmar Gabriel (Federal Minister for Economic Affairs and Energy) and Emmanuel Macron (Minister for the Economy, Industry and Digital Affairs, 27 November. INTRODUCTION Europe is falling into a stagnation trap: growth is barely noticeable; current inflation is dangerously low; almost stagnant nominal income makes the weight of public and private …Read More
Trends in Income Inequality and its Impact on Economic Growth
Cingano, F. (2014) “Trends in Income Inequality and its Impact on Economic Growth“, OECD Social, Employment and Migration Working Papers No.163, OECD Publishing, 09 December. In most OECD countries, the gap between rich and poor is at its highest level since 30 years. Today, the richest 10 per cent of the population in the OECD area earn 9.5 times the income of the poorest 10 per cent; in the …Read More
Global Wage Report 2014/15
International Labour Organisation (2014) Global Wage Report 2014/15, 05 December. The Global Wage Report 2014/15 analyses the evolution of real wages around the world, giving a unique picture of wage trends and relative purchasing power globally and by region. The 2014/15 edition examines the link between wages and inequality at the household level. It shows that wages constitute the largest single source of income for households with at least …Read More
Public Capital in the 21st Century
Corneo, G. (2014) “Public Capital in the 21st Century“, Friedrich Ebert Stiftung, Freie Uni Berlin & Social Europe Journal, Research Essay No.2, November. The increase of income and wealth concentration threatens the European project of a good society. Capital taxation alone cannot stop this process, but a combination of moderately higher capital taxes and a novel role of public capital will do. The governance of public capital requires carefully …Read More
Tax reforms in EU Member States 2014 – Tax policy challenges for economic growth and fiscal sustainability – 2014 Report
European Commission (2014) “Tax reforms in EU Member States 2014 – Tax policy challenges for economic growth and fiscal sustainability – 2014 Report“, Directorate General for Economic and Financial Affairs (ECFIN) and Directorate General for Taxation and Customs Union (TAXUD), European Economy 6/2014, November. Tax reforms in EU Member States to improve the effectiveness and efficiency of tax systems can contribute to the stability of public finances; boost economic …Read More