TAILIEUCHUNG - Economic Survey of Finland, 2006

First, as the paper notes, expenditure adjustments are relatively rare. While the paper argues that expenditure adjustments are clearly preferable in the sense of producing better growth outcomes, it identifies almost three times as many tax adjustments as expenditure adjustments. With just 11 spending adjustments in more than 600 country/year observations, expenditure adjustments are clearly not very common. The paper argues that expenditure adjustments have essentially only come about when driven by crises of confidence in which the financial markets were no longer willing to lend to these countries. The second point is that the. | OECD MAY 2006 ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT Economic Survey of Finland 2006 What are the main challenges What is the shortterm macroeconomic outlook How should fiscal policy respond to imminent ageing pressures Will the new pension reform succeed How can the disabled be helped into work What other measures can be taken to improve labour market performance Is the current state of the housing market a cause for concern How can housing policy be improved For further information For further reading Where to contact us Summary Growth performance has been among the best in the OECD underpinned by a strong innovation performance and high educational attainment. The unemployment rate currently at 8 has dropped below the euro area average employment rates particularly among the old workers have been increasing rapidly inflation is among the lowest in the OECD and the government surplus sizeable. Yet there is considerable scope for further improvement as GDP per capita is still only close to the OECD median. This largely reflects a subdued productivity performance in the sheltered sectors including in the provision of public services as well as unused labour resources especially of young and older workers. With population ageing imminent and pronounced both growth prospects and fiscal sustainability could be undermined. Against this background policymakers will need to address the following challenges Ensuring the sustainability of public finances. This will require i the maintenance of a sizeable fiscal surplus over the remainder of this decade ii the phasing out of early retirement schemes and iii efficiency gains in public services greater use of fees in their provision and more supply of such services by the private sector for which there is scope while respecting equity objectives. The medium-term goal must be to reduce the high tax wedges on labour further despite the spending pressures from ageing. Observif This Policy Brief presents the .

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