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OECD Economic Surveys: Slovenia 2009
OECD Publishing, July 2009, Pages: 160
Slovenia has achieved a significant economic catch-up toward the OECD average GDP per capita without creating any major imbalances. This catch-up has been set back by the financial turmoil, which poses immediate challenges to economic policy to support the financial sector and economic activity in general. Beyond the crisis, the main goal for policymakers must be to restore sustainable growth within the euro area.
This 2009 edition of OECD's periodic survey of Slovenia's economy includes chapters discussing restoring a sustainable growth path within the Monetary Union, restoring public finances on a sustainable path and improving efficiency, improving the functioning of the labour market, and enhancing the business environment to foster productivity growth.
Assessment and Recommendations
<STRONG>Chapter 1. Restoring a Sustainable Growth Path within the Monetary Union
</STRONG>-The global economic crisis poses new challenges to economic policy
-Beyond the crisis, maintain a steady economic catch-up without macroeconomic imbalances
-To achieve sustainable growth within the euro area, well-directed policies are needed
-Annex 1.A1. Growth accounting framework
-Annex 1.A2. Shift-share analysis of labour productivity growth
-Annex 1.A3. Main Structural Reforms in Slovenia
<STRONG>Chapter 2. Keeping Public Finances on a Sustainable Path and Improving Efficiency
</STRONG>-Fiscal consolidation has paid off...
-...But is exposed to several risks
-A new pension reform is needed to ensure long-term fiscal sustainability
-Restraining public spending...
-...And improving its efficiency
-Making the tax system less distorting for growth
-Annex 2.A1. The Convergence and Stability Programmes of Slovenia and actual fiscal developments
-Annex 2.A2. Generational accounting: An illustrative simulation of the wealth impact of ageing pre-funding on younger and older generations
-Annex 2.A3. Main tax reforms
<STRONG>Chapter 3. Improving the Functioning of the Labour Market</STRONG>
-Labour market performance has been improving...
-...But challenges remain
-Boosting the labour force participation of the elderly
-Raising the employment rates of youth
-Coping with rising labour market dualism
-Annex 3.A1. Estimating a time-varying NAIRU by means of the Kalman filter
-Annex 3.A2. Investigating the impact of Slovenian labour market reforms
<STRONG>Chapter 4. Enhancing the Business Environment to Foster Productivity Growth</STRONG>
-Changing ownership and enterprise structure
-Good business environment and adequate entrepreneurial dynamism
-Recent initiatives to improve the business environment
-Strong market concentration in key service sectors
-Annex 4.A1. Estimation of mark-ups for Slovenian industries