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Promoting Potential Growth: The Role of Structural Reform

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  • Luiz de Mello
  • Pier Carlo Padoan

Abstract

The global crisis has left many G20 countries with an unenviable legacy of lower potential output and high government indebtedness. Global imbalances, which had narrowed during the recession, are now beginning to widen again, as the recovery takes hold. Structural reform will be needed not only to recover the crisis-driven output loss and to maintain it in the longer term, but also to put the public finances back on a sustainable path and to rebalance global growth. To contribute to the policy debate, this paper summarises the analysis carried out by the OECD on the effects of a host of structural reforms on GDP growth, public finances and external current account balances. Promouvoir la croissance potentielle : Le rôle des réformes structurelles La crise mondiale a légué à de nombreux pays du G20 une production potentielle plus faible et un endettement public plus important. Les déséquilibres de la balance courante, qui avaient diminué pendant la récession, recommencent désormais à augmenter au fur et à mesure que la reprise prend forme. Des réformes structurelles seront nécessaires non seulement pour récupérer la perte de production potentielle due à la crise et la maintenir à plus long terme, mais aussi pour remettre les finances publiques sur une trajectoire soutenable et rééquilibrer la croissance mondiale. Ce document contribue au débat de politique économique en résumant l'analyse effectuée par l'OCDE sur les effets des réformes structurelles sur la croissance du PIB, les finances publiques et les déséquilibres de la balance courante.

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File URL: http://dx.doi.org/10.1787/5kmbm6rz4dg6-en
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Bibliographic Info

Paper provided by OECD Publishing in its series OECD Economics Department Working Papers with number 793.

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Date of creation: 20 Jul 2010
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Handle: RePEc:oec:ecoaaa:793-en

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Keywords: potential output; structural reforms; global imbalances; produit potentiel; déséquilibres globaux; réforme structurelle;

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Cited by:
  1. Romain Bouis & Romain Duval, 2011. "Raising Potential Growth After the Crisis: A Quantitative Assessment of the Potential Gains from Various Structural Reforms in the OECD Area and Beyond," OECD Economics Department Working Papers 835, OECD Publishing.

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