Oecd Economic Surveys 2021 5 Canada 2021

Canada’s vaccine rollout is bringing the prospect of an end to the COVID-19 crisis and a pick-up in output growth is expected. An ultra-low policy rate and other monetary measures continue to provide substantial support for the economy and fiscal support for households and businesses has been substantial.

Canada's vaccine rollout is bringing the prospect of an end to the COVID-19 crisis and a pick-up in output growth is expected. An ultra-low policy rate and other monetary measures continue to provide substantial support for the economy and fiscal support for households and businesses has been substantial. However, risks and uncertainties remain large, notably around how quickly restrictions can be reduced as vaccine rollout proceeds, and how rapidly households will unwind precautionary saving. The COVID-19 crisis has also brought to light shortfalls in welfare programmes. Building back with a sustainable economic recovery will involve challenges for Canada's policy on greenhouse-gas reduction and will reinforce the need to tackle some longstanding issues in welfare programmes and in impediments to business productivity. This Survey's in-depth examination of well-being finds that Canada has scope to make greater use of quantitative indicators in policymaking. This could help frame policy agendas and benchmark progress. Healthcare, childcare, affordable housing and support for Indigenous peoples are among the areas with room for improved policies that can lead to improvements in well-being. SPECIAL FEATURE: WELL-BEING

Italy’s economy is recovering steadily from the COVID crisis, thanks to the vaccination campaign and generous fiscal support to households and firms. Risks to the outlook are large, including virus variants and the path of global interest rates.

Resolute policy action to protect households and businesses has mitigated the pandemic’s toll on the Swedish economy, which nevertheless contracted sharply in 2020. Growth is picking up on the back of strong manufacturing activity and exports, while vaccination brings hope for a gradual return to normality in sectors requiring face-to-face interaction.

After initial success in fighting the COVID-19 pandemic and a strong economic rebound, Turkey faces a resurgence of cases which puts pressure on the country’s health system, public resources, social cohesion and macroeconomic sustainability. Public finances offer room for government support to the households and businesses most in need, but this should be provided under a more transparent and predictable fiscal, quasi-fiscal, monetary and financial policy framework.

The global recovery from the COVID-19 pandemic is uneven and becoming imbalanced. The OECD Economic Outlook, Volume 2021 Issue 2, highlights the continued benefits of vaccinations and strong policy support for the global economy, but also points to the risks and policy challenges arising from supply constraints and rising inflation pressures.

In the last decades, Chile has made tremendous progress towards greater economic prosperity and lower poverty. Per capita income more than doubled over the past 20 years and is now the highest in Latin America. These progresses have now come to a halt. Since October 2019 Chile has faced two unprecedented shocks, the social protests and the COVID 19 outbreak.