OECD economic surveys : Ireland 2018.

Format:

Book

Author/Creator:

Organisation for Economic Co-operation and Development, author, issuing body.

Language:

English

Subjects (All):

Ireland--Economic conditions.

Ireland.

Ireland--Economic policy.

Economic history.

Physical Description:

1 online resource (124 pages)

Place of Publication:

Paris : OECD, [2018]

Summary:

Living standards are high in Ireland, with recent improvements underpinned by the strongest post-crisis output recovery in the OECD. The economy is projected to continue expanding over the next two years, albeit at a more sustainable pace and amid heightened economic uncertainty primarily relating to the future trading relationship with the United Kingdom. Greater uncertainty makes it vital to further improve the fiscal position, which could be partly achieved by broadening the tax base and raising the property tax yield. Vulnerabilities in the financial sector also need to be further addressed by introducing stronger incentives for banks to reduce the high level of non-performing loans that remain on their balance sheets. The future resilience of the Irish economy hinges on unblocking the productivity potential of local enterprises and enhancing productivity spillovers; most Irish firms have experienced declining productivity over the past decade, causing the large productivity gap between foreign-owned and local enterprises to widen. Given strong international competition to attract foreign-owned firms, the economy should not be overly reliant on the performance of such entities. Improving the productivity performance of the local business sector can be achieved by reducing high regulatory barriers to entrepreneurship, further improving Irish infrastructure and raising the absorptive capacity of local businesses. Other significant challenges for wellbeing and inclusiveness exist in the areas of housing, health and getting people into work. To address these challenges, stringent housing regulations that are constraining dwelling supply should be rationalised, universal healthcare coverage provided and some social benefits withdrawn more gradually as labour earnings rise.

Contents:

Intro; Table of contents; Basic statistics of Ireland, 2016; Executive summary; Key Policy Insights; Recent macroeconomic developments and short-term prospects; Solving the legacies of the crisis by buttressing the financial system and public finances; Continuing to stabilise the financial system; Further resolution of NPLs is a challenge; Improving the efficiency of repossession proceedings; Protection of debtors; Macro-prudential policy tools should continue to be actively deployed; Maintaining fiscal sustainability; Broadening the tax base in a growth-friendly manner. Addressing medium-term challenges for wellbeingPromoting increased housing supply; Improving environmental sustainability; Expanding the provision of quality healthcare; Raising labour market participation; Bibliography; Annex

Progress in structural reform; Appendix

Estimating underlying housing demand; Annex

Estimating underlying housing demand; Thematic chapter; Chapter 1. Reforms for sustainable productivity growth; Productivity among local firms has stagnated; Productivity trends in Ireland; Forces at the firm level. Linkages between foreign- and locally-owned firmsEnhancing business dynamism; Reducing regulatory barriers for businesses; Entry regulations; Conduct regulations; Electricity; Legal Services; Creating a high-performing stock of physical infrastructure; Insolvency regimes are crucial in influencing business dynamics; Corporate insolvency regime for restructuring; Bankruptcy law; Alternative debt resolution mechanisms; Enhancing the allocation of finance; Restoring the normal functioning of the banking sector; Impairment in the banking system; Forbearance lending. Developing alternative financing channelsPrivate equity; Public equity; Improving public financial support; Maximising knowledge spillovers to local firms; Policies that encourage local firms to be further integrated in supply chains; Promoting innovation collaboration; Greater investment in knowledge based capital; Improving managerial capacity and worker skills; Bibliography.

Notes:

Description based on print version record.

Includes bibliographical references.

ISBN:

92-64-29179-2

OCLC:

1031344497