OECD Economic Surveys. Brazil.

Format:

Book

Author/Creator:

OECD.

Series:

OECD Economic Surveys: Brazil

Language:

English

Subjects (All):

Economic indicators--Brazil.

Economic indicators.

Quality of life--Brazil.

Quality of life.

Physical Description:

1 online resource (134 pages)

Edition:

Latest Edition

Place of Publication:

Paris : OECD Publishing, 2020.

Summary:

The COVID-19 pandemic has caused severe human suffering and triggered a deep recession in Brazil. Economic policies reacted in a timely and decisive manner to the crisis, supporting millions of Brazilians. But a strong and inclusive recovery from the recession will require long-lasting improvements in economic policies. Improving fiscal outcomes remains one of Brazil’s principal challenges given a high debt burden, to which the pandemic has added significantly. Public spending will need to become more efficient, including by building on past progress in the fight against corruption and economic crimes. Social protection can be strengthened through a better focus on the most effective policies and benefits, which could allow significant reductions in inequality and poverty. Stronger growth will hinge on raising productivity, which has been virtually stagnant for decades. This requires addressing underlying policy challenges, including reducing regulatory burdens, reforming taxes, strengthening judicial efficiency and fostering a stronger integration into the global economy. Raising productivity implies reallocations and structural changes in the economy, which should be accompanied by well-designed training and education policies. Training with a strong focus on local skill demand can help workers master the transition and seize new opportunities to move into better jobs.

Contents:

Intro

Basic statistics of Brazil, 2019

Executive summary

The COVID-19 outbreak has plunged the economy into a deep recession

Raising spending efficiency is needed to address fiscal challenges

Reviving productivity is the key for a strong recovery of incomes

Well-designed training policies are key

1 Key policy insights

The strength of the recovery will hinge on economic reforms

COVID-19 has plunged the economy back into a long and deep recession

The short-term prospects will depend on the health situation

Risks are centred around the implementation of reforms and fiscal sustainability

External vulnerabilities seem contained

Financial soundness indicators are solid but the pandemic entails unprecedented risks

Inflation is below target and interest rates have reached a long-time low

The fiscal outlook has become much more challenging after COVID-19

Fiscal adjustment will have to resume after the pandemic

Reducing budget rigidities is key

Improving the effectiveness of social transfers

Managing high payroll expenses

Reducing inefficient subsidies and tax expenditures

Reforming taxes to boost productivity and enhance fairness

Further social progress is possible at reasonable fiscal cost

Strengthening the social safety net

Improving labour market policies

Raising the quality of education

Fighting corruption and economic crimes

Making economic growth greener and more sustainable

Halting illegal deforestation in the Amazon region

References

2 Raising productivity through structural reforms

Possible sources of low productivity growth

How can policies help to strengthen productivity growth?

Enhancing domestic competition through reforms on product markets

Regulatory barriers to firm entry reduce competitive pressure

State interventions.

Enhancing foreign competition by fostering the trade integration

Stronger integration would boost competition, productivity and lower consumer prices

Policy options for strengthening integration

The structure of financial intermediation is improving

Simplifying taxes and reducing compliance costs

Addressing infrastructure bottlenecks

Improving judicial efficiency

Reducing trial length and judicial uncertainty are key to boost business activity

Improving the organisation of courts

Reducing the demand for litigation to mitigate court congestion

Litigation demand strongly varies across different law areas

The legal industry has strongly expanded in recent years and is highly protected

Alternative dispute resolution mechanisms

3 Improving skills to harness the benefits of a more open economy

Policies can help to make trade work for all

Gauging the effects of stronger integration into the global economy

A look at local labour markets

The reallocation of workers within sectors

The reallocation of workers across sectors

Targeted training can make a real difference

Improving professional training policies

Aligning training supply with labour market demands is key

Current plans draw lessons from past weaknesses, but should go further

Improving education policies

Access to education has increased, but education quality is still weak

Improving the quality of basic education

Preparing low-skilled adults for the challenges of the future

Improving access to vocational education and apprenticeships

Improving access and quality in tertiary education

References.

Notes:

Description based on publisher supplied metadata and other sources.

ISBN:

9789264622005 (PDF)

OCLC:

1225551327