The global economy is fragile. Continued trade policy tensions and increasing uncertainties are undermining confidence, trade and investment. The consequences can be long lasting, with a real risk of the global economy being locked into a period of structurally low growth. As a result, it will be more difficult to deliver broad gains in productivity, wages and living standards making people’s lives better, for all.
The global economic slowdown comes on top of increasing pressures from global “mega-trends”. Globalisation, digitalisation, population ageing and environmental degradation are shaping tomorrow’s living standards and well-being. Inequality and poverty remain major concerns, both in advanced and emerging-market G20 economies. In the absence of renewed reform dynamism, economies are poorly prepared to address these challenges.
Faced with these pressing challenges, governments must take action. Structural reforms are an important driver of growth and a key element of achieving the G20’s objective of strong, sustainable, balanced and inclusive growth. The OECD’s Report on Progress on Structural Reform under the G20 Enhanced Structural Reform Agenda (ESRA) tracks structural policy achievements and the need for further actions in G20 economies across priority areas selected by the G20 members. The report also highlights examples of good practice reforms by G20 countries in the different areas. Read the Full ESRA report