Transcription of Chapter 2
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Chapter 2
OECD Economic Outlook, Volume 2016 Issue 2 OECD 201663 Chapter 2 USING THE FISCAL LEVERSTO ESCAPE THE LOW-GROWTH TRAP2. USING THE FISCAL LEVERS TO ESCAPE THE LOW-GROWTH TRAPOECD ECONOMIC OUTLOOK, VOLUME 2016 ISSUE 2 OECD 201664 IntroductionAlmost a decade after the outbreak of the financial crisis, the global economy remainsin a low-growth trap with weak investment, trade, productivity and wage growth and risinginequality in some countries. Monetary policy is overburdened, leading to growingfinancial risks and distortions. Alongside structural reforms, a stronger fiscal policyresponse is needed to boost near-term growth and strengthen long-term prospects forinclusive , in the context where public debt has reached high levels in most OECD countries, it is important to assess the extent of countries' fiscal
OECD Economic Outlook,Volume 2016 Issue 2 © OECD 2016 63 Chapter 2 USING THE FISCAL LEVERS TO ESCAPE THE LOW-GROWTH TRAP
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