What Does Health Matter?

Progress made in reforming labor and product markets has led to reduced unemployment in Europe. Economic growth in many of the most developed countries in the world is impressive, but easing up on reforms could compromise long-term growth, according to the Organization for Economic Cooperation and Development (OECD). In the preface to the latest edition of its annual Going for Growth report, the organization’s Chief Economist, Jean-Philippe Cotis, warned against cyclical buoyancy in continental Europe and Asian OECD countries siring complacency, urging Governments to continue with reforms that would increase productivity and job creation1. There is no doubt that eschewing hindrance to labor force partaking and job creation would augment living standards, which opening up product and financial markets to increased competition would enhance, not to mention the shift it would spawn of the national income into increased wages and job formation from the corporate bottom line. The recommendations along these lines by the OECD were more specifically for continental Europe, the emphasis more on increasing productivity and on product-markets’ liberalization, in particular network industries and in services, for lower-income countries, and for Japan and Switzerland.




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