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Long-term growth and policy challenges in the large emerging economies

Author

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  • Paul Conway
  • Sean Dougherty
  • Artur Radziwill

Abstract

Taken together, Brazil, China, India, Indonesia and South Africa – the “BIICS” – have been an important engine for world growth, and they account for a growing share of global output. However, further reforms will be needed to ensure catch-up to OECD GDP per capita levels over the long term. This paper uses the OECD’s Going for Growth framework, as well as other available evidence linking policies to economic performance, to identify key structural policy challenges in the BIICS for the years ahead. While such challenges vary from country to country, common areas for reform include strengthening policies in the areas of education, product market regulation and labour markets, as well as improving more basic market institutions. This Working Paper relates to the OECD’s Economic Policy Reforms: Going for Growth 2010 (www.oecd.org/goingforgrowth) and the Economic Surveys of China, India, South Africa, Indonesia, and Brazil (www.oecd.org/eco/surveys) Croissance de long terme et défis de politique économique dans les grandes économies émergentes Pris ensemble, l’Afrique du Sud, le Brésil, la Chine, l’Inde et l’Indonésie - les « BIICS » - ont largement contribué à la croissance mondiale et ils représentent une part croissante de la production mondiale. Cependant, de nouvelles réformes seront nécessaires pour leur permettre de rattraper, à terme, les niveaux de PIB par habitant des pays de l’OCDE. Le présent chapitre utilise le cadre d’analyse mis au point par l’OCDE pour les besoins du projet Objectif croissance, ainsi que d’autres données établissant un lien entre les politiques publiques et la performance économique, pour identifier les principaux enjeux de politique structurelle auxquels les BIICS vont être confrontés dans les années à venir. Ces enjeux diffèrent selon les pays, mais un certain nombre de réformes communes semblent nécessaires, notamment pour renforcer les politiques publiques dans les domaines de l’éducation, de la réglementation des marchés de produits et du marché du travail, ainsi que pour améliorer certaines institutions fondamentales de l’économie de marché. Ce Document de travail se rapporte aux Réformes économiques: Objectif croissance 2010 (www.oecd.org/objectifcroissance) et aux Études économiques de l'OCDE de : la Chine, l’Inde, l’Afrique du Sud, l’Indonésie, et le Brésil (www.oecd.org/eco/etudes).

Suggested Citation

  • Paul Conway & Sean Dougherty & Artur Radziwill, 2010. "Long-term growth and policy challenges in the large emerging economies," OECD Economics Department Working Papers 755, OECD Publishing.
    • Handle: RePEc:oec:ecoaaa:755-en
    DOI: 10.1787/5kmh79tm3n9r-en
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    More about this item

    Keywords

    education; income; indicateurs; indicators; institutions; institutions; pauvreté; politique structurelle; poverty; reforms; regulation; revenus; réformes; régulation; structural policy; éducation;
    All these keywords.

    JEL classification:

    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity
    • P5 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems

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