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Structural Reforms and Growth: G20 Framework Presentation by Zia Qureshi World Bank G24 and The Growth Dialogue High-Level Seminar on New Challenges to.

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Presentation on theme: "Structural Reforms and Growth: G20 Framework Presentation by Zia Qureshi World Bank G24 and The Growth Dialogue High-Level Seminar on New Challenges to."— Presentation transcript:

1 Structural Reforms and Growth: G20 Framework Presentation by Zia Qureshi World Bank G24 and The Growth Dialogue High-Level Seminar on New Challenges to Growth and Productivity Washington DC; September 25, 2013

2 Central role of structural reforms in agenda for strong, sustainable and balanced growth Restoring robust growth will require going beyond current focus on short- term macroeconomic and demand management and implementing reforms that remove structural impediments to stronger and sustainable growth Essential to stronger growth, structural reforms are also key to addressing the jobs challenge, promoting a balanced pattern of growth, reducing inequality, and supporting environmental sustainability The reform agenda spans product market regulation and competition, labor market regulation, financial sector reform, tax and expenditure reform, and investment in infrastructure and human capital Priorities vary across countries, but structural reforms are central to the growth agenda in advanced and emerging economies alike The G20 has stepped up its work on structural reforms under its Framework for Strong, Sustainable and Balanced Growth but more needs to be done

3 G20 structural reform commitments: more progress in financial sector reform, less in other areas Source: OECD/World Bank

4 G20 emerging economies: degree of ambition of St. Petersburg structural reform commitments About half of commitments score high on degree of ambition within their policy domains Source: OECD/World Bank

5 Priority Areas for Structural Reform for SSB Growth Argentina - Remove barriers to private investment and competition - Improve agricultural productivity and diversify exports - Improve quality of public services Brazil - Expand and improve quality of infrastructure - Improve quality of education at all levels - Extend progress on social inclusion China - Strengthen the foundations for a market-based economy - Deepen fiscal reforms - Implement land and labor reforms to underpin urbanization India - Improve infrastructure and labor/business regulations - Manage rural/urban dynamics - Promote inclusive human development Indonesia - Reallocate fuel subsidies to infrastructure projects - Strengthen programs for productive inclusion of the poor - Expand tertiary/technical education and raise overall quality Mexico - Implement a thorough tax reform - Move forward with energy sector reform - Implement regulatory reforms to strengthen competition Russia - Complement labor reform with broader regulatory reform - Implement tax and expenditure reforms - Reduce the state's footprint South Africa - Implement labor market and competition policy reforms - Address infrastructure gaps - Strengthen public service delivery mechanisms Turkey - Improve labor market flexibility and business environment - Pursue an inclusive strategy to develop human capital - Further energy sector reform Saudi Arabia - Implement labor market and education reforms - Improve firm entry/exit, credit, contract enforcement - Improve efficiency in energy consumption Source: OECD/World Bank

6 G20 emerging economies: alignment of St. Petersburg structural reform commitments with reform priorities Two-fifths of reform commitments score high on alignment with reform priorities Source: OECD/World Bank

7 Monitoring of implementation of G20 structural reform commitments Source: OECD/World Bank Implementation status of Los Cabos structural reform commitments Need for more vigor in implementation

8 Concluding Remarks The increased attention to growth-enhancing structural reforms and investment is a welcome refocusing of the G20 agenda The call in the St. Petersburg Leaders’ Declaration for G20 members to submit, peer review, and coordinate growth strategies will reinforce this shift of emphasis Complementing the G20 framework, the G24 could also consider adopting a more focused and structured process to facilitate peer dialogue and learning on structural reforms for growth and help build momentum for progress Long-term financing for investment is another, related area where the G24 could reinforce the current G20 initiative, including the promotion of South-South flows


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