OECD gives suggestions to Australia for growth
PARIS, Feb. 15 (Xinhua) -- Australia needs to improve regulations, competition and infrastructure to cut costs and boost productivity, according to an Organization of Economic Cooperation and Development (OECD) report released Monday.
The Paris-based rich countries' bloc said, although Australia weathered the global crisis better than most OECD countries with strong regulatory frameworks and sound policies, future challenges required further reforms. Clip on hair extensions,
Clip on hair extensionsThe OECD recommended the country lift regulatory constraints and remove barriers in some infrastructure sectors so it could take full advantage of the rapid rebound of some Asian economies, notably China.
"Australia needs to boost productivity to return to long-term sustained growth. An efficient regulatory system is a main step to achieve that goal," OECD Secretary General Angel Gurria said.
The report said it was very important for Australia to maintain the current commitment to regulatory reform, which could yield substantial economic benefits in the years to come.
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Australia still had challenges to conquer for "a higher, long- run growth path and continued future prosperity," said the report, identifying transport, energy, water and infrastructure sectors as the key areas for reform.
The future "success will depend on continued coordinated actions by a number of agencies at state level, as well as Australian parliaments passing and amending state laws," the OECD said.
Australia posted an annual 2 percent growth in the last quarter of 2009.
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