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OECD Economic Surveys: Luxembourg 2006
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- Table of contents
- Executive summary
- Assessment and recommendations
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Chapter 1. Insuring against lower economic growth in the long term
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The macroeconomic context
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Trend economic growth is slowing from the very high rates in the 1980-1990s
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Developments in the financial- and communications sectors have underpinned high economic growth, albeit slowing in recent years
- Figure 1.5. Trend real GDP growth in Luxembourg and in neighbouring countries
- Figure 1.6. Contributions of different sectors to real annual growth in value added
- Figure 1.7. Annual growth in real value added by sector
- Box 1.1. Luxembourg's mutual fund industry
- Table 1.3. Contributions to real average growth in value added by sector in Luxembourg and neighbouring countries
- It would be imprudent to count on these sectors underpinning high economic growth indefinitely
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Developments in the financial- and communications sectors have underpinned high economic growth, albeit slowing in recent years
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Economic growth has become increasingly labour intensive
- + Employment growth has risen to very high rates, sustained by inflows of cross-border workers
- + Labour productivity growth has fallen
- + GNI has grown much more slowly than GDP in recent years
- Luxembourg nationals are concentrated in the public sector, leaving private-sector employment to foreigners
- + The economy has become highly specialised, increasing volatility
- + Economic policy challenges
- Notes
- Bibliography
- Annex 1.A1. Shift-share analysis of labour productivity growth
- Annex 1.A2. Progress in structural reform
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The macroeconomic context
- + Chapter 2. Public finances: adjusting to lower growth
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Chapter 3. Improving employment prospects of resident workers
- Overview
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Addressing the growing problem of unemployment
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Work incentives faced by the unemployed
- Table 3.1. Net Replacement Rates for six family types: initial phase of unemployment
- Figure 3.1. Net replacement rates for the unemployed in Luxembourg with and without social assistance
- Table 3.2. Minimum wages and social assistance
- Figure 3.2. Unemployment decomposition by age level
- + Box 3.1. Employment protection legislation (EPL) in Luxembourg
- + Policy reforms to combat unemployment
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Work incentives faced by the unemployed
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Enhancing labour market participation of older workers and women
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Older workers
- Table 3.5. Labour participation and employment rates: Older workers vs. rest of population in OECD countries, 2004
- Figure 3.4. Average effective and official age of retirement in OECD countries, 1997-2002
- + Box 3.3. The system of pre-pensions
- Figure 3.6. Seniority pay in selected OECD countries
- Figure 3.7. Professional training in OECD countries by age groups and employment status
- + Female workers
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Older workers
- Addressing the unemployment of disabled persons
- Notes
- Bibliography
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Chapter 4. Improving education achievement and attainment to compete in the labour market
- Introduction
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Education outcomes are below the OECD average
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Building on successful measures to help students cope with trilingual education
- Trilingual education is important for social unity but creates learning difficulties for students from immigrant and/or lower socio-economic backgrounds
- Measures have been taken to help children from immigrant and/or lower socio-economic backgrounds cope with trilingual system
- + These measures have helped to limit the adverse effect of immigrant and/or lower socio-economic backgrounds on PISA results to around the OECD average
- Building on measures to help children from immigrant and/or lower socio-economic backgrounds
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Reforms to education practices to enhance achievement
- Notes
- Bibliography
- + Annex 4.A1. Structure of the Luxembourg education system
- + Annex 4.A2. Analysis of the 2003 PISA results for Luxembourg
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Chapter 5. Increasing product market competition to boost productivity
- Introduction
- + Competition legislation and enforcement
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Easing regulation in professional services
- + Fostering productivity in the retail trade
- Notes
- Bibliography
- + Annex 5.A1. The indicator of regulation in professional services
- + Annex 5.A2. The competition law and policy indicator system
This 2006 OECD review of Luxembourg's economy examines the challenges Luxembourg is facing with regard to slowing economic growth, public finances, employment, education achievement and product market competition.It finds that Luxembourg has regained its footing after a slowdown at the start of the decade and that the financial servies sector, which accounts for one-third of economic activity, has renewed confidence.But there is deterioration in the fiscal position, weakening of the pension system, and growing unemployment all of which could be improved through enhanced human capital development and strengthened product market competition.
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Business & Economics > Economic Conditions
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Publication year : 2006
License: All rights reserved ©
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