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Accounting for the long term costs of the recession

Accounting for the long term costs of the recession. IEA/ISI/HLEG Strategic Forum Rome, 22-23 September 2014 Martine Durand, OECD Chief Statistician. Per capita GDP and household disposable income still below pre-crisis levels in Euro area, not in US.

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Accounting for the long term costs of the recession

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  1. Accounting for the long term costs of the recession IEA/ISI/HLEG Strategic Forum Rome, 22-23 September 2014 Martine Durand, OECD Chief Statistician

  2. Per capita GDP and household disposable income still below pre-crisis levels in Euro area, not in US US dollars at 2005 PPPs per capita, 2007=100 Note: OECD National Accounts and OECD Economic Outlook No. 95.

  3. But US household wealth well below pre-crisis levels

  4. Inequalitiesin market income have increased significantly since the start of the crisis

  5. People’s life evaluations plummeted in some of the crisis-hit countries Life satisfaction Cantril ladder, mean score Source: OECD calculations based on Gallup World Poll

  6. Fixed investment has not recovered, with implications for potential output and economic capital

  7. Youth have born the brunt of employment losses OECD average Q1 2008=100 Source: OECD Labour Force Statistics database

  8. In crisis-hit countries, people have foregone medical treatment for financial reasons Medical treatment foregone Percentage of people reporting unmet medical needs for financial reasons Source: European Union Statistics on Income and Living Conditions (EU-SILC)

  9. People have relied more on informal solidarity… Informal support Percentage of people, OECD (selected countries), 2007=100 Note: OECD average includes only countries for which a complete time series is available: Canada, Denmark, Italy, Mexico, Spain, Sweden, Turkey and the United Kingdom. Source: OECD calculations based on the Gallup World Poll

  10. …while trust in government has declined Percentage of people who declared they have confidence in their government

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