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Do lower tax rates cause faster GDP growth?
Bold privatisation would go some way, but in the long run what is needed is faster GDP growth.
Last year Austria's economy had faster GDP growth, lower inflation and a lower unemployment rate than the OECD average.
There were parallels between the lower unemployment rates and faster GDP growth for the eurozone, said Bert Colijn, senior eurozone economist at ING bank.
The working-age population has recently been increasing at its fastest for over 20 years, which should feed through to faster GDP growth.
Moreover, as the following data show, this move is completely inconsistent with Trump's aspiration to generate faster GDP growth, of which labor force growth is a key component.
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Both countries enjoyed fast GDP growth when credit was cheap.
Because fast GDP growth and the capital flows it attracts will eventually spur higher inflation, the authorities' ability to stop a real currency appreciation is limited.
The economic recovery will continue, though, with Latvia recording the fastest GDP growth rate in the EU.Related topics Business Economies LatviaTo watch: Lat adopter.
Regardless of how fast GDP grows, an economic system that fails to deliver gains for most of its citizens, and in which a rising share of the population faces increasing insecurity, is, in a fundamental sense, a failed economic system.
"The net result is that since 2010 fiscal consolidation has been accompanied by the third fastest GDP growth in the G7, and the fastest employment growth of any major advanced economy in the world," Mr Osborne told the Royal Economic Society.
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