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Every year the OECD lays out five key areas for structural reform necessary for each member country (and the BRIICS nations) to spur growth. In this year's Going for Growth report, many countries get high marks for making key reforms that the OECD expects to provide more stable long term growth. The authors chalk up the changes as a response to "market pressures in the context of the euro area crisis and by discussions and co-ordinated efforts in multilateral settings such as the G20." Market pressures appear to have played an important role in the intensification of reforms, as indicated by the significant correlation between reform responsiveness and changes in government bond yields over the 2011-12 period: ● Euro area countries under financial assistance programmes or direct market pressures (e.g. Greece, Ireland, Italy, Portugal and Spain), are among the OECD countries whose responsiveness was highest (Figure 1.2, Panel A), and also where it increased most compared with the previous period (Figure 1.2, Panel B). Accession to the Euro area in 2011 – in concomitance with a steep recession – may have acted as reform catalyst for Estonia, who also ranks among the most responsive countries. ● Furthermore, as reflected in the comparison between simple and adjusted responsiveness rates, the crisis led most countries under financial markets pressure to enact reforms in traditionally politically-sensitive areas, e.g. labour market regulation and social welfare systems. ● In contrast, less progress has been achieved in other euro area countries, in particular those with a current account surplus (e.g. Germany, Luxembourg and the Netherlands). Yet, reforms are also needed in these countries, in particular in areas that may help intra-euro area rebalancing, such as boosting competition in non-tradable sectors. ● Despite exposure to financial market scrutiny, Iceland and Slovenia have made no or very little reform progress in the areas identified in 2011. While market pressures have played a catalyst role, allowing for long-overdue reforms to be undertaken, some concerns may arise over the effects of reforms in a context of strong budgetary retrenchment and weak activity. Yet, it can be argued that some of the measures taken have already helped by boosting confidence and bringing some market relief. This may have been particularly the case of policy changes, such as pension reforms, that directly contributed to restore medium-term public debt sustainability, though reforms aimed at restoring competitiveness over time will also help to underpin confidence. Still, it is clear that the broader benefits from reforms may take more time than usual to materialize in the current environment, in part due to possible delaying effects from remaining dysfunctions in financial markets. It is important to avoid such delays eroding popular support and to ensure that legislated changes be effectively implemented in order to reap the long-term gains and preserve the positive initial confidence effects. Read the full report here .

Take a look at this chart. What stands out to you? This chart shows the impact of having children on women's income levels across OECD countries. The extremes here are striking. What is going on in Italy and in Japan, for example? But overall the trend is, while not surprising, quite clear. In a new report called Closing the Gender Gap, OECD researchers point out the economic benefits to nations that improve the economic conditions of women at all stages of their lives. From the report: Greater educational attainment has accounted for about half of the economic growth in OECD countries in the past 50 years – and that owes a lot to bringing more girls to higher levels of education and achieving greater gender equality in the number of years spent in education. Greater educational equality does not guarantee equality in the workplace, however. If high childcare costs mean that it is not economically worthwhile for women to work full-time; if workplace culture penalises women for interrupting their careers to have children; and if women continue to bear the burden of unpaid household chores, childcare and looking after ageing parents, it will be difficult for them to realise their full potential in paid work. In developing countries, if discriminatory social norms favour early marriage and limit women’s access to credit, girls’ significant gains in educational attainment may not lead to increased formal employment and entrepreneurship. The issues are complex and tackling them successfully means changing the way our societies and economies function. Men and women have to be able to find a work-life balance that suits them, regardless of family status or household income. Sharing childcare responsibilities can be difficult in a culture where men are considered professionally uncommitted if they take advantage of parental leave and mothers are sidetracked from career paths. And if good quality, affordable childcare is unavailable, it may simply be impossible for many parents, especially those on low incomes, to work full-time and take care of their families. Access the full report here .

Earlier today the OECD released a new report on growth prospects for the global economy, and for OECD member countries. The report projects the global economy to grow at a rate of roughly 3% per year. Emerging economies will continue to see much more rapid growth than developed economies. And that will usher in a significant shift in the balance of economic power over the next fifty years. The report makes this clear by showing how much smaller the U.S., Europe, and Japan shares of the global GDP will be in the coming years: Read the full report here , and watch this summary of the OECD findings:

Who are the job creators? Well, Google and Amazon seem to have been key hiring firms, according to a new OECD report. Those two giants led the way for their sector, as Internet firms increased employment by 29% last year. Overall, the top 250 ICT firms in OECD nations " boosted employment by 4% in 2010 and 6% in 2011." Here is a look at the trend: The hiring has been largely in the service sector, with manufacturing of Internet technologies trailing. And continued growth, according to the OECD, will depend on content development: Digital content is arguably the most important driver of consumer Internet adoption, with related revenues growing rapidly across all sectors. Advertising represents the biggest online market in absolute terms, followed by computer and video games, online music and film and video. In 2010, games led global consumer demand, accounting for an estimated 39% of digital revenues. According to the International Federation of the Phonographic Industry (IFPI), digital music worldwide accounted for 29% of recording companies’ revenues – more than four times that of the combined online revenues from the book, film and newspaper industries, despite these other industries being much larger overall. The last two years have seen significant growth in devices capable of accessing online digital content. Sources of content are also expanding, with social networking and new video and audio services helping to drive ICT industry growth and create new business models. Indeed, the switch to digital technologies has forced businesses in a growing list of sectors to rethink their business models and adapt to survive. Bandwidth usage continues to increase each year, with video and entertainment services demanding an increasing share on both fixed and mobile platforms. Sandvine reports that real-time entertainment applications have overtaken peer-to-peer (P2P) as primary drivers of network capacity in North America, accounting for 58% of peak traffic and almost 65% of peak downstream traffic in 2012. The streaming video service Netflix alone reached a peak of 32.9% of all US downstream traffic in the same year. Devices such as set-top boxes and gaming consoles are also helping to drive this shift to online entertainment. Cisco predicts that IP traffic will grow fourfold between 2010 and 2015 at an annual growth rate of 32%. Sandvine also reports that the majority of realtime entertainment traffic (54.3%) is going to streaming video and audio and that 15.6% of this traffic is viewed on mobile devices and tablets being used from home via Wi-Fi. Read an excerpt of the report here . The full report is available online through the OECD iLibrary here .

Let's look north, for a moment. In its latest report on Canada's economy, the OECD credits Canadians with effectively "weather[ing]" the storm during the global economic crisis. The OECD gives Canadian policymakers high marks for a "timely macroeconomic response." And Canadian banks are cited for being more stable and prudent than their respective neighbors to the south. But the report gives some warnings, as OECD evaluators cite "sluggish" productivity as a cause for concern. Canada’s overall productivity has actually fallen since 2002, while it has grown by about 30% over the past 20 years in the United States. At the same time, income has shifted towards the resource-rich western provinces, while the regional economies of Ontario and Quebec are still adapting to increased external competition resulting from the high exchange rate. “Canada is blessed with abundant natural resources. But it needs to do more to develop other sectors of the economy if it is to maintain a high level of employment and an equitable distribution of the fruits of growth,” said Peter Jarrett, one of the authors of the study and the head of the Canada division at the OECD Economics Department. The OECD identifies two key priorities for meeting this long-term challenge. First, Canada needs to boost innovation. Canada has world-class research institutions and provides strong public support to business investment in research and development (R&D). However, the business sector devotes only about 1% of GDP to R&D, compared with 2% in the U.S. and more than 2.5% in Japan, Korea and some of the Nordic countries. Canada remains a low performer on business investment in R&D, even when the large share of natural resource production is taken into account. Here's a look at productivity in Canada relative to the US over the last three decades: Read a summary of the report here . For access to the Economic Survey of Canada (subscription required), click here .

Confidence in the U.S. economy is growing. But declining confidence in Europe remains a drag on overall global growth, according to the Organisation for Economic Cooperation and Development 's latest economic outlook. Here is a snapshot of the OECD's latest growth projections for the U.S. compared to Europe and Japan. Trade appears to be a major factor in the global economy picking up steam. The concern is that if Europe slides too far it will set back all the momentum in global trade and growth will slow down again. Read the full OECD report here . And watch this summary:

One of the great positive global economic stories of the young 21st century--perhaps the top story--is the rapidly rising middle class in developing nations across the globe, especially in South America and Asia. But Johannes Jütting ,Head of Poverty Reduction at the OECD Development Center in Paris, warns us not to overlook the challenges that a burgeoning new middle class bring to nations and the global economy. Writing at Project Syndicate , Jütting argues that the middle class's "dreams" can become "nightmares" if policymakers get complacent and overlook the structural challenges that they must face: In today’s shifting world, with GDP in roughly 80 developing economies rising at twice the rate of per capita growth in the OECD, the club of the world’s richest countries, middle-class citizens paradoxically complain and protest regardless of whether fortunes improve or decline. Moises Naim, a former Venezuelan minister of trade and industry, even warns of a possible “emerging global war of the middle-classes.” While anger over pay cuts and unemployment make sense, it is harder to understand the current protests in fast-growing countries like Thailand and Chile, where standards of living are improving. What is going on? High growth in Asian and southern countries has meant greater export earnings and rents from natural resources. Unfortunately, this blessing can turn into a curse. In China, former Communist leader Deng Xiaoping’s vision – “let some people get rich first” – has led to impressive economic growth and poverty reduction; but it has also undermined the self-proclaimed “harmonious society,” as recent protests and labor conflicts indicate. Indeed, it is telling that, in the spring of 2011, Beijing’s municipal authorities banned all outdoor luxury-goods advertisements on the grounds that they might contribute to a “politically unhealthy environment.” Rising inequality, lack of civic participation, political apathy, and a dearth of good jobs, particularly for the young, comprise the Achilles heel of emerging-market countries’ current development model. A Gallup poll on subjective well-being in Tunisia and Thailand shows that, while income levels and social conditions in both countries improved between 2006 and 2010, life satisfaction dropped. Read The Middle Class Goes Global here .

Last year, the OECD launched a new initiative with the aim of moving beyond GDP as the key measurement of a nation's economic strength. The Better Life Initiative is designed to come up with new ways of evaluating the overall economic health of a nation and its citizens. OECD Secretary-General Angel Gurría narrates a short video to describe the progress of the initiative over the last 6 months: The OECD now has an interactive chart that allows you to see where member countries rank in various categories: Read more about the Better Life Initiative here .