2014 oecd economic survey of india - the …iiep/events/indiaconference_2015apr13/slides...2014 oecd...
TRANSCRIPT
www.oecd.org/eco/surveys/economic-survey-india.htm Follow us :
OECD OECD Economics
2014 OECD ECONOMIC SURVEY OF INDIA
Stronger and better growth Piritta Sorsa, OECD Economics Department Washington DC, 13 April 2015
2
1. At market value and constant prices. Source: OECD Economic Outlook 96 Database.
The Indian economy is looking up but recovery fragile
-10
-5
0
5
10
15
2007 2008 2009 2010 2011 2012 2013
Y-o-y % change A. GDP growth¹
India old series India new series Brazil Indonesia China OECD average
-25 -20 -15 -10 -5 0 5
10 15 20 25 30 35
2007 2008 2009 2010 2011 2012 2013 2014
Y-o-y % change B. GDP, exports and investment¹
GDP new series GDP old series Gross fixed capital formation Exports of goods and services
Imm
edia
te M
acro
Pol
icy
Cha
lleng
es
3
1. According to the ILO definition, working age population is made of individuals aged 15 or more. Source: ILO (2013), Key Indicators of the Labour Market (KILM) database.
50
51
52
53
54
55
56
57
58
59
60
50
51
52
53
54
55
56
57
58
59
60
1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
% % Employment creation has not kept up with the growing working-age population
Ratio of employment to working age population¹
Growth needs to be more inclusive A “jobless” growth so far...
Stru
ctur
al P
olic
y C
halle
nges
4
1. The age dependency ratio is the ratio of the population younger than 15 or older than 64 to the working-age population, which is those aged 15-64. From 2015 World Bank projections are shown. 2. The labour force participation of women is equal to the percentage of working women aged 15-64 over the overall female population aged 15-64. Data refer to the simple average of the dependency ratio for each period. Source: OECD (2014) Perspectives on Global Development and World Bank WDI databank.
0
10
20
30
40
50
60
70
80
90
100
IND BRA CHN IDN MEX RUS ZAF OECD
A. The dependency ratio is projected to decline up to the 2040s¹
1991-2050
0
10
20
30
40
50
60
70
80
0
10
20
30
40
50
60
70
80
IND BRA CHN IDN MEX RUS ZAF OECD
B. The labour force participation of women is low and declining²
1991-1995 1996-2000 2001-2005 2006-2012
and the labour force will continue to expand comparatively younger, potentially more women,
50% of workers still in agriculture
Stru
ctur
al P
olic
y C
halle
nges
“Jobless” growth affects especially women S
truct
ural
Pol
icy
Cha
lleng
es
Table 1. Changes in employment and labour force 2000-2012 (15-64 years of age)
Millions…. 2000 2005 2012 Change 2000-05
Change 2005-12
Female -Working age population 304 340 403 36 63
Labour force
Employment 123 148 129 25 -19
Unemployment 2 4 3 2 -1
Remaining outside labour force
In education 18 23 42 5 19
Not in education 161 165 229 4 -64
Male-Working age population 326 365 427 39 62
Labour force
Employment 274 318 343 35 34
Unemployment 7 7 8 - 1
Remaining outside labour force
In education 32 36 61 4 25
Not in education 13 13 15 - 2
Source: w orking age population 15-64 years, estimates based on NSSO rounds no. 61 and 68
Quality of jobs remains poor; high informality with no social benefits or labour protection
Distribution of employment by type
(In per cent)
2000 2012
Female Male Female Male
Salaried 8 19 14 22
of which with social benefits n/a n/a 6 9
Casual 37 31 30 29
Paid self-employed 17 37 20 33
Unpaid self-employed 38 13 35 18
Total 100 100 100 100
Source: NSSO.
Stru
ctur
al P
olic
y C
halle
nges
To achieve higher, sustainable and inclusive growth:
1. Improve the macroeconomic framework
2. Focus on job creation, esp. in manufacturing
3. Increase female economic participation
4. Improve health care and health outcomes for all
India – Stronger and Better Growth, but with Challenges
8 Source: OECD Outlook 96 database and Reserve Bank of India.
Inflation targeting by central bank: Use oil price decline to anchor expectations lower
0
2
4
6
8
10
12
14
16
2007 2008 2009 2010 2011 2012 2013 2014
Y-o-y % change
Inflation expectations have started to adjust
Inflation expectations: Current CPI
-15
-10
-5
0
5
10
15
20
25
2007 2008 2009 2010 2011 2012 2013 2014
Y-o-y % change
WPI - All commodities
WPI - Food
WPI - Fuel and power
WPI - Manufactured products
Energy and food drive the recent fall in inflation
Impr
ove
the
mac
rofra
mew
ork
9
Source: Brazilian Ministry of Economics, CEIC, Chinese Ministry of Finance, IMF, OECD Analytical database, OECD Economic Outlook 96 database and World Bank.
Public deficit and debt are still high…. Progress at central government; vulnerability at sub-federal
0 1 2 3 4 5 6 7 8 9
10 11
2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14
% of GDP A. Recent developments in India
States' fiscal deficit Central government's fiscal deficit
0
20
40
60
80
100
120
CHL CHN IDN TUR ZAF MEX BRA IND OECD
% of GDP B. General government debt in emerging countries, 2013 or latest year available
0
2
4
6
8
10
MEX CHN TUR IDN BRA CHL ZAF OECD IND
% of GDP C. General government deficit in emerging countries, year 2013 or latest year
Impr
ove
the
mac
rofra
mew
ork
10 1. Only subsidies recognised in the central government budget are shown. Oil subsidies, estimated at 0.8% of GDP in the central government budget in FY 2012/13, do not fully reflect the fiscal costs.
Source: CEIC, International Energy Agency 2011, World Health Organisation 2013.
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14
% of GDP A. India: government subsidies¹ as a % of GDP
other oil subsidies fertiliser subsidies food subsidies
0 2 4 6 8
10 12 14
Indonesia India Malaysia Viet Nam Thailand China Mexico South Africa
Colombia OECD countries
% of GDP B. General government expenditure on health
2012 2001
Structure of spending inefficient Energy subsidies are large & poorly targeted…
reduce subsidies; reorient to health to improve outcomes
Impr
ove
the
mac
rofra
mew
ork
11
1. Nearest available year. Source: OECD (2014), Health Database; World Bank (2014), World Development Indicators Database; and WHO (2014), Public Health and Environment Database.
83.2
82.5
82.1
82.1
81.5
81.3
81.0
81.0
81.0
80.7
80.2
78.9
78.7
76.5
75.6
75.2
75.2
74.8
74.6
74.4
74.2
74.1
73.7
70.7
70.3
70.2
66.4
66.3
56.1
0 20 40 60 80
100 120
Japa
n Sp
ain
Austr
alia
Fran
ce
Cana
da
Kore
a Ge
rman
y Ire
land
Unite
d King
dom
Gree
ce
OECD
Ch
ile
Unite
d Stat
es
Eston
ia Vi
et Na
m Ch
ina
Hung
ary
Malay
sia
Turke
y Me
xico
Thail
and
Sri L
anka
Br
azil
Indon
esia
Bang
lades
h Ru
ssian
Fed
. Pa
kistan
Ind
ia So
uth A
frica
A. Life expectancy at birth 2012 ¹ 1970 ¹
0
10
20
30
40
50
60
70
1990 1995 2000 2005 2010
% B. Rural population with access to improved sanitation
China India Indonesia South Africa Brazil
0
5
10
15
Russ
ian F
ed.
Germ
any
Austr
alia
OECD
Fr
ance
Un
ited K
ingdo
m Ca
nada
Un
ited S
tates
Ja
pan
Mexic
o Ko
rea
Braz
il Ch
ile
Turke
y Ch
ina
Malay
sia
Viet
Nam
Philip
pines
Pa
kistan
So
uth A
frica
India
Sri L
anka
My
anma
r Th
ailan
d Ba
nglad
esh
Indon
esia
Camb
odia
Per 1 000 persons C. Number of doctors and nurses
2012 or latest year available
Doctors Nurses
Health and well-being … opportunity for vast improvement
Impr
ove
the
mac
rofra
mew
ork
12
1. 2007-12 average. 2. For Chile, data refer to years 2007-09. 3. For Israel, Luxembourg, New Zealand and Switzerland, data refer to years 2007-11. Source: Indian Ministry of finance and OECD tax database.
0
2
4
6
8
10
12
0
2
4
6
8
10
12
0 5 10 15 20 25 30 35 40 45
Average tax revenue to GDP
Average tax revenue to GDP
Average corporate income tax rate
CHL²
SVK IRL
POL HUN
CHE
CZE
EST
SVN
GRC
AUT
DNK
KOR
NLD
FIN
ISR³
OECD
SWE GBR
PRT
NOR
ITA
LUX
CAN AUS NZL
ESP
DEU BEL
IND
FRA USA
JPN ISL
High corporate income tax but low revenue… Implement a broad national value-added tax (GST)
Impr
ove
the
mac
rofra
mew
ork
13 1. In percentage of gross advances. The NPL ratio is the ratio between the value of non-performing loans (NPL) and the total value of the loan portfolio. 2. The Capital to risk-weighted assets ratio (CRAR) is equal to the capital of the bank divided by aggregated assets weighted for credit risk, market risk and operational risk. Source: IMF Financial Soundness Indicators database and Reserve Bank of India.
0
4
8
12
16
Total Public sector Private sector Foreign
% B. Distressed assets are concentrated in public sector banks¹, March 2014
Gross non-performing assets Restructured loans
70% of assets
0.0
0.5
1.0
1.5
2.0
0
5
10
15
20
Public sector Private sector Foreign
% % C. Public sector banks, accounting for 70% of assets, are underperforming, March 2013
Capital assets ratio (LHS)² Return on assets (RHS)
Banks are in poor shape Strengthen bank supervision; reduce bad loans
0 2 4 6 8 10
0 5
10 15 20 25
India
Braz
il
China
South
Afric
a
Philip
pines
Turke
y
Malay
sia
Colom
bia
Indon
esia
Arge
ntina
% % A. Soundness and profitability are low
2014 Q3 or latest available data Regulatory capital to risk-weighted assets Return on assets (RHS)
Impr
ove
the
mac
rofra
mew
ork
14 2.. Or latest available figures. Source: India Ministry of Commerce and Trade, Reserve Bank of India, OECD - International trade and balance of payments database, OECD - National accounts database, Bank for International Settlements and IMF Balance of Payments Statistics.
External Financial Vulnerability… in abeyance for now, but potential concern
0
20
40
60
80
100
120
POL ZAF TUR MEX IDN BRA RUS CHN IND
% of GDP Gross foreign liabilities are low…but
2014Q3² 2007
0
10
20
30
40
50
60
70
TUR IND POL MEX RUS IDN CHN BRA ZAF
% Debt accounts for a large share of gross foreign liabilities
2014Q3² 2007
60% is short term
Impr
ove
the
mac
rofra
mew
ork
Manufacturing is key for future growth and jobs: The contribution of manufacturing to GDP growth has been low
MFG
: The
sym
ptom
s
0
1
2
3
4
5
6
7
8
9
1981-1985 1986-1990 1991-1995 1996-2000 2001-2005 2006-2010 2011-2013 2012-13 new series
%
Services have contributed the most to economic growth Average annual GDP growth
Services Industry non manufacturing Manufacturing Agriculture
- 40
- 30
- 20
- 10
0
10
20
30
- 40
- 30
- 20
- 10
0
10
20
30
rural urban
Change in millions Change in millions Employment by activity, 2005-12
Agriculture Construction Manufacturing Services and white-collar Total
…same applies for job creation M
FG:T
he s
ympt
oms
India has a comparative advantage in few manufacturing sectors
0
1
2
3
4
5
6
7
8
India Brazil China Indonesia South Africa Thailand Vietnam
Number of RCAs
India has a comparative advantage only in a small number of manufacturing sectors
Services Manufacturing
MFG
: The
sym
ptom
s
The few manufacturing jobs created are in the organised sector but mostly informal
-1.00
0.00
1.00
2.00
3.00
4.00
5.00
6.00
Formal Informal Total Formal Informal Total
Change in millions
Job creation in the manufacturing sector over the period 2005-2012
Organised Unorganised
MFG
:The
sym
ptom
s
0
10
20
30
40
50
60
70
80
90
100
Austr
ia
Belgi
um
Braz
il
Czec
h Rep
ublic
Denm
ark
Eston
ia
Finlan
d
Fran
ce
Germ
any
Hung
ary
Irelan
d
Italy
Nethe
rland
s
Norw
ay
Polan
d
Portu
gal
Slov
ak R
epub
lic
Slov
enia
Spain
Swed
en
Turke
y (1)
Unite
d King
dom
Aver
age O
ECD
(2)
India
% of employees by firm size (2010)
20+ 10-19 1-9
Indian manufacturing firms tend to stay small M
FG:T
he s
ympt
oms
Productivity in smaller firms is low
0
200
400
600
800
1 000
1 200
1 400
0
200
400
600
800
1 000
1 200
1 400
Unor
ganis
ed
secto
r 0-14
15-1
9
20-2
9
30-4
9
50-9
9
100-
199
200-
499
500-
999
1000
-199
9
2000
-499
9
5000
+
Orga
nised
se
ctor
Value added per worker Value added per worker
Number of employees
MFG
:The
sym
ptom
s
Manufacturing is capital intensive, …
Food
, bev
erag
es an
d tob
acco
Texti
le an
d app
arel
Leath
er an
d foo
twea
r
Woo
d pro
ducts
Pape
r and
ing
Coke
, refi
ned p
etrole
um an
d nuc
lear f
uel
Chem
icals
Rubb
er an
d plas
tics
Non-
metal
lic m
inera
l pro
ducts
Basic
and f
abric
ated m
etals
Mach
inery
and e
quipm
ent, n
ec¹
Elec
trical
and o
ptica
l equ
ipmen
t
Tran
spor
t equ
ipmen
t
Manu
factur
ing ne
c¹, re
cycli
ng
Total
Man
ufactu
ring
Thousands of USD PPP Thousands of USD PPP Capital per worker in the manufacturing sector
China Indonesia India 1,050
100
50
0
1,050
100
50
0
MFG
:The
sym
ptom
s
… and comparatively skill intensive
0%
5%
10%
15%
20%
25%
0%
5%
10%
15%
20%
25%
Food
, bev
erag
es an
d tob
acco
Texti
les an
d tex
tile
Leath
er, le
ather
and f
ootw
ear
Woo
d and
of w
ood a
nd co
rk
Pulp,
pape
r, pap
er, pr
inting
and
publi
shing
Coke
, refi
ned p
etrole
um an
d nuc
lear
fuel
Chem
icals
and c
hemi
cal
Rubb
er an
d plas
tics
Othe
r non
-meta
llic m
inera
l
Basic
meta
ls an
d fab
ricate
d meta
l
Mach
inery,
nec¹
Elec
trical
and o
ptica
l equ
ipmen
t
Tran
spor
t equ
ipmen
t
Manu
factur
ing ne
c¹, re
cycli
ng
Total
Man
ufactu
ring
Contribution of high skilled workers² to value added by sector
CHN IDN IND
MFG
:The
sym
ptom
s
0
1
2
3
4
5
6
USA
CAN
GBR
NZL
HUN
CHE
IRL
AUS
JPN
EST
SVK
MEX
ESP
OECD
IS
L GR
C BE
L DN
K AU
T PO
L EU
TUR
NOR
LUX
KOR
ISR
FIN
SVN ITA
SW
E CH
L FR
A DE
U NL
D CZ
E PR
T
BRA
ZAF
RUS
CHN
IND
IDN
OECD indicator of employment protection legislation for regular employment
Relatively stringent labour regulations M
FG: T
he b
ottle
neck
s
The tax wedge on labour is low for small firms but relatively high for large ones
0
5
10
15
20
25
30
35
40
0
5
10
15
20
25
30
35
40
India unorganised
Indonesia¹ South Africa India organised²
Brazil China BIICS³ OECD
% of income % of income
Components of the tax wedge in 2010 for a single individual with no children
Income tax Employee Social Security Contribution Employer Social Security Contribution
MFG
: The
bot
tlene
cks
Education: Learning outcomes are low
0
100
200
300
400
500
600
700
0
100
200
300
400
500
600
700
Hima
chal
Prad
esh-
India
Tami
l Nad
u-Ind
ia
Braz
il
Hong
Kon
g-Ch
ina
Indon
esia
Maca
o-Ch
ina
Russ
ia
Shan
ghai-
China
OECD
Ave
rage
PISA results
Reading Mathematics Science
MFG
: The
bot
tlene
cks
0
1
2
3
4
5
6
7
0
1
2
3
4
5
6
7
DEU
FRA
CHE
NLD
GBR
JPN
ESP
KOR
CAN
LUX
USA
AUT
ISL
AUS
BEL
SWE
FIN
PRT
DNK
ITA
IRL
NZL
NOR
SVN
GRC
CZE
EST
CHL
TUR
HUN
MEX
SVK
POL
RUS
CHN
IDN
ZAF
BRA
IND
World competitiveness indicator - Infrastructure score
Poor infrastructure M
FG: T
he b
ottle
neck
s
Complex business environment – e.g. the bankruptcy law, …
OECD
ARG
AUS AUT BEL
BRA
CAN
CHL
CHN
COL
CZE
DNK
EST
FIN
FRA
DEU
GRC HUN
ISL
IND
IDN
IRL
ISR ITA
JPN
KOR
LUX
MEX
NLD
NZL
NOR
POL
PRT
RUS
SVK SVN
ZAF
ESP
SWE
CHE
TUR
GBR
USA
0
20
40
60
80
100
0
20
40
60
80
100
0 1 2 3 4 5 Years to resolve insolvency
Recovery rate (cents on the dollar)
MFG
: The
bot
tlene
cks
…a complex tax system
0 50
100 150 200 250 300 350 400 450 500
Unite
d King
dom
Cana
da
Fran
ce
Unite
d Stat
es
Russ
ia
South
Afric
a
Colom
bia
Germ
any
Indon
esia
Italy
Japa
n
China
Arge
ntina
Braz
il²
Hours per year A. Time to comply with taxes for small and medium-sized enterprises¹
Consumption tax Labour tax Corporate income tax
736
490
1374
Indi
a
MFG
: The
bot
tlene
cks
Ø Reduce barriers to formal employment by introducing a simpler and more flexible labour law which does not discriminate by size of enterprise.
Ø Continue improving access to education, especially at the secondary level, and better focus on the quality of education. Provide better and earlier vocational training.
Ø In the infrastructure sector, impose clear timelines, rationalise documentation, and implement single-window clearance.
Ø Continue improving the business environment and opening up the economy.
Ø Implement swiftly the GST, streamline special tax regimes
Key recommendations M
FG: T
he p
olic
y re
com
men
datio
ns
Raising the low female participation can boost inclusive growth: FLFP lowest among BRIICs
25
35
45
55
65
75
85
25
35
45
55
65
75
85
1990 1993 1996 1999 2002 2005 2008 2011
% % A. Female labour force participation rate in BRIICS BRA CHN IDN IND ZAF
0
10
20
30
40
50
60
0
10
20
30
40
50
60
RUS CHN OECD average ZAF BRA IDN IND
% % B. Gap in male-female labour force participation rate
Female labour force participation indicators
1. Data refer to working age population (15 to 64 years). The gap is male minus female participation rate. Source: ILO, Economically Active Population, Estimates and Projections (6th edition, October 2011).
FLFP
: the
puz
zle
Regional differences are large, rural participation higher than urban
Female labour force participation¹ by state in 2012
Data refer to working age population (15 to 64 years). Source: NSSO, Employment and Unemployment Survey, 68th round.
0
10
20
30
40
50
60
70
80
0
10
20
30
40
50
60
70
80
Biha
r Da
man &
Diu
Assa
m De
lhi
Harya
na
Uttar
Pra
desh
Jh
arkh
and
D &
N Ha
veli
Laks
hadw
eep
Chan
digar
h Or
issa
Wes
t Ben
gal
Pond
icher
ry Go
a Ma
dhya
Pra
desh
Pu
njab
Jamm
u & K
ashm
ir Tr
ipura
Gu
jarat
Kera
la A
& N
Islan
ds
Karn
ataka
Ma
nipur
Ut
taran
chal
Rajas
than
Maha
rastr
a Ta
mil N
adu
Arun
acha
l Pra
desh
Na
galan
d An
dhra
Pra
desh
Ch
attisg
arh
Mizo
ram
Megh
alaya
Hi
mach
al Pr
ades
h Si
kkim
% %
FLFP
:who
wor
ks a
nd w
here
?
Women are paid less than men- reservation wage?
0
20
40
60
80
100
Illiter
ate
Liter
ate
Prim
ary
Midd
le
Seco
ndar
y
Grad
uate
% Female wages as share of male – urban 2012
Manufacturing
Services
0
20
40
60
80
100
Illiter
ate
Liter
ate
Prim
ary
Midd
le
Seco
ndar
y
Grad
uate
% Female wages as share of male – rural 2012
Manufacturing Services
Source: NSSO, Employment and Unemployment Survey, Round no. 68.
FLFP
:who
wor
ks a
nd w
here
?
Female participation declines with education…
Source: NSSO, Employment and Unemployment Survey, Rounds no. 55, 61, 66 and 68.
0
10
20
30
40
50
60
70
0
10
20
30
40
50
60
70
Illiter
ate
Liter
ate
Prim
ary
Midd
le
Seco
ndar
y
Grad
uate
% % LFPR by education - urban
2000 2005 2010 2012
0
10
20
30
40
50
60
70
0
10
20
30
40
50
60
70
Illiter
ate
Liter
ate
Prim
ary
Midd
le
Seco
ndar
y
Grad
uate
% % LFPR by education - rural
2000 2005 2010 2012
FLFP
:who
wor
ks a
nd w
here
?
…and family income -necessity, socioeconomic factors, status?
Source: NSSO, Employment and Unemployment Survey, Rounds no. 55, 61, 66 and 68. MPCE quintiles
0
10
20
30
40
50
60
0
10
20
30
40
50
60
1 2 3 4 5
% % A. LFPR by MPCE quintiles - urban
2000 2005 2010 2012
0
10
20
30
40
50
60
0
10
20
30
40
50
60
1 2 3 4 5
% % B. LFPR by MPCE quintiles - rural
2000 2005 2010 2012
FLFP
:who
wor
ks a
nd w
here
?
• Personal characteristics: education (-), HH income (-), marriage (-), small children (-)
• Cultural – religion, social class (-) • Access to finance, bank account (+) esp. in rural
areas • Infrastructure and security, time available for
work outside (+) in rural areas (water, electricity) • Activation policies - NREG large positive • Similar to others findings: Klasen-Peters, Eswaran
et al.
Socioeconomic factors dominate as determinants in regressions:
FLFP
: Why
?
• One study (Agenor 2015 forthcoming) estimated that growth can be about 2 percentage points higher in the long run if more women work in India
Raising participation can boost growth substantially
FLFP
: Gro
wth
pot
entia
l
• Extend female political quotas to state and national parliaments to overcome social and cultural barriers
• Reinforce existing equality frameworks: Enhance implementation of gender-related laws
• Modernise labour laws to ensure equal work opportunities for women.
• Expand secondary and higher education for women and skills training for female entrepreneurs.
• Expand public awareness campaigns on gender equality especially in states with low participation
Key recommendations to raise female labour force participation
FLFP
: Key
pol
icy
reco
mm
enda
tions
1. Switch subsidy spending to physical infrastructure and to more effective and targeted social programme
2. Implement a broad national value-added tax (GST) 3. Strengthen bank supervision and reduce bad loans 4. Introduce simpler, more flexible labour law to cover more workers 5. Extend female quotas to state and national parliament and
strengthen the implementation of gender-related laws 6. Increase public spending on preventive and primary health care,
especially in rural areas and urban slums
In sum, OECD India Survey 2014 Key Recommendations:
41
Ø Many policies are interlinked Ø Structural reform and Federalism
Ø Federal level reform of labour, land, women, health takes time.
Ø Allow state-by-state experimentation to develop data and experience, and guide policy
Ø Beware of federal consolidation without local commitments
Ø Promote transparency of local budget and limit local bond authority.
Challenges and Opportunities along the reform path
42
More information…
data visualization tool
OECD Economic Surveys: India 2014
• More info [email protected]
www.oecd.org/eco/surveys/economic-survey-india.htm
OECD OECD Economics
Disclaimers: The statistical data for Israel are supplied by and under the responsibility of the relevant Israeli authorities. The use of such data by the OECD is without prejudice to the status of the Golan Heights, East Jerusalem and Israeli settlements in the West Bank under the terms of international law. This document and any map included herein are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area.