经合组织经济调查：卢森堡2025

April 2025Volume 2025/9 OECD Economic Surveys:Luxembourg2025 This document, as well as any data and map included herein, are without prejudice to the status of or sovereignty overany territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area. The statistical data for Israel are supplied by and under the responsibility of the relevant Israeli authorities. The use ofsuch data by the OECD is without prejudice to the status of the Golan Heights, East Jerusalem and Israeli settlements inthe West Bank under the terms of international law. Note by the Republic of Türkiye The information in this document with reference to “Cyprus” relates to the southern part of the Island. There is no singleauthority representing both Turkish and Greek Cypriot people on the Island. Türkiye recognises the Turkish Republic ofNorthern Cyprus (TRNC). Until a lasting and equitable solution is found within the context of the United Nations, Türkiyeshall preserve its position concerning the “Cyprus issue”. Note by all the European Union Member States of the OECD and the European UnionThe Republic of Cyprus is recognised by all members of the United Nations with the exception of Türkiye. Theinformation in this document relates to the area under the effective control of the Government of the Republic of Cyprus. ISBN 978-92-64-91894-8 (print)ISBN 978-92-64-84268-7 (PDF)ISBN 978-92-64-84963-1 (HTML) OECD Economic SurveysISSN 0376-6438 (print)ISSN 1609-7513 (online) OECD Economic Surveys: LuxembourgISSN 1995-3720 (print)ISSN 1999-0782 (online) Photo credits:Cover © Sabino Parente/Shutterstock.com. Chapter 1 © George Trumpeter/Shutterstock.com.Chapter 2 © MSMStudio/Shutterstock.com. Chapter 3 © Roaming Pictures/Shutterstock.com. Chapter 4 © Gorodenkoff/Shutterstock.com. Corrigenda to OECD publications may be found at: https://www.oecd.org/en/publications/support/corrigenda.html.© OECD 2025 Attribution 4.0 International (CC BY 4.0) This work is made available under the Creative Commons Attribution 4.0 International licence. By using this work, you accept to be bound by the terms of this licence(https://creativecommons.org/licenses/by/4.0/).Attribution– you must cite the work.Translations– you must cite the original work, identify changes to the original and add the following text:In the event of any discrepancy between the original work and thetranslation, only the text of original work should be considered valid.Adaptations– you must cite the original work and add the following text:This is an adaptation of an original work by the OECD. The opinions expressed and arguments employed inthis adaptation should not be reported as representing the official views of the OECD or of its Member countries.Third-party material– the licence does not apply to third-party material in the work. If using such material, you are responsible for obtaining permission from the third party and forany claims of infringement.You must not use the OECD logo, visual identity or cover image without express permission or suggest the OECD endorses your use of the work.Any dispute arising under this licence shall be settled by arbitration in accordance with the Permanent Court of Arbitration (PCA) Arbitration Rules 2012. The seat of arbitration shallbe Paris (France). The number of arbitrators shall be one. Foreword This Economic Survey was prepared byCyrille SchwellnusandSimone Romano, under the supervision ofSebastianBarnes. Research assistance was provided byDamien Azzopardiand editorial support byJean-Rémi BertrandandLaura Fortin. This Survey is published under the responsibility of the Economic and Development Review Committee of the OECD.The Committee discussed thedraft Survey on28 January 2025. The cut-off date for data used in the Survey is17thFebruary2025. Information about this and previous Surveys and more information about how Surveys are prepared is available athttps://www.oecd.org/en/topics/economic-surveys.html. Table of contents 3 Foreword Executivesummary 1Promoting a strong and sustainable recovery16 1.1. The recovery is underway171.2. The financial sector remains robust despite weaker measured activity231.3. Fiscal managementis sound, but expenditure pressures are rising261.4. Improving housing affordability401.5. Continuing to strengthen the anti-corruption framework431.6. Macroeconomic policy developments and challenges: Recommendations46References47 2Securing the pension system for future generations49 2.1. Introduction502.2.Luxembourg’s public pension system faces major challenges502.3. Comprehensive pension reform is required using a range of levers552.4. Ensuring the sustainability of the pension system: Recommendations60References61 3Managing the green transition 3.1. Luxembourg has reduced emissions, but further efforts are needed to meet climate targets643.2. Transitioning from private to public transport683.3. Curbing the reliance on internal combustion engine