The socio-economic repercussions of the current crisis will largely exceed what we saw in 2008 and 2009. Border and business closures bring service and industrial sub-sectors to a halt or into supply chain difficulties. In most economies, the sectors most directly affected account for 30 to 40 percent of total output.
G20 Leaders convened last week to make a strong and urgent call for increased cooperation to address the unprecedented challenge of COVID-19. We estimate the loss in annual GDP growth in 2020 at 2 ppt. per month of confinement. Many economies are heading into recession.
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The coronavirus pandemic is causing large-scale loss of life and severe human suffering. It is a public health crisis without precedent in living memory, which is testing our collective capacity to respond.
Over one-third of people in OECD countries are financially insecure. This means that they would be at risk of falling into poverty if they had to forgo three months of their income. Add to this the 12% of people in OECD countries already living in relative income poverty, and you have nearly half the population living precariously.
As we roll up our sleeves to fight the global environmental crisis and protect out planet, let’s make sure women’s voices are heard by mainstreaming gender into environmental policies and empowering women to engage in environmental policymaking and management.
In policymaking, we hear the word “system” all the time. The economic system. The education system. The financial system. The political system. The social system… However, we rarely hear the word system attached to the word “approach”.
It is now widely accepted that strong competition contributes to a country’s competitiveness and economic growth. Well-documented benefits of competition include lower prices, higher productivity, more innovation and job creation, and in some cases, more responsible business conduct.
Our discussions with MPs from around the globe are an important highlight in our yearly agendas. Through this dialogue with Parliamentarians, we are able to better connect with society, with different regions and constituencies. We are able to go to a more granular level.
It’s great to see so much expertise gathered around the table. It is crucial to discuss how to design housing policies with stakeholders from Committees, Delegations and experts from OECD and academia. Your contributions and expertise are critical for shaping this project.
Joblessness of the young is a particular challenge. The OECD has estimated that in G20 countries 218 million young people aged 15 to 29 are neither in employment nor in education or training. This perpetuates a vicious cycle of exclusion resulting in wasted talent, lower aggregate productivity growth and even greater inequalities.