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The economic recovery is slowly gathering pace. Yet, rates of investment have been falling over the past decade and in many advanced countries are at historically low levels.
The pace of recovery in the major advanced economies has improved this year and growth in China appears to have passed a trough, but growth prospects now look weaker in several major emerging economies. A sustainable recovery is not yet firmly established and important risks remain.
We need to design a new vision, a new agenda and a unique post-2015 framework addressing economic, social and environmental challenges in a more integrated manner, said Angel Gurría, OECD Secretary-General and Erik Solheim, Chairman of the OECD Development Assistance Committee.
Growth rates in the major advanced economies picked up in the first half of 2013 and should be maintained through the second half of the year. Activity is expanding at an encouraging pace in North America, Japan and the United Kingdom, while the euro area as a whole is no longer in recession.
There is no simple remedy for fixing the post-crisis global economy. But three key ingredients for sustainable long-term growth are jobs, equality and trust, said OECD Secretary-General in Washington.
The past five years of global economic slowdown and the persisting political uncertainties had a tremendous impact on the economic and social situation and the prospects of the people in the Arab Countries in Transition. Promoting SMEs and supporting women economic participation will be crucial in the region, said OECD Secretary-General.
The current political deadlock in the United States is needlessly putting at risk the stability and growth not only of the US but also the world economy. This comes at a time when a fragile recovery in advanced economies was underway, and when a number of emerging economies were already facing new risks.
Governments need to put together the optimal policy mix to eliminate emissions from fossil fuels in the second half of the century. Cherry-picking a few easy measures will not do the trick. There has to be progress on every front, notably with respect to carbon pricing, and that is what peer review and learning from best practice should help achieve, said OECD Secretary-General.
We have opened a new gold-mine of knowledge that will be crucial for policy-makers to succeed in their efforts to improve education systems and tackle unemployment effectively. Let me share with you some of our main conclusions and recommendations.
Today, the region’s economic outlook is rather promising, but they should be no cause for complacency as Africa is still facing multiple economic and social challenges.