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Trade policies need to be embodied in effective structural policies to turn potential opportunities into real gains. This is why the OECD so strongly supports the Australian G20 Presidency efforts to better reflect trade and investment as essential elements of a strong, balanced and sustainable framework for growth, jobs, and development, said OECD Secretary-General Angel Gurría.
Since the start of the crisis, a growing number of OECD countries have been reporting declining inward and outward FDI, a phenomenon that could be described as ‘investment de-globalisation’. Governments must take immediate and vigorous action to reverse such trends by removing unnecessary barriers and complexities that hinder investment, said OECD Secretary-General.
A good produced in the European Union and exported to the United States may include raw materials from China, Australia, and Malaysia, and it may use services from Japan, Canada, and India. Goods and services are no longer produced in one country and sold to consumers in a second country; production is fragmented around the world and components are traded across borders multiple times.
It is a great pleasure to welcome you to the OECD, and to be here with you to discuss the challenge of financing infrastructure in Africa.
This year’s Outlook offers good news. It confirms that globally, production of most agricultural commodities increased in 2013 following the effects of adverse weather conditions a year earlier. But more importantly, it suggests that production will continue to grow to meet the demands of rising populations and higher incomes.
The results of this first-ever assessment are a true call for action. We need to step up our global and common efforts to better identify the financial literacy needs of 15-year-olds and explore ways to improve this essential life skill, warned OECD Secretary-General.
Portugal’s economy appears to be turning the corner. We expect growth of 1.1% this year and 1.4% in 2015, broadly in line with government projections. Unemployment is starting to decline, exports are booming and the public debt is being gradually brought under control. To cement this improving scenario, it is important to maintain the reform agenda, and to continue to address the high levels of corporate debt and public debt.
Based on recent trends, many middle-income countries are not growing fast enough to reach average income levels in the OECD countries by 2050. This includes several lower middle-income countries – such as India, Indonesia and Viet Nam – but also countries in the upper middle-income bracket, such as Brazil, Colombia, Mexico, and South Africa, said OECD Secretary-General.
Angus Maddison was a “chiffrephile”, whose work enabled us to understand the world we live in through economic history. He believed that numbers sharpened debate. Quantification, he wrote, “is more readily contestable and likely to be contested.”, underlined OECD Secretary-General.
We live in an interconnected world and, more often than not, the solutions to our most pressing challenges are also interconnected. This is the beauty of development: you can look at what others did and adopt or adapt the best of it. There is no copyright on good policy, said OECD Secretary-General.