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Portugal is recovering, with important reforms now bearing fruit. Fiscal consolidation has made Portugal’s public finances stronger. Portugal has gained access to market funding at lower rates than most of us would have imagined two years ago. Despite many improvements, Portugal’s recovery remains a work in progress.
Transparency in tax is fundamental to healthy public finances and maintaining citizens’ trust in public and private institutions. Considerable progress at both the national and international levels has taken place.
The downturn in fixed investment among advanced economies from the onset of the global crisis was unusually severe, widespread and long-lasting relative to comparable episodes in the past and investment gaps are set to remain large relative to projected future long-term trends.
APEC economies are faring relatively well and China continues to be a locomotive for the world economy, even at a lower cruising speed. However, even those that are currently doing well cannot be completely sheltered from the storm. It is critical that we get the engine of global growth up and running once again.
La France est un cas particulier et a des atouts considérables qui peuvent étayer un redressement de sa croissance : le pays est notamment leader dans un certain nombre de secteurs à forte intensité technologique et a un système social très développé.
There is no long-term, robust growth without gender equality, a critical ingredient of any strategy for resilient and more inclusive growth. Investment in women boosts economic development, competitiveness, job creation and GDP.
Six years into the crisis and a robust recovery is still distant. The global economy is continuing to expand at a moderate and uneven pace. International trade, global investment and credit are still hesitant. The threat of so-called ‘secular stagnation’ remains high, especially in Europe.
As the target year of the Millennium Development Goals (MDGs) approaches, work on their successor framework is now well underway. In addition, 2015 will be a crucial year for the environment, and for our common future: the 21st Conference of the Parties (COP21) will convene in Paris in December with the aim of reaching a universal agreement to tackle climate change.
As a result of continued policy support and favourable financial conditions, global growth is expected to be somewhat more vigorous in the latter part of 2014 and into 2015. Nonetheless, the OECD’s recent Interim Assessment has revised growth projections downwards for most major economies as the recovery is turning out to be weaker than expected.
The OECD Secretary-General, Angel Gurria, congratulates Prime Minister Renzi on the passing by the Italian Senate of a bill enabling the government to elaborate a comprehensive reform of the labour market – the so-called Jobs Act.