I am delighted to welcome leaders and experts in competition policy from so many different countries. This is one of the OECD’s most important Fora. Let me congratulate Frederic Jenny, the Chairman of the OECD Committee on Competition for keeping the OECD at the forefront of competition policy efforts.
Over the next two days, you will be focusing on a wide range of issues, from sustainable finance, efficient capital allocation, the quality of shareholder engagement, and long-term thinking in the investment chain. All these issues lie at the heart of the OECD’s efforts to create fairer, more sustainable and more inclusive economies.
The global economy is now growing at its fastest pace since 2010, with the upturn becoming increasingly synchronised across countries.
The good news is that the global economy is gaining momentum. Global growth is accelerating from 3.1% in 2016 to a projected 3.6% this year and 3.7% next year. Over the past couple of quarters global GDP has actually been growing even faster than this, at an annualised rate of over 4%.
It is my great honour to welcome and introduce Beata Szydlo, Prime Minister of Poland. The Prime Minister will share with us today her views about fostering inclusive and dynamic growth in Poland through a whole-of-government approach – the Strategy for Responsible Development.
The ocean is our new economic frontier. It is vital for our well-being, for sustainable development and for our planet. The ocean holds great resource wealth and potential for boosting economic growth, employment and innovation.
What a necessary discussion: improving the effectiveness and efficiency of our public sectors! Of course we need to make them more inclusive, more green, more dynamic, more innovative. This is crucial to deliver the recovery and tackle climate change but also to win back our lost treasure: the trust of our people.
Nearly a decade after the worst economic crisis in living memory, our countries may finally be escaping the low-growth trap. Global growth is projected to rise from 3% in 2016 to 3.5% this year, and to 3.7% next year, with the upturn increasingly synchronised across the world. This is welcome news, but there is definitely no room for complacency.
I want to focus on the urgent and systemic issue of climate change, which is more than just an environmental problem. Just two days ago, the 2017 Lancet Countdown report was released, showing that climate change is already a critical public health issue, one disproportionately affecting the most vulnerable as well as those least responsible for anthropogenic warming.
There is no single factor that can explain the rise of protectionism in the US, Brexit, Catalan separatism and the strength of populist parties in the Netherlands, France, Italy, Germany, Austria and other countries.