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Many countries are facing the scourge of slow growth and rising inequality in income and opportunities. They risk being trapped in a vicious circle that could lead to weaker economic performance and greater exclusion. To avoid this, policy action is needed.
Inequality is a multi-dimensional challenge, it goes beyond income and it affects the wellbeing of our people. We need a multidisciplinary policy response and that’s what the Inclusive Growth initiative that we are launching in the OECD will provide.
Although the recovery is strengthening in advanced economies, the growth engine of the world economy is still not firing on all 4 cylinders: high unemployment and widespread underemployment hold back demand; investment is below its long-term trend - so is international trade; and credit to the private sector has been flat in several countries of the G20.
Addressing the G20 progress in the tax field, namely work on the automatic exchange of information and the Base Erosion and Profit Shifting project.
The structural reform recommendations the OECD puts forward today offer governments practical ways to boost productivity, lift growth, create jobs and avoid the low-growth trap, Mr Gurría said.
It is my great honour and pleasure to welcome Chancellor Merkel to the OECD to discuss Germany’s challenges and its role in the world economy, said OECD Secretary-General.
After five years of work at every level to correct the fiscal, financial and external imbalances that led to the crisis, and to reinforce fiscal and financial institutions, the Euro Area is beginning to show signs of recovery. But, despite these positive signs, growth is still weak and uneven.
Finland has been hit hard by the global crisis, mainly through a sharp fall in exports, and the recovery is still hesitant. Bold action is needed to find new sources of growth, regain competitiveness, ensure sound public finances, and preserve the Finnish welfare model, Mr Gurría said.
We need to fight distortions to competition that can arise from tax avoidance, just like we do from other forms of government intervention, such as regulation, said OECD Secretary-General.
OECD Secretary-General Angel Gurría delivered remarks during a session organised at the European Commission in honour of Mr. Enrique V. Iglesias, Secretary General of SEGIB.