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The road ahead will not be easy, though: financial market concerns about sovereign debt are extending to a growing number of countries and now they threaten to include Belgium. Thus fiscal sustainability and higher growth are the backbone of our main recommendations in this Survey. With a public debt at 97% of GDP, a renewed and sustained effort to prefund ageing costs is needed, including revisiting intergovernmental prefunding
Austria should seize the opportunity provided by its robust, export-led recovery to strengthen spending reforms and reinforce domestic drivers of economic growth, said Angel Gurría.
What individuals know and can do has a profound impact on the competitiveness, productivity and social cohesion of their countries. But most importantly it has an impact on the quality of their lives; on their achievements and self-fulfilment, according to OECD Secretary-General Angel Gurría.
Austria has always been a remarkable ally to the OECD. It was one of the Organisation’s 19 founding members. It has been a pathfinder in many policy areas and it played a key role in our 50th Anniversary celebrations, said Angel Gurría.
The OECD @ 50 strives to improve the prospects of growth and welfare in Member and partner countries, encourages civic participation and equality of opportunities, and seeks to realign the economy with the environment, said Angel Gurría.
Governments must ensure that employment services and training programmes are effective in matching people to existing jobs. They should also rebalance employment protection towards temporary workers; consider reducing taxes on labour; and promote work-sharing arrangements that can minimise employment losses during downturns.
Countries must boost international co-operation as they redesign their tax systems to meet future revenue needs and economic competitiveness challenges, said OECD Secretary-General Angel Gurría.
The centre of economic gravity is moving from the advanced to the large emerging economies, particularly Brazil, China and India. For many years, OECD countries accounted for around 70% of global GDP. Today, this share has shrunk to around 60% and it is set to fall further.
The Internet is a driver of innovation, improves efficiency, and thus contributes to growth and employment. This high-level meeting is a unique opportunity to strengthen global principles to create a reliable, resilient and innovative Internet environment.
Combating bribery and corruption has become a top global priority, and it is central to our mission. We need to enhance our anti-corruption efforts, strengthen their coherence and improve cooperation with other important actors, like the legal profession practitioners, said Angel Gurría.