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As advanced economies struggle to consolidate recovery from the deepest financial crisis in modern times, promoting innovation becomes critically important to develop new products, new services, and new ways of doing thing, said OECD Secretary-General.
To tackle rising inequalities we need to reassess the way in which our economies grow. By placing inclusiveness at the heart of the growth debate we can open up opportunity so that every citizen can realise their potential, to contribute to, and benefit from, more equitable economic growth, said OECD Secretary-General.
Solving the long-term investment ‘puzzle’ must, by its very nature, be a joint effort between public and private sectors. Policymakers need to partner with institutional investors to find workable solutions, said OECD Secretary-General in Montreal.
New data collected by the World Health Organisation shows that outdoor air pollution kills over three and a half million people worldwide every year – far more than was previously estimated. Air pollution has now become the biggest environmental cause of premature death, overtaking poor sanitation and lack of clean drinking water, warned OECD Secretary-General at the International Transport Forum Summit.
Reliable, accessible transport infrastructure facilitates trade, and provides access to skills and jobs. Inadequate transport can concentrate poverty and entrench inequalities, said OECD Secretary-General at the International Transport Forum Summit.
We are talking about two very different regions, in historic, economic and social terms, but both regions are in great need of structural reforms and they can learn a lot from one another. In today’s globalised and increasingly interconnected world, the common challenges and threats we face demand common solutions.
Twenty years ago climate change was viewed as just an environmental issue. Today it is squarely an economic issue. Climate change poses significant risks to our economic systems that could result in very large damages. To mitigate these risks we need to radically transform our economies and societies to stop global warming.
Strong growth in emerging countries over much of the past decade has substantially boosted developing countries’ share of the global economy. In 2011, non-OECD countries accounted for more than 50% of the world’s GDP, expressed in purchasing power parities. The BRIICS alone accounted for about 30%, said OECD Secretary-General.
“Our experience has shown that reforms are usually enacted in times of crisis, as there may be no other option,” said OECD Secretary-General Angel Gurría during the Survey launch in Berlin. “However, reform processes should continue in good times. For Germany, this means that the country should act now to embark on a more inclusive and resilient growth path.”
The legacies of the crisis are having an impact in the growth prospects of our economies. According to OECD projections to 2060, growth will be mediocre and certainly lower than in the past, due to low investment, high unemployment and lower growth in emerging economies. This slow growth “new normal” is not, however, inevitable. Economic reforms to improve the productive capacities of our economies will be crucial.