Global Value Chains (GVCs) are a dominant feature of the world economy that impact growth, jobs and development, but numerous challenges remain to ensure that all countries and all firms have the opportunity to participate and benefit.
A good produced in the European Union and exported to the United States may include raw materials from China, Australia, and Malaysia, and it may use services from Japan, Canada, and India. Goods and services are no longer produced in one country and sold to consumers in a second country; production is fragmented around the world and components are traded across borders multiple times.
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The ability to measure innovation is essential to an improvement strategy in education. This country note analyses how the practices are changing within classrooms and educational organisations and how teachers develop and use their pedagogical resources.
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PISA 2012 financial literacy results focusing on the performance of Australia amongst 17 other countries and economies who participated in the assessment: Belgium (Flemish Community), Shanghai-China, Colombia, Croatia, Czech Republic, Estonia, France, Israel, Italy, Latvia, New Zealand, Poland, Russia, Slovak Republic, Slovenia, Spain and the United States.
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Analysis for Australia from OECD trade facilitation indicators that identify areas where countries can improve border procedures, reduce trade costs, boost trade flows and reap greater benefits from international trade.
Australia has recently seen a slowdown in growth, with declining resource-sector investment, weak commodity prices and hesitant investment elsewhere in the economy, although the exchange-rate depreciation is helping the economy to adjust.
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.
Australia has weathered the global economic crisis relatively well and enjoyed robust growth in per capita income, fostered by favourable terms of trade and high employment rates. However, productivity gains have slowed in recent years and the level remains below that of leading OECD countries.
Mr. Angel Gurría, Secretary-General of the OECD, was in Sydney from 21 to 23 February 2014 to attend the G20 Finance Ministers and Central Bank Governors meetings. While in Sydney, the Secretary-General launched the 2014 OECD Going for Growth report, alongside Mr. Joseph Benedict "Joe" Hockey, Treasurer of Australia.