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The economy is adjusting to the post mining-boom era. Long-term prosperity requires macroeconomic policy settings and structural reforms to focus on ensuring a successful rebalancing of economic activity towards non-resource sectors.
Leaders of the G20 countries meeting at their Summit in Brisbane, Australia, have called on the OECD and IMF to monitor their commitment to boost economic growth and create jobs.
Mr. Angel Gurría was in Brisbane to attend the G20 Leaders' Summit on 15-16 November. Prior to the Summit, the Secretary-General attended a G20 Finance Ministers Meeting, as well as L20 and B20 meetings.
The world economy is still suffering from the strains of the longest crisis of modern times, and nowhere is this more evident than in the high unemployment numbers. In this OECD Observer Roundtable, we asked a cross-section of ministers: “What actions are you taking to create more and better jobs in your economy?”
Each G20 presidency faces its own challenges. A presidency must respond to global economic conditions, it must build on previous work, and it must seize opportunities to progress with reforms where members can reach consensus.
Over the past few years we have witnessed some challenging times. When Australia took the reins of the G20 presidency nearly a year ago, the global economy was still recovering from one of the most severe recessions of modern times.
The G20 needs to go structural, social, and green! With fiscal and monetary policy room nearly exhausted, structural reforms are the best choices, sometimes the only choice. The OECD battle cry in this regard has been unchanged since 2008: “go structural!”.
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According to a new OECD report, variation in rates of health care activity between geographic areas within a country may be a cause for concern. Wide variation suggests that whether or not patients receive a particular health service depends on the region where they live within a country.
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Unemployment in Australia rose to a 12-year high in July of 6.4% (seasonally adjusted). While the short-term impact of the global financial crisis had been comparatively modest, the unemployment rate has been increasing steadily over the past two years (by 1.2 percentage points since July 2012), driven by declines in mining investment and slower growth in China.
Since the start of the crisis, a growing number of OECD countries have been reporting declining inward and outward FDI, a phenomenon that could be described as ‘investment de-globalisation’. Governments must take immediate and vigorous action to reverse such trends by removing unnecessary barriers and complexities that hinder investment, said OECD Secretary-General.