At the G20 summit in London on 2 April 2009, governments pledged to do all they can to restore confidence, growth and jobs; repair and strengthen the financial system; promote global trade and investment and reject protectionism; and build an inclusive, green and sustainable recovery for all. The OECD worked with G20 governments and other international organisations to help achieve this successful outcome and further our common mission to build a stronger, cleaner, fairer world economy.
Key OECD data, analysis and recommendations submitted to the G20 in view of the summit, as well as back up references on the economic outlook and international policy instruments and standards, are available below. So are the G20 documents that mention OECD work.
For our more recent contributions to the G20, visit www.oecd.org/g20
Key OECD contributions to the London Summit:
Finance, competition and governance: strategies to phase out emergency measures
An overview of strategies to withdraw from emergency financial measures implemented by governments, such as loans, guarantees and nationalisation.This paper argues that crisis measures cannot be divorced from thinking about “exit strategies”. To be credible, policies dealing with the crisis must promote long-term goals, the report says.
OECD Economic Outlook: interim update
Economic activity is expected to plummet by an average 4.3% in the OECD area in 2009 while by end-2010 unemployment in many countries will reach double digits for the first time in over a decade. The OECD Economic Outlook comes out four times a year, with main reports in December and June, and brief interim updates in March and September. The latest update provides country-by-country outlooks for OECD member countries and the largest emerging economies–China, India, Brazil and Russia. A special focus examines the policies required for a sustained recovery.
Strategies for aligning stimulus measures with long-term growth
How effective are the stimulus packages introduced by OECD countries? This report examines up-to-date data on the stimulus packages introduced by OECD countries and major emerging economies. It includes recommendations on how packages could help achieve both short and long-term economic, social and environmental benefits, including low-carbon growth.
Building trust and confidence in international investment
This new report is based on the work of the countries involved in the OECD’s “Freedom of Investment” initiative, which together represent four fifths of the world economy. It calls on countries to remain vigilant and monitor the risk of discriminatory policies and new forms of protectionism which may emerge as a result of the crisis.
Keeping markets open in times of crisis
The risks of trade and investment protectionism rise in times of crisis, yet countries must resist pressures to close off trade and investment flows that are badly needed to bolster activity. Trade and international investment cannot by themselves bring about a recovery, but as this policy brief warns, they are crucial for sustaining long-term development.
Competition and the financial crisis
An analysis of the role of competition policy in financial rescue and restructuring, including state aid and nationalisation of banks. The paper looks at the potential negative long-term effect of relaxing competition policy and stresses the importance of better co-operation and co-ordination among competition authorities and regulators.
Development aid reaches a record high in 2008
In 2008, total net official development assistance (ODA) flows from OECD Development Assistance Committee (DAC) countries rose by 10.2% in real terms to $119.8 billion. This is the highest annual aid figure ever recorded, representing 0.3% of members’ combined gross national income. But there is no room for complacency and developed countries must ensure that foreign aid does not fall victim to difficult budgetary choices.
Following the G20 meeting, the OECD provided a detailed report on progress by financial centres around the world towards implementation of an internationally agreed standard on exchange of information for tax purposes. This responds to the pledge in the communiqué to “take action against non-cooperative jurisdictions” and to end bank secrecy as part of an effort to protect public finances and financial systems. See the main issues by clicking here.
A global standard for a stronger, cleaner, fairer economy? An audit of international policy tools
The OECD and four other global institutions – the International Labour Organization, the International Monetary Fund, the World Bank and the World Trade Organization–have recently joined forces to bring together the far-reaching and comprehensive set of policy rules that they have developed over decades of experience into a single, accessible and coherent inventory. This will be an important aid in promoting a new global consensus on the underlying key values and principles of sustainable growth, which ranks highly on the G20 agenda.
G7 and G20 documents that mention OECD work