The global economic crisis is entering a new phase amid signs of a return to positive growth in many countries. But unemployment is likely to remain high and much still needs to be done to underpin a durable recovery. The OECD is working with the world’s governments and other organisations to get economies moving again.
Spotlight
Jobs: OECD urges completion of Doha trade round to boost growth, employment
Addressing the U.S. Export-Import Bank’s annual conference, OECD Secretary-General Angel Gurría called for new efforts to unblock the Doha Development Agenda trade talks in order to liberalise trade, stimulate business activity and boost jobs. President Obama, addressing the same conference, announced a National Export Initiative and congratulated Mr. Gurría for his leadership of the OECD.
State of the economy
Economics: Action on jobs, competition and taxes must replace crisis management
The latest Going for Growth finds that prudential banking regulation can be toughened without undermining competition and says that governments should resist allowing current financial sector reform proposals to be watered down. The recession has eroded the potential output of OECD economies over the medium term. The report estimates a permanent GDP loss of 3 percent on average across these countries.
Following the Pittsburgh G20 Summit, OECD Employment Ministers met to discuss ways to help workers and low income households weather the storm of the crisis.
The global economic crisis and recent tax evasion scandals have spurred calls for fairness and transparency of the tax system. Removing practices that facilitate tax evasion is part of a broader drive to clean up one of the more controversial sides of a globalised economy.
Ministers from 40 countries, representing 80% of the world economy, discussed the crisis at the OECD's annual ministerial meeting in June, ahead of the G8 Summit. OECD countries and other leading economies are looking to "Green growth" as the way forward out of the current crisis.
>> Green growth
Innovation
The key to restoring long-term growth is our ability to innovate. By investing smart, governments can buffer the downturn, accelerate recovery and lay the foundation for strong and sustainable growth.
>> Innovation and the crisis
>> E-government
Across the OECD area, the number of men in employment has fallen by 3% during the recession; among women, the decline is just a tenth of that, or 0.3%.
