Tackling the financial and economic crisis

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Last updated: 25 June 2009

The global economic crisis is affecting families and communities across the planet. Restoring stability, confidence and growth is the priority: the OECD is working with the world’s governments and other organisations to get economies moving again.

>> Our strategic response to the crisis

>> To help governments and other stakeholders respond to the global economic crisis, the OECD has launched an online collaborative platform to pool knowledge and facilitate exchange on education issues: educationtoday

State of the economy
	>> Our latest economic projections The slowdown in OECD economies is reaching the bottom following the deepest decline for more than 60 years, says the OECD’s latest Economic Outlook. But recovery is likely to be weak and fragile, and the economic and social damage caused by the crisis will be long-lasting.
Tax evasion
	>> OECD’s Gurría welcomes recent progress in moves to combat tax evasion Addressing a conference organised by the French and German governments in Berlin on the fight against tax fraud and evasion, OECD Secretary-General welcomed progress in implementing international standards of transparency and exchange of information for tax purposes. >> Read about OECD work on tax evasion
Pensions
	>> Crisis highlights the need for sweeping pension reforms Governments must continue reforms to ensure that public and private retirement income provision is socially as well as financially sustainable, according to the 2009 edition of the OECD’s biennial Pensions at a Glance. >> Frequently asked questions about the impact of crisis on pensions
Employment
	>> Unemployment in OECD countries to approach 10% in 2010 Governments should make efforts to help the most vulnerable by ensuring that financial safety nets are adequate for job losers and low-income families and making it a priority to tackle rising youth unemployment. >> Frequently asked questions about the impact of crisis on employment
Finance, business and the crisis
	>> Global downturn causes slump in cross-border investment Governments must resist adopting discriminatory policies that will undermine business confidence and delay economic revival. >> OECD work to improve the policies that affect business and markets >> Finance, competition and governance: Priorities for reform and strategies to phase-out emergency measures
Trade and agriculture
	>> The global downturn and trade With world trade volumes likely to shrink by as much as 13 percent in 2009 from 2008 levels, the OECD is urging governments to avoid protectionist measures and keep markets open in order to benefit from the recovery when it comes. >> Agriculture more resilient to global crisis than other sectors Because food is a basic necessity, the agriculture sector is showing more resilience than other industries.

Useful statistics
GDP growth rate for the years 2009 to 2010 in each OECD member country and in 10 non-member countries The latest edition of the Economic Outlook is the first in two years to see previous projections for economic growth revised upwards – most clearly for the large emerging economies and the United States – rather than downwards. (note: if the map does not display, please download the latest version of java)
The financial crisis in numbers Monthly updates: >> Composite leading indicators >> GDP >> Unemployment >> Inflation >> Trade Forecasts and historical data: >> GDP and spending >> Wages and unemployment >> Inflation >> Government deficits >> Savings >> Government spending and debt >> Household wealth and debt ... More statistics
Key publications	Articles
Innovation risks being hit hard by crisis How did the crisis happen? Jorgen Elmeskov, the OECD’s acting chief economist, looks at the causes and characteristics of the global economic downturn. Economic Survey of Italy (17/06/2009) Sustainable Manufacturing and Eco-innovation: Towards a Green Economy (08/06/2009) African Economic Outlook 2009 (11/05/2009) Economic Survey of France (28/04/2009) Private pensions and policy responses to the crisis (21/04/2009) Investment policies and economic crises: lessons from the past (21/04/2009) Economic Survey of New Zealand 2009: Macroeconomic adjustments in the current crisis (16/03/2009) Corporate governance and the crisis (17/03/2009) Macroeconomic consequences of banking crises in OECD countries (09/03/2009) Overcoming the Financial Crisis in the United States (25/02/2009) Financial Crises: Past lessons and policy implications (February 2009) >> More publications...	Special edition on the financial crisis
Statements and speeches
Moving forward on the global transparency and tax information exchange agenda Speech to tax conference in Berlin 23/06/2009 The crisis and its impact on cross border investment Speech to US Council for International Business 02/06/2009 Responding to the global economic crisis – OECD’s role in promoting open markets and job creation 21/05/2009 The "Global Standard” of the 21st Century 12/05/2009 Opening Remarks by Angel Gurría, OECD Secretary-General, at the Global Forum on Public Governance 4/05/2009 Statement by OECD Secretary-General to the International Monetary and Financial Committee 25/04/2009 Fast, decisive response needed to massive rise in unemployment, says OECD’s Gurria Speech at G8 Labour and Employment Ministerial meeting in Rome. 30/03/2009 Resist investment protectionism, countries meeting at OECD agree 30/03/2009 >> More speeches and statements ...
What the papers say
U.S. budget chief says signs of economic free-fall over Reuters, 18/05/2009 Global assets in private sector pensions fall 20% in a year Financial Times, 22/04/2009 OECD, World Bank warn of jobless jump, cut forecasts Bloomberg, 31/03/2009 G20: cleaning up the world economy The Guardian, 31/03/2009 OECD warns protectionism will worsen financial crisis Voice of America, 20/03/2009 OECD says world economy to shrink BBC News, 20/03/2009 France 24 video interview with OECD employment expert Stefano Scarpetta 20/02/2009 Spend big to combat recession Sky News, 11/02/2009 We must fight protectionism Forbes, 09/02/2009 5 world financial organisations to strengthen ties IHT, 06/02/2009 >> More articles...
Further reading: IMF World Bank African Development Bank European Commission ILO and the global job crisis G8 2009 Summit Permanent URL: www.oecd.org/crisisresponse