Statement by Secretary-General Angel Gurría at the occasion of the OECD-WB Conference on challenges and policies for promoting inclusive growth, 24-25 March 2011 at OECD, Paris.
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This paper depicts the rapid development and transformation of the Chinese economy so far and discusses how to sustain vigorous and inclusive growth.
The world economy continues to recover but there is still a considerable dispersion in performance across countries and regions. Dynamic economies, led by China and India, are expected to expand at over 7 percent in both 2011 and 2012. In contrast, OECD countries will expand by only 2.3 percent in 2011 and 2.8 percent in 2012.
As a result of reforms and financial sector development, the People’s Bank of China (PBoC) now exerts significant control over money market interest rates.
Turkey is recovering from its most severe recession in several decades.
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This chapter discusses the size of current consolidation requirements and the pace at which budget positions should be strengthened in the context of a set of macroeconomic projections to 2025.
Large shifts in countries’ external current account positions can be disruptive, often reflecting sudden stops in the flows of external finance and leading to exchange rate and banking crises.
“Simply stabilizing debt relative to GDP in most countries will require a historical consolidation effort of anywhere from 6 to 9% of GDP (...) But in fact, even more is needed to bring debt back to sustainable levels.” said OECD Secretary-General Angel Gurría.
This paper presents a simulation model of the main budget aggregates of federal, provincial and territorial governments in Canada. It also contains an analysis of the cyclicality of Canadian governments’ fiscal policies between 1984 and 2007.