Amid strong outlook for U.S. economy, risks abound
Mr. Angel Gurría, Secretary-General of the OECD, will be in Washington on 6-7 June 2018 to present the 2018 OECD Economic Survey of the United States.While in Washington, the Secretary-General will hold bilateral meetings with several US high level officials.
We are living through a moment of great complexity. International realities are increasingly affecting domestic outcomes, while at the same time traditional ‘domestic’ policies are having impacts beyond national borders.
I am delighted to join you at this Second Summit of the Global Commission on the Economy and Climate to discuss the opportunities and challenges for accelerating the better climate, better growth agenda.
The latest OECD Interim Economic Outlook forecasts show a welcome continuation of the broad-based expansion with global GDP growth around 4% this year and next.
The latest OECD Interim Economic Outlook forecast global GDP growth to increase from around 3% last year to just over 3½% this year and next. Supported by policy stimulus, growth performance has been strong in the first half of the year and more synchronised across the world. Argentina, Brazil and Russia are returning to growth.
Latest indicators of rising business confidence and industrial production are welcome. However, we have been here before over the past five years and left “Waiting for Godot” – for the recovery that never comes. There are reasons to be more optimistic this time around. But we have not yet decisively escaped the low-growth trap. Growth in productivity and wages remains lackluster. Inequality and political tensions are high.
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This country note from Going for Growth 2017 for the United States identifies and assesses progress made on key reforms to boost long-term growth, improve competitiveness and productivity and create jobs.
In the United States, the most watched indicator of productivity (nonfarm business productivity growth) decelerated about ¾ percentage point from 2009 to 2014 relative to the preceding 5-year period.
With the global economy mired in low-growth and no signs of strong acceleration, a lot of attention has been paid to the meagre pace of productivity growth in OECD countries.