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At the heart of the crisis are failures of financial regulation, of supervision, of risk management and of corporate governance.
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G20 countries need to keep up the momentum of structural economic reform in order to boost confidence and job creation, OECD Secretary-General Angel Gurria tells G20 leaders.
Speaking at the launch of the Perspectives on Global Development 2010, Angel Gurría says that the centre of economic gravity is moving from West to East, from the industrialised economies to the large developing economies, particularly China and India. The latest forecasts anticipate that emerging and developing economies will account for nearly 60% of world GDP by 2030.
Governments and central banks have implemented wide-ranging support packages in response to the global crisis. Discretionary fiscal measures, coupled with cyclical revenue losses and expenditure hikes, have resulted in a sharp increase in budget deficits, which are projected to peak at 8¼ per cent of GDP in the OECD area as a whole in 2010. How to get out of this dangerous spiral? How can we address this challenge while at the same
The data and a range of other indicators of the crisis and its aftermath can be found in the OECD’s Factbook 2010, an annual digest of economic, social and environmental statistics.
Are the policies that governments have put in place to stabilise the global economy and restore growth sowing the seeds for a new economic crisis? While more welfare spending and easier credit can temporarily help to shore up economic activity, they could in the medium term make the problems that caused the current crisis worse, argues William White, chair of the OECD’s Economic Development and Review Committee.
Speaking at a conference in Berlin, Angel Gurría says that a new architecture of financial reform together with sustainable fiscal consolidation strategies, structural reforms and efforts to explore new sources of growth will be essential to build a stronger, cleaner and fairer world economy.
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OECD' Secretary-General welcomes the fiscal consolidation plan and loan package agreed by the Greek government, its Euro area partners and the International Monetary Fund.