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Annual inflation in the G20 area was 3.0% in the year to August 2013, down from 3.2% in the year to July 2013.
Real GDP in the OECD area increased by 0.5% in the second quarter of 2013, compared with 0.3% registered in the previous quarter.
There is no simple remedy for fixing the post-crisis global economy. But three key ingredients for sustainable long-term growth are jobs, equality and trust, said OECD Secretary-General in Washington.
Composite leading indicators (CLI) continue to signal improvements in growth in most major OECD countries with divergent patterns among large emerging economies.
The recent crisis has revealed large differences in external competitiveness between euro area member countries. Since nominal exchange rate devaluation is not an option for members of a currency area, governments in troubled member countries have been considering so-called fiscal devaluation, i.e. a shift from employers’ social security contribution to value added tax, as an alternative means to restore competitiveness.
This slowdown in the annual rate of inflation mainly reflects a sharp deceleration in energy price inflation, to 1.7% in the year to August.
Despite sustained efforts made in recent years to rein in budget deficits, a majority of OECD countries still face substantial fiscal consolidation needs. The choices made about which spending areas to curtail and which taxes to hike will have implications for near-term activity and long-term growth as well as for equity and the current account.
The NZ labour market is among the most flexible in the OECD, and outcomes for its young people have been among the best. However, labour-market opportunities are heavily determined by initial education, where New Zealand’s system is also successful and innovative in many ways.
This paper examines the heavily supported Swiss food and agriculture sector. It reviews some of the
key features and trends in the sector and reveals its low relative labour productivity in international comparison.
Ireland’s economy is now showing encouraging signs of recovery from the financial crisis, but more must be done to reinvigorate growth and create the jobs that will get the country back to full health, according to the OECD.