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More balanced and higher long-term growth calls for strengthened external competitiveness and greater private saving through adjustments in macroeconomic policy and ambitious labour market and educational reforms.
Composite leading indicators (CLIs) point to an easing of economic activity in most major OECD economies and a more marked slowdown in most major non-OECD economies.
Europe is putting in place a new system of fiscal rules following the euro area sovereign debt crisis and decades of rising government to debt-to-GDP ratios. These include the so-called "six pack" to upgrade the Stability and Growth Pact to a new Treaty incorporating the "fiscal compact".
The Spanish economy experienced significantly weaker labour productivity growth than other OECD economies and failed to catch up with the most advanced economies in the period 1996-2007. In recent years labour productivity growth has accelerated, but this recovery is likely to be due to cyclical and temporary factors.
The United States should do more to foster innovation and provide more equitable access to high-quality education in order to maintain its status as the world's most vibrant and productive economy, according to OECD's latest Economic Survey of the United States.
Canada has weathered the global economic crisis comparatively well but will have to become more productive to sustain its high standard of living, according to OECD’s latest Economic Survey of Canada.
Quarterly Gross Domestic Product (GDP) in the G20 area grew 0.8% in the first quarter of 2012 compared with 0.7% in the fourth quarter of 2011, according to preliminary estimates. This small pick-up in aggregate G20 GDP growth still masks diverging patterns among the world's largest economies however.
Composite leading indicators (CLIs), designed to anticipate turning points in economic activity relative to trend continue to point to divergence between economies.
Korea, which has had the highest growth rate of greenhouse gas emissions in the OECD area since 1990, adopted an ambitious Green Growth Strategy in 2009.
Annual inflation in the OECD area slowed to 2.5% in the year to April 2012, compared with 2.7% in the year to March 2012.