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Economic policy should be better designed to bring about more inclusive growth, ensuring that the benefits of increased prosperity are shared more evenly across society, according to a new report from the OECD and the World Bank.
The global economy is recovering, but confidence is extremely uneven across different regions, according to the OECD’s latest Economic Outlook. European governments must take greater action to ensure that the crisis in the euro area does not derail the recovery.
Composite leading indicators (CLIs), designed to anticipate turning points in economic activity relative to trend, point to regained momentum in the OECD area but with divergence between economies.
Consumer prices in the OECD area rose by 2.7% in the year to March 2012, compared with 2.8% in the year to February 2012.
Korea recovered faster and more vigorously from the global crisis than most OECD countries, but strong economic growth alone will not be enough to address the fundamental challenges posed by its rapidly ageing population and rising inequality, according to the latest Economic Survey of Korea.
The Great East Japan Earthquake took a heavy toll of human lives and inflicted a massive economic damage, estimated at 3½ per cent of GDP. This event requires considerable time and a nation-wide effort of reconstruction. This is the first component of Prime Minister Noda’s “Strategies to Revitalise Japan”, which we very much welcome and support, said OECD Secretary-General.
OECD area annual inflation was stable at 2.8% in the year to February, with diverging and offsetting movements in energy and food price inflation.
Poland has been a strong performer across the OECD through the global economic crisis, growing much faster than most other countries and making impressive steps toward reducing the income gap with its European Union partners, according to the OECD’s latest economic survey.
Euro area finance ministers meeting this week need to boost the firepower of the European stability funds to at least one trillion euros in order to restore market confidence, OECD Secretary-General Angel Gurría said today.
Swift action is needed to stabilise the Hungarian economy and put growth on a sound footing for a durable recovery, according to the latest Economic Survey of Hungary. Strengthening the credibility and predictability of domestic policies and undertaking much-needed fiscal consolidation will be key.