The Seoul G20 Summit on 11-12 November 2010 continued to tackle the key issues addressed at previous Summits - development, global trade, balanced growth, financial sector reform, employment and social policies, taxation and the fight against corruption.
Since the launch of our Strategic Response to the Crisis in December 2008, the OECD has been supporting the G20 on issues including labour, investment, taxes, business ethics and trade finance.
OECD Statements and Reports in Seoul
G20 Statements and Documents in Seoul
Framework for sustainable growth
The economic policy challenges facing the G20 leaders were set out by the OECD in a study released ahead of the forthcoming Economic Outlook, as a follow-up to the G20 statement on a Framework for Strong, Sustainable and Balanced Growth.
Through its analysis and peer review process, the OECD has developed a comprehensive range of strategies to restore economic growth through structural reforms and innovation. The OECD is also looking at the effectiveness of the emergency stimulus measures, their impact on public finances and at how they can be unwound in the future.
Bolstering economic confidence requires an ethical and transparent climate for business and government and a level playing field for investment. It requires good governance, with coordinated initiatives to promote corporate responsibility and financial education, and to fight bribery and corruption.
Many countries are looking to "Green growth" that is sustainable and creates jobs as a way out of the crisis. The OECD has started working on a green growth strategy to promote clean technologies as a way both of reinforcing economic activity and of protecting the environment.
Innovation, the bedrock of a dynamic economy, will be crucial to achieving green growth. The OECD is looking at the conditions required to stimulate and maintain innovation – particularly in science and technology. Results will be developed into an innovation strategy.
Key reports and statements
Open markets play a pivotal role in supporting growth and job creation, says a new joint report by the OECD, the ILO, the World Bank and the WTO. But, it adds, trade opening must be complemented by properly designed domestic policies, including employment and social protection policies to ensure that benefits from trade are widely shared.
G20 leaders must remain vigilant against the risk that tensions over current account imbalances could slow investment or degenerate into a protectionist spiral. In their fourth joint report to the G20, the OECD and UNCTAD find that most new investment measures taken from mid-May to mid-October by governments were aimed at facilitating and encouraging investment flows.
OECD countries need to create 17 million jobs to get employment levels back to where they were before the crisis. The OECD’s Employment Outlook 2009 argues for a co-ordinated policy response to the crisis by reinforcing social safety nets and enhancing activation policies such as training and job search assistance.
Youth unemployment is set to keep rising in the months ahead. The OECD says more needs to be done to help young people find work and avoid falling into a “lost generation”.
The November 2008 G20 Summit gave strong political impetus to tackling tax evasion. Since then more than 90 Tax Information Exchange Agreements have been signed by countries and jurisdictions. The OECD is at the forefront of the fight against harmful tax practices and has been charged with monitoring progress and carrying out reviews of the countries and jurisdictions comprising its Global Forum on Taxation.
» Latest Progress Report against international tax evasion
» Secretary-General's statement to G20: An Update on the Move to r Transparency and International Cooperation in Tax Matters, Secretary-General's statement to G20 in Pittsburgh
Fossil fuel subsidies
Under the Korean G20 Presidency, the IEA, OECD, OPEC and World Bank were requested to prepare a report on fossil fuel subsidies for the November 2010 G-20 summit meeting in Seoul, Republic of Korea. This work extends the analysis of an earlier Joint Report on fossil fuel subsidies that had been prepared by the IEA, OECD, OPEC and World Bank and presented to the G-20 Toronto Summit. The latest joint report includes data on fossil fuel consumption subsidies for 2009 and provides a road map for phasing out fossil fuel subsidies.
New analysis by the OECD based on data from the IEA estimates that ending fossil fuel subsidies could cut global greenhouse gas emissions by 10% from the levels they would otherwise reach in 2050 under “business as usual.” It argues that governments must fight the temptation to exempt certain energy-intensive industries from full compliance with carbon pricing scheme.
The OECD monitors development aid and helps design policies to ensure it is effective in relieving poverty and in making developing economies more resilient.
» Read: Action Plan by major donors to support poor countries during the crisis.
G20 and G8 documents that reference OECD work
Further reading about the G20: