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Provisional estimates show that quarterly gross domestic product (GDP) in the OECD area fell by 0.2% in the fourth quarter of 2012, after a 0.3% increase in the previous quarter. This is the first contraction of GDP in the OECD area since the very sharp decline in the first quarter of 2009 (minus 2.3%).
The OECD continues its work to improve the effectiveness of automatic exchange of information as a compliance tool and to ensure that the information exchanged will remain secure and confidential, said Angel Gurría, OECD Secretary-General.
In his remarks to G20 Finance Ministers, OECD Secretary-General explained that we need decisive economic measures on the supply side that can boost confidence - the touchstone of all our efforts - and can tip the scales towards an upside growth scenario relative to the downside risks.
The OECD has much to offer to the G20 and can help the Presidency to deliver concrete and meaningful outcomes on the issue of financing for investment, said Angel Gurría, OECD Secretary-General.
In his remarks, Angel Gurría noted that this new issue of Going for Growth comes at a time when the likelihood of worst-case economic scenarios has receded but the road to a strong and balanced recovery is still fraught with many challenges.
Structural reforms offer governments a powerful tool to boost economic growth, create jobs and bring about a strong and balanced economic recovery, according to the OECD’s latest Going for Growth report.
In his remarks, OECD Secretary-General answers the three following questions: Where is growth going to come from? How sustainable will it be? Who is going to benefit from it?
Fostering sustainable and inclusive growth requires restoring public finances, along with measures to enhance workforce skills and further structural reforms of welfare, land-use planning, innovation and environmental policies.
Restoring fiscal sustainability remains a priority. But at the same time the seeds of future growth must be carefully sewn, said Angel Gurría at the launch of the 2013 OECD Economic Survey of the United Kingdom.
In this paper we examine whether past labour market reforms aiming at reducing the rate of unemployment have raised its long-run volatility.