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Economic policy can achieve results only if policy makers – and the voters to whom they are accountable – know what is happening to the economy. Understanding the economy as a whole depends on the available statistics. So economic statistics shape policy and events, and the most closely watched measure is the growth of gross domestic product (GDP).
The Russian Federation has placed the challenge of finding a path to sustainable, balanced and job-rich growth at the heart of its G20 presidency. Here's how the OECD is contributing.
As humans, we face a constant internal conflict between immediate gratification and more prudent living. This conflict is also apparent in society. How can we ensure that the homo economicus within us takes the decisions that best affect our lives, and economies?
Old ways of thinking won’t bring developed countries back to economic life. Weighed down by the legacy of the crisis, they also face deep challenges like a faltering labour supply and slowing innovation. And growth itself won’t be enough–it must also be stable, inclusive and green. The need for structural reforms has never been greater, but they will require difficult trade-offs.
Have the policy errors that contributed to the global economic crisis been rectified? Sharan Burrow shares her vision for building trust and restoring confidence in the countries still suffering from the crisis.
The forces driving Asia’s rapid growth–new technology, globalisation, and market-oriented reform–are also fuelling rising inequality. Some income divergence is inevitable in times of fast economic development, but that shouldn’t make for complacency, especially in the face of rising inequality in people’s opportunities to develop their human capital and income-earning capacity.
Austerity programmes to restore order to public finances can add to the woes of already struggling economies, leading to more job losses and social hardship. But there are ways for governments to put their fiscal houses in order, while supporting growth and reducing income inequality at the same time.
by Charles Jenkins, Writer, Commentator and former Director of Western Europe Country Analysis, Economist Intelligence Unit, London. The EU’s crisis has as much to do with leadership and solidarity as resolving fiscal and debt problems. It is time to dispense with caricatures and write the next chapter in the EU’s ongoing history. And for that, clear and transparent data will be needed.
“Having left the most difficult years of the global crisis behind, […] Turkey is one of the countries which has managed to put its economy back on the path to strong growth in a short period of time.” Ali Babacan, Deputy Prime Minister for Economic and Financial Affairs of Turkey, and Chairman of the OECD Ministerial Council Meeting 2012 explains.
The economic crisis has led to a surge in government deficits and pushed public indebtedness to 100% of GDP for the OECD as a whole in 2011. New research shows that bringing debt down to prudent levels will require sustained fiscal consolidation in most OECD countries.