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Speeches / Presentations
Angel Gurría, Secretary-General of the OECD congratulated the newly elected President of Indonesia, Joko Widodo, for taking a bold first step in his economic reform agenda by substantially cutting fuel subsidies.
Statement made by the Secretary-General during session 1 of the Leader's Summit in Brisbane.
“Life is full of alternatives but no choice.” G20 leaders at the summit in Brisbane, Australia, in November should reflect on these words by Australian writer Patrick White, a Nobel Laureate, as they prepare their economic strategies for the years to come.
The G20 needs to go structural, social, and green! With fiscal and monetary policy room nearly exhausted, structural reforms are the best choices, sometimes the only choice. The OECD battle cry in this regard has been unchanged since 2008: “go structural!”.
Because the OECD is not only a “Global Standard Setter and a house for best practices”. It is also a pathfinder for effective implementation and we will be very proud to share our experience and expertise with APEC member economies and their business circles to develop innovative ideas and practical tools for competitive economies and inclusive societies!
We are here today to provide you with a brief snapshot of our forthcoming Economic Outlook. The complete Outlook will be finalised for a release on the 25th of November, but we would like to share with you our main views ahead of the G20 Summit next week in Brisbane.
In the past year, Slovakia has made considerable progress in recovering its economic dynamism. GDP is set to grow by 2.6% in 2014 and 2.8% in 2015, double the rate of 2013. We estimate that the rate of economic expansion will increase further in 2016 to reach 3.4%. Slovakia’s real GDP per capita is now further ahead of pre-crisis levels – than in any other Eurozone country.
Slovakia’s growth performance has improved, but there is still a lot to get growth back to pre-crisis rates, and to ensure all regions and segments of society can benefit. The country is still facing worryingly high levels of unemployment, which peaked at 14% in 2013. Two-thirds of those without jobs were affected by long-term unemployment.
Portugal is recovering, with important reforms now bearing fruit. Fiscal consolidation has made Portugal’s public finances stronger. Portugal has gained access to market funding at lower rates than most of us would have imagined two years ago. Despite many improvements, Portugal’s recovery remains a work in progress.
The downturn in fixed investment among advanced economies from the onset of the global crisis was unusually severe, widespread and long-lasting relative to comparable episodes in the past and investment gaps are set to remain large relative to projected future long-term trends.