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Speeches / Presentations
Remarks by Pier Carlo Padoan at the release of the 2010 edition Of Going For Growth on March 10, 2010
U.S. President Barack Obama’s plan to separate core commercial banking from some higher-risk activities in financial conglomerates and to place a moratorium on further consolidation could help to avoid a new financial crisis by resolving some major risks inherent to the current financial system.
Israel’s economy has shown resilience during the global recession, but more active education and employment policies – particularly targeted at minority groups – are needed to bolster its economic performance and bridge deep divisions within its society, according to Angel Gurría.
Israel has weathered the recent recession very well and the policy responses have been appropriate. Nevertheless, long-term fiscal sustainability needs to be reinforced by bringing down public debt and the fruits of economic growth should be better redistributed to low-income households, said the OECD Secretary-General during his presentation of the report to the Prime Minister Netanyahu.
As a region with strong trade, investment, migration and financial links with the rest of the world, Latin America has not escaped the global crisis and its GDP is expected to contract between 1.5% and 2% in 2009, according to the OECD Secretary-General.
In vista de sus fuertes vínculos comerciales, de inversión, de migración y financieros con el resto del mundo, América Latina no se ha escapado de la crisis global y se espera una contracción del PIB de la región de entre 1.5% y 2% en 2009, segun el Secretario general de la OCDE.
At the OECD-India Symposium, M. Gurría explained that the recovery in India should continue to gain momentum and growth exceed 6% in the current fiscal year. In 2010, growth should rise above 7%, which is amongst the fastest projected growth rates globally.
Japan is one of the countries hardest-hit by the crisis. We now see signs of a recovery in Japan, thanks to large-scale fiscal stimulus and accommodative measures by the Bank of Japan. But the great challenge today is to move from a policy-based recovery to self-sustained growth.
A year ahead of Korea chairing the next G20 Summit, Mr. Gurría described in Seoul the “cocktail” of strategy, policies and framework conditions that will enable economies to harness new sources of economic growth, prevent environmental degradation and enhance the quality of life.
Following the severe contraction of the Irish economy, Gurría indicated that stabilising the financial system, tackling unemployment, and raising competitiveness will be the main economic challenges for Ireland.