The European Union faces serious challenges today, with public finances in poor shape, weak long-term growth prospects and an unemployment level close to 10%. In this context, the regional policy can play a crucial role to unleash the growth potential of our economies, says OECD Secretary-General.
In his remarks for the launch of the Economic Survey of Sweden, Angel Gurría said that 'Sweden is recovering quickly and robustly from the crisis (...) in large part thanks to the sound macroeconomic and structural policies Sweden has pursued over the past couple of decades.'
In his remarks to "Making Reform Happen", Angel Gurría said that "well-designed and well-implemented reforms yield a triple dividend. They lift output and employment; they strengthen public budgets and they rebalance global demand."
Angel Gurría recalled the role played by the OECD Bologna Process and Charter and the "need to harness the potential of SMEs and entrepreneurs in the fight against unemployment, social exclusion and poverty" in his remarks to the “Bologna+10” High-level Meeting.
The OECD Secretary-General presents a report prepared for G20 Seoul Summit. The report is structured as follows. First, it elaborates on how the policy priorities identified in the OECD structural surveillance process and by G20 countries in their national policy templates would contribute to stronger growth, sounder public finances and more sustainable global imbalances. The Report then discusses options for strengthening the OECD
“Simply stabilizing debt relative to GDP in most countries will require a historical consolidation effort of anywhere from 6 to 9% of GDP (...) But in fact, even more is needed to bring debt back to sustainable levels.” said OECD Secretary-General Angel Gurría.
At the heart of the crisis are failures of financial regulation, of supervision, of risk management and of corporate governance.
G20 countries need to keep up the momentum of structural economic reform in order to boost confidence and job creation, OECD Secretary-General Angel Gurria tells G20 leaders.
Speaking at the launch of the Perspectives on Global Development 2010, Angel Gurría says that the centre of economic gravity is moving from West to East, from the industrialised economies to the large developing economies, particularly China and India. The latest forecasts anticipate that emerging and developing economies will account for nearly 60% of world GDP by 2030.
Governments and central banks have implemented wide-ranging support packages in response to the global crisis. Discretionary fiscal measures, coupled with cyclical revenue losses and expenditure hikes, have resulted in a sharp increase in budget deficits, which are projected to peak at 8¼ per cent of GDP in the OECD area as a whole in 2010. How to get out of this dangerous spiral? How can we address this challenge while at the same