The German job market has weathered the crisis well, said OECD Secretary-General Angel Gurría. Presenting the Economic Survey of Germany in Berlin, he said structural reforms were needed to ensure the sustainability of public finances and of long term growth. Stimulating domestic investment would help reduce the current account surplus, he added.
Eine auf Innovation, Bildung und mehr Wettbewerb im Binnenmarkt gestützte Wirtschaftspolitik kann Deutschland zu einer stärkeren und ausgeglicheneren Wirtschaft führen. Die Arbeitsmarktpolitik sollte nun den Weg für nötige Strukturanpassungen bereiten, die Fiskalpolitik braucht eine spezifische Exit-Strategie und muss sich in den kommenden Jahren auf die Konsolidierung der öffentlichen Haushalte konzentrieren.
In a speech given in Beijing, Angel Gurría recommended that China boost public spending on social infrastructure, including education, health, pensions and social assistance, in order to reduce inequalities, and suggested a more flexible exchange rate regime to avoid looming inflationary pressures.
China’s economy has outperformed all expectations, both over the long haul and, more recently, during the global Great Recession. But structural reforms are still needed in a number of areas such as increased social spending to improve living standards over the longer run, according to the OECD Secretary-General.
Speaking at the China development forum, Mr Gurría said that the world is now emerging from the deepest recession since the 1930s but he added that OECD countries need to face the challenge of ensuring that a strong, jobs-rich recovery takes hold and that potential growth can be restored and maintained over the longer term.
In his remarks to the Central Bank of Greece, Mr. Gurría offered the OECD support, expertise, and policy experience to help Greece modernise its economy and put it on a path of sustained growth.
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.
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.