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Germany’s track record is remarkable. Growth has been solid for years, and is set to remain so – we project 2.1 % growth this year and next. As a strong exporter of capital goods, Germany is benefitting from the global recovery of trade and investment. At 3.4% unemployment is at a record low – allowing real wages to grow and sustaining consumption.
It is a pleasure to be back at the Press Club to present the OECD’s 2018 Economic Survey of the United States.
Growth is back. We estimate GDP growth in G7 economies in 2017 to be around 2%, the highest since 2010. The unemployment rate is finally below the pre-crisis level at 6%.
I am pleased to report that our central scenario for the world economy is more favourable now than it has been for many years. Global GDP growth in 2018-19 will be close to 4%. This is similar to pre-crisis averages, but in per capita terms actually about half a percentage point better.
It is a pleasure to address the Montreal Council of Foreign Relations. The former OECD Secretary-General, Donald Johnston, was here almost twelve years ago (in 2006). His speech was about keeping up with competitiveness in an increasingly interconnected economy, at a time when the economic situation was profoundly different from today.
I am delighted to be back in Athens to launch the 2018 OECD Economic Survey of Greece. I would like to thank you Prime Minister for hosting us and for your government’s support throughout the preparation of this Survey, particularly the hands-on approach of Finance Minister, Euclid Tsakalotos, and Alternate Finance Minister, George Chouliarakis.