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Policy makers must avoid the downside scenario of a major shock to the European and global financial systems. Europe has to mobilize its strengths, and put out the immediate fires associated with the spiraling banking and sovereign debt crisis, said OECD Secretary-General.
It is high time to Go Structural, said A. Gurría at the launch of the OECD Economic Outlook. Structural reforms are not only the short-term remedy left, but they also offer multiple dividends: they can help us unleash productivity, develop new sources of growth and rebuild confidence.
At the launch of the Economic Survey of Korea, A. Gurría. said the country needs to sustain strong economic growth while achieving social cohesion through a fair distribution of income.
The Great East Japan Earthquake took a heavy toll of human lives and inflicted a massive economic damage, estimated at 3½ per cent of GDP. This event requires considerable time and a nation-wide effort of reconstruction. This is the first component of Prime Minister Noda’s “Strategies to Revitalise Japan”, which we very much welcome and support, said OECD Secretary-General.
Throughout the global and European economic crisis, Poland has been the OECD’s champion in terms of cumulative real GDP growth. But Poland must continue to build on its past achievements and make further progress in areas where reforms are needed to sustain strong growth in the years to come.
Weak financial conditions, fiscal consolidation and economic adjustment are restricting demand in the short-term before the long-term benefits on stability and growth are felt, Mr Gurría said. Decisive action to restore confidence and support demand is needed now, he added.
Over the last four years we have lived and worked under the impact of the greatest economic crisis of our lifetimes. Recent actions in Europe have cleared a bit the fog but the confidence in the markets is still shaky and the long-term growth perspective of Europe is muted.
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Public debt in the OECD area passed annual GDP in 2011 and is still rising. This paper was prepared for the Reserve Bank of India Second International Research Conference 2012: “Monetary Policy, Sovereign Debt and Financial Stability: The New Trilemma”, 1-2 February, 2012 in Mumbai, India
Switzerland has made a broadly balanced recovery from the economic crisis, but slower activity in Europe and pressures on the Swiss franc weigh on the near-term outlook, according to the OECD Secretary-General.
Given current levels of uncertainty, it is quite a challenge to discuss the outlook for the global economy in the months to come. But I will take the risk, and share the OECD’s assessment of the forces shaping the near-term outlook, the risks surrounding our projections and the major policy challenges facing many OECD countries.