After five years of work at every level to correct the fiscal, financial and external imbalances that led to the crisis, and to reinforce fiscal and financial institutions, the Euro Area is beginning to show signs of recovery. But, despite these positive signs, growth is still weak and uneven.
Finland has been hit hard by the global crisis, mainly through a sharp fall in exports, and the recovery is still hesitant. Bold action is needed to find new sources of growth, regain competitiveness, ensure sound public finances, and preserve the Finnish welfare model, Mr Gurría said.
OECD Secretary-General Angel Gurría strongly supports President François Hollande’s recently announced measures to revitalise the French economy and set it on a path towards stronger growth.
Despite the slowdown of the world economy, Russia has continued to grow. Most importantly, your macroeconomic house is basically in order, with inflation largely under control, public finances close to balance, and a current account surplus. But growth must become sustainable and fair through the implementation of the right policy mix, said OECD Secretary-General.
With the right policies, narrower socio-economic divides and higher levels of well-being are well within Israel’s reach. Raising educational standards and encouraging employment, maintaining sound monetary policy and a responsible fiscal trajectory, pressing on with structural reforms that encourage innovation, competition and creativity – these are all central to achieving sustained, inclusive growth.
The government and citizens of Greece continue their arduous efforts to put the economy back on a sustainable path, despite seemingly insurmountable challenges. The implementation of reforms is key to getting through this tough period and ultimately equipping people with the tools they will need to share the benefits of growth, said OECD Secretary-General.
In Europe, the two most pressing structural policy priorities that must be addressed are the challenge of unemployment and the restoration the health of euro area banks, said OECD Secretary-General in Brussels.
The recovery of the global economy is progressing at a moderate and uneven pace and unemployment is expected to remain high, said OECD Secretary-General.
Chile has sound macroeconomic practices that have won the confidence of investors, and these must now be cast within a context of long-term public policies, said OECD Secretary-General.
We are launching today our sixth Economic Survey of Brazil. Today Brazil has one of the world’s largest economies. Its economic growth has been reasonable, even though the global economy is still facing the problems created by the financial crisis and its recovery has been hesitant and uneven.