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Supported by substantial stimulus measures, the US economy has started to grow again after the economic crisis but Mr. Gurría argued that efficient spending would be key to strenghten public finances. In this respect, the recent health-care reform, which includes measures to reduce the growth in health-care spending, is an important landmark, Mr. Gurría stated.
At the heart of the crisis are failures of financial regulation, of supervision, of risk management and of corporate governance.
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Speech of Mr. Angel Gurría, OECD Secretary-General
In his remarks Angel Gurría noted that the civil and political liberties enjoyed by South Africans are to a great extent thwarted by the burdens of joblessness, poverty, insecurity and poor education. The only way to meet the economic and social objectives of the government and the people of South Africa is to make better use of the country’s abundant resources, both human and physical, to promote and sustain faster growth.
In his remarks Angel Gurría noted that key short-term task is to consolidate the emergence from recession. Looking further out, a key challenge is to make better use of South Africa’s abundant resources, both human and physical. Although growth performance has improved, South Africa stands out as having achieved no convergence on OECD average GDP per capita since 1994. The substantial civil and political liberties enjoyed in South
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
Speaking at a conference in Berlin, Angel Gurría says that a new architecture of financial reform together with sustainable fiscal consolidation strategies, structural reforms and efforts to explore new sources of growth will be essential to build a stronger, cleaner and fairer world economy.
In this interview for the German radio Deutschlandfunk, Angel Gurría warns that delays are threatening the stability of the international financial system and could spread the crisis to other countries.