Portugal is recovering, with important reforms now bearing fruit. Fiscal consolidation has made Portugal’s public finances stronger. Portugal has gained access to market funding at lower rates than most of us would have imagined two years ago. Despite many improvements, Portugal’s recovery remains a work in progress.
The downturn in fixed investment among advanced economies from the onset of the global crisis was unusually severe, widespread and long-lasting relative to comparable episodes in the past and investment gaps are set to remain large relative to projected future long-term trends.
APEC economies are faring relatively well and China continues to be a locomotive for the world economy, even at a lower cruising speed. However, even those that are currently doing well cannot be completely sheltered from the storm. It is critical that we get the engine of global growth up and running once again.
Six years into the crisis and a robust recovery is still distant. The global economy is continuing to expand at a moderate and uneven pace. International trade, global investment and credit are still hesitant. The threat of so-called ‘secular stagnation’ remains high, especially in Europe.
As a result of continued policy support and favourable financial conditions, global growth is expected to be somewhat more vigorous in the latter part of 2014 and into 2015. Nonetheless, the OECD’s recent Interim Assessment has revised growth projections downwards for most major economies as the recovery is turning out to be weaker than expected.
This edition of the Forum is called “By Africa, For Africa”. The choice of title underscores the importance of African citizens, African companies and African governments as drivers of the development process. The OECD is here to listen, to engage, and to strengthen this unique partnership with Africa and its institutions.
The global economy is continuing to expand at a moderate and uneven pace. The tepid rate of growth means that a substantial degree of labour market slack remains, especially in the euro area, and world trade growth remains sluggish. The OECD has identified more than 980 structural reform commitments made by G20 members in their revised Growth Strategies.
La relación de la OCDE con América Latina sigue creciendo, junto con la importancia de la región en la economía internacional. La participación de los países latinoamericanos en nuestros comités, working groups e iniciativas es más fuerte que nunca.
The United States is doing better, but the legacies of the crisis are heavy and there is a lot of room for improvement. As we gradually exit the gravest crisis of our lifetimes, we have the unique opportunity to push forward reforms which will lead to sustainable, green growth and some inclusive societies, said OECD Secretary-General.
Over the past two decades, Canada has witnessed continued economic stability and progress despite the recent crisis that wreaked havoc in most other advanced economies. In fact, Canada has never had a banking crisis and has one of the highest levels of well-being, but challenges remain, said OECD Secretary-General.