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Southeast Asia has been experiencing sustained growth for 15 years and according to our “2014 Economic Outlook of Southeast Asia”, growth in the region will average 5.4% per year between 2014 and 2018. However, the region is still facing important challenges, particularly for maintaining its impressive momentum, and transforming its economies to reach higher levels of development and inclusiveness.
After six long years of pain and fear, the major advanced economies are finally building momentum. While two of the four cylinders of the global economy’s growth engine – credit growth and emerging market activity – are still running below full speed, there are encouraging signs that the other two, trade and investment, are finally warming up.
This crisis should be a game-changer. It is time to imagine a new type of growth that is focused on the wellbeing of people, on the benefits of equitable societies, on the trade-offs and complementarities of different policies in favour of human progress, said OECD Secretary-General at the opening of the OECD Forum 2014.
To help contribute to the region’s integration process, to promote sustainable growth and strengthen institutional capacities, members of the OECD are launching tomorrow an ambitious and comprehensive Southeast Asia Regional Programme. It will enrich our won policy debates and recommendations, as we gain a better understanding of the region’s unique perspectives and experiences, it vibrancy, its dynamism, its resolve and its success.
Strengthening the balance sheets of banks and households can benefit the economy as a whole. Sharpening innovation policy can contribute to advancing the country’s competitive edge in key sectors. And improving urban and territorial policy can help ensure that Dutch cities maximise their potential in terms of productivity and lifting living standards across the country, said OECD Secretary-General.
UN Secretary General Ban Ki Moon and OECD Secretary-General Angel Gurría joined President Peña Nieto to open the High-Level Meeting with broad support for sustained global efforts in how effective development co-operation can lead to a stronger fight against poverty both now and in the post-2015 landscape.
The international community is set to transition into a critical new phase in its fight against poverty. Providers of development co-operation must maintain their commitments on the quantity and quality of the resources they provide, and they must help developing countries mobilise more domestic resources.
A moderate recovery is under way in major advanced economies after two years of subdued growth. Overall, most indications point to a continued underlying strengthening of the pace of growth, helped by accommodative monetary policy and reduced fiscal drag.
The report highlights the importance of taking a more experimental approach to innovation policy, one that is based on systematic evaluation and improvement, learning from both successes and failures. More importantly, it provides examples of how to put this experimental approach into practice, said OECD Secretary-General in Washington.
To achieve higher productivity growth, raise investment and foster job creation, we need to foster competition in our economies, said Angel Gurría in Washington.