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Growth rates in the major advanced economies picked up in the first half of 2013 and should be maintained through the second half of the year. Activity is expanding at an encouraging pace in North America, Japan and the United Kingdom, while the euro area as a whole is no longer in recession.
There is no simple remedy for fixing the post-crisis global economy. But three key ingredients for sustainable long-term growth are jobs, equality and trust, said OECD Secretary-General in Washington.
The past five years of global economic slowdown and the persisting political uncertainties had a tremendous impact on the economic and social situation and the prospects of the people in the Arab Countries in Transition. Promoting SMEs and supporting women economic participation will be crucial in the region, said OECD Secretary-General.
The current political deadlock in the United States is needlessly putting at risk the stability and growth not only of the US but also the world economy. This comes at a time when a fragile recovery in advanced economies was underway, and when a number of emerging economies were already facing new risks.
We have opened a new gold-mine of knowledge that will be crucial for policy-makers to succeed in their efforts to improve education systems and tackle unemployment effectively. Let me share with you some of our main conclusions and recommendations.
Today, the region’s economic outlook is rather promising, but they should be no cause for complacency as Africa is still facing multiple economic and social challenges.
Unemployment is high and large numbers of children and adults do not have the basic skills necessary to thrive in today’s global economy. We need to kick-start a global skills revolution and build the policies that will save a whole generation, said OECD Secretary-General.
OECD Secretary-General, Angel Gurría, congratulated Japanese Prime Minister Abe on his announcement today that Japan will raise its consumption tax as legislated from the current 5% to 8% next April.
Today, Costa Rica becomes the 45th country to adhere to the Declaration. This commitment is further evidence of Costa Rica’s strong pledge to create an attractive climate for investment, to build on previous efforts which have already contributed substantially to the country’s economic progress. It is also an important step to strengthen the growing ties between Costa Rica and the OECD, said Angel Gurría.
The crisis has imposed an enormous social cost and has eroded the people’s confidence on their governments’ capacities. This, in turn, is raising questions of legitimacy. This is not just one more crisis. The foundations of our social contract need to be repaired, said OECD Secretary-General.