The latest OECD Interim Economic Outlook forecast global GDP growth to increase from around 3% last year to just over 3½% this year and next. Supported by policy stimulus, growth performance has been strong in the first half of the year and more synchronised across the world. Argentina, Brazil and Russia are returning to growth.
Latest indicators of rising business confidence and industrial production are welcome. However, we have been here before over the past five years and left “Waiting for Godot” – for the recovery that never comes. There are reasons to be more optimistic this time around. But we have not yet decisively escaped the low-growth trap. Growth in productivity and wages remains lackluster. Inequality and political tensions are high.
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This country note from Going for Growth 2017 for the United States identifies and assesses progress made on key reforms to boost long-term growth, improve competitiveness and productivity and create jobs.
In the United States, the most watched indicator of productivity (nonfarm business productivity growth) decelerated about ¾ percentage point from 2009 to 2014 relative to the preceding 5-year period.
With the global economy mired in low-growth and no signs of strong acceleration, a lot of attention has been paid to the meagre pace of productivity growth in OECD countries.
La croissance économique des États-Unis peut être stimulée et rendue plus inclusive au moyen de mesures qui favorisent l’acquisition de nouvelles compétences et réduisent l’inadéquation entre les compétences existantes offertes et celles demandées.
La croissance de la productivité est très faible depuis la Grande Récession et elle avait déjà commencé à ralentir auparavant.
This 2016 OECD Economic Survey of the United States examines recent economic developments, policies and prospects. The special chapters cover:
Étude économique des États-Unis 2016
It is a pleasure to be here to present the OECD’s 2016 US Economic Survey. I would like to thank the US Administration ─ in particular Secretary Lew and his Treasury team ─ for their support and input on the Survey, and to Adam Posen and his staff for generously hosting us at the Peterson Institute.