Public trust in the financial sector is crucial for market economies and social progress. Unfortunately, more than ten years after the crisis, and in spite of significant reforms, trust in financial institutions in OECD countries still remains relatively low.
We are facing myriad environmental challenges. Global temperatures have risen by almost one degree relative to pre industrial levels. Extreme weather events such as record breaking heatwaves, wildfires, heavy rains and major tropical storms are intensifying.
In finance, the ongoing digitalization process holds many promises to enhance access and improve services, including for the most vulnerable groups in society.
This year, the Forum will bring together both industry heavyweights and leading policy thinkers. We will also welcome a number of start-ups coming from across the world to present their ideas as part of the Blockchain Showcase.
The global economy is in a fragile spot. Our latest Economic Outlook projected global GDP growth to slow down to 3.2% this year and improve only to 3.4% in 2020, against a projection of 4% growth a year ago. Across all G7 economies, growth is projected to be lower this year than in 2018.
During the past decade, the sovereign debt structure in OECD countries has been significantly affected by policy responses to the Global Financial Crisis. Between 2007 and 2018, the borrowing needs of OECD governments surged.
Like much of our work, this report is the result of a collaborative effort across the OECD, in this case between the pension units in the Directorate for Financial and Enterprise Affairs and the Directorate for Employment, Labour and Social Affairs.
Over the last ten years, the G20 has worked jointly to overcome the legacies of the global economic crisis. Levelling the playing field and addressing the shortcomings in the international economic system have been crucial in our efforts to foster strong, sustainable and inclusive growth.
We are already living with the alarming consequences of global warming. Weather events this year — record-breaking heatwaves, wildfires, heavy rains, major tropical storms, diminishing Arctic sea ice — have given us a taste of what will happen if climate change intensifies.
I would like to start by congratulating again the Argentinian presidency on its Roadmap for Developing Infrastructure as an Asset Class. The roadmap will help us meet the needs of infrastructure investment for sustainable growth and help build connectivity, which will be key in achieving higher productivity, gains in service efficiency, growth in trade and realising greater spillovers from investments.