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.
The OECD welcomes the work of the G20 Eminent Persons Group. Its far reaching proposals to reform the global financial architecture and governance provide a lot of food-for-thought on a crucial topic
I am also delighted to see so many other countries represented here today, representatives from civil society, organised labour and other International Organisations, and the entrepreneurs who are pushing these technological boundaries.
We have to make sure that policies keep up with the technological change that has been transforming our economies at breakneck speed. The menu of policy options delivered today is a step towards better harnessing the full potential of technology, and ensuring its benefits spread across society.
29 June 2018 - This keynote address focuses on the three main forces driving change in the financial sector: the growing importance of trust; the accelerating digitalisation of the economy; and the unprecedented interconnectedness of global markets. This keynote address was made by Greg Medcraft, OECD Director of Financial and Enterprise Affairs, at the Annual Conference of the Cambridge Centre for Alternative Finance.