Going for Growth builds on OECD expertise on structural policy reforms and economic performance to provide policy makers with a set of concrete recommendations on reform areas identified as priorities for strong and inclusive growth. Its framework has been instrumental in helping G20 countries make progress on their structural reform agenda, including through monitoring their growth strategies to achieve sustained and balanced growth.
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Report prepared for the G20 Science, Technology and Innovation Ministers Meeting in Beijing, China, 4 November 2016
We remain stuck in the “low-growth” trap that I mentioned in our previous meetings. We are trapped in a vicious circle of weak global demand and adverse supply-side and structural developments – in such areas as investment, trade and productivity – that are undermining the ability of our economies to grow over the long term.
Policy matters! The G20 must take bold action to escape the low-growth trap, tackle slowing productivity growth and rising inequalities, and make the most of technological progress while minimizing its disruptive impact. The OECD stands ready to support this effort to achieve, in the words of our Chinese hosts, an innovative, invigorated, interconnected and inclusive growth.
Structural reforms – together with monetary and fiscal policies – are essential to achieving the G20 objective of strong, sustainable and balanced growth. They have been at the heart of the OECD’s work for more than 30 years and courageous decisions at different times in our countries – Canada, Germany, Korea and Spain to name but four – have delivered stronger and more inclusive growth for our citizens.
The world economy is stuck in a low-growth trap. We project global GDP growth to remain at only around 3% this year, and barely better in 2017.
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The G-20 is falling short of its objective of Strong, Sustainable and Balanced Growth. Structural reforms, together with appropriate demand policies and financial regulation, can address these shortcomings. This paper provides evidence for the structural report priorities of the G-20.
Remarks made at Session II - Framework for Strong, Sustainable and Balanced Growth at the G20 Finance Ministers’ and Central Bank Governors’ Meeting
The global economy is, again, going through very challenging times as highlighted by our updated OECD economic outlook. Let me concentrate on the challenge of slow productivity gains, which is central to the difficulties we are currently experiencing.
Policymakers need to deploy broad-based reform plans that incorporate monetary, fiscal, and structural policies to stimulate persistently weak demand, re-launch productivity growth, create jobs and build a more inclusive global economy, according to the OECD’s annual Going for Growth report.