G20 countries are taking action to lift growth in the world economy. Will their commitments be enough?
The global economy remains stuck in low gear, but is expected to accelerate gradually if countries implement growth-supportive policies. Widening differences across countries and regions are adding to the major risks on the horizon, according to the advanced G20 release of the OECD’s latest Economic Outlook.
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This note provides preliminary estimates of G-20 members’ progress towards raising the level of their combined GDP by 2 percent by 2018 relative to the October 2013 WEO baseline projections. These preliminary estimates are based on the approach in the IMF-OECD-WBG reform scenario set out in February and focus on structural reform and public infrastructure investment commitments assessed to be new relative to the St. Petersburg Summit.
The global economy is continuing to expand at a moderate and uneven pace. The tepid rate of growth means that a substantial degree of labour market slack remains, especially in the euro area, and world trade growth remains sluggish. The OECD has identified more than 980 structural reform commitments made by G20 members in their revised Growth Strategies.
To achieve higher productivity growth, raise investment and foster job creation, we need to foster competition in our economies, said Angel Gurría in Washington.
First published in 2005, this annual report provides an overview of structural policy developments in OECD countries from a comparative perspective.
The pace of recovery in the major advanced economies has improved this year and growth in China appears to have passed a trough, but growth prospects now look weaker in several major emerging economies. A sustainable recovery is not yet firmly established and important risks remain.
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At the Pittsburgh Summit in September 2009, leaders of the Group of Twenty (G20) economies agreed to work together to promote an enduring recovery, and strong and sustainable medium-term growth. This note assesses the implementation of the Los Cabos structural policy commitments and evaluates the nature and strength of the commitments in the St. Petersburg Action Plan.
On the request of the G20, the OECD, in co-operation with other international organisations, provides technical analysis to help evaluate the appropriateness of the reforms nominated by countries, and the progress towards implementing those reforms.
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Almost four years since the onset of the global financial and economic crisis, unemployment and underemployment remain stubbornly high in many G20 countries, and many workers remain trapped in low-paid, often informal, jobs with little social protection.