We therefore need a “copernician” change in our approach to the growth – inequality nexus: let’s not think growth first, and inequality thereafter but let’s consider both of them, together, in their circularity. In other words, let’s think “Inclusive Growth”, right from the start, and let’s make it another touchstone of our efforts and complement the Pittsburgh tryptic of strong, sustainable and balanced growth!
Determined and systemic action to implement a comprehensive reform agenda across a wide range of policy areas offers governments the best chance to boost weak demand, restore healthy economic growth, create jobs and ensure that the gains are broadly shared across society, according to the OECD’s latest Going for Growth report.
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.
The Going for Growth framework has been instrumental in helping G20 countries to develop growth strategies to raise their combined gross domestic product (GDP) by 2%, one of the main policy objectives set by the G20 in 2014 to achieve sustained and balanced growth.
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.