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Most G20 governments have put in place new restrictive trade measures over the past six months but have on the whole honoured their pledge to keep international investment open in the wake of the crisis.
The G20 helped steer the world through the worst of the economic storm; now it must show it can set in motion a new governance for the post-crisis world. That's a task our organisation stands ready to help with, says the OECD's G20 Sherpa, Gabriela Ramos.
In his remarks, A. Gurría said that countries need to be ambitious in taking unilateral actions and that a cost-effective approach to reducing emissions could cost just a fraction of a percentage point of GDP per year.
The key tables on finance and investment include data on central government debt. Historical data refer to the latest eight time periods.
At the USCIB Global Investment Conference in Washington A. Gurría announced that the OECD is considering the feasibility of a non-binding “Model Investment Treaty”, building on converging understandings in OECD and partner countries and invited other organisations to join these reflections.
The OECD, World Trade Organization and the UN’s Conference on Trade and Development have called on the leaders of the G20 countries to resist protectionism or the prospects for economic recovery may be wiped out.
This study shows great progress in building a successful policy environment to encourage investment and the resulting acceleration in FDI inflows and economic growth. However, India needs to strengthen and liberalise its regulatory framework and invest more in infrastructure in order to attract increased foreign direct investment, according to the OECD Secretary-General.
The global economy is recovering faster than expected but remains fragile. How quickly will global trade and investment bounce back after the sharp falls of the past year? What role can international investment play in building a stronger, cleaner, fairer global economy?
In the context of the economic crisis, reforms can become an effective vehicle for sustained recovery but governments must find the right balance between an effective regulatory and institutional framework and minimising unnecessary red tape. Moreover, governments cannot reset the economy on their own and the contribution of the women and the private sector will be crucial, according to the OECD Secretary-General.
Opening this event in Marrakesh, Angel Gurría underlined that the economic crisis has not spared the MENA region, with a significant economic contraction and a severe impact on the labour markets. According to the Secretary-General, the MENA-OECD Initiative can serve as a model for effective co-operation in building the global economy of the future.