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The current crisis offers governments the opportunity of combining emergency action with the important structural reforms needed to improve long-term growth and resilience in their economies, according to OECD’s latest Going for Growth.
At the World Economic Forum in Davos, Mr. Gurría presented the OECD strategic response to the financial and economic crisis which provides elements and analytical tools to help governments redesign and restart the financial system, but also a comprehensive strategy to put the global economy back on a sustained growth trajectory.
Since September, the global economic downturn has grabbed public and government attention but the food crisis has not disappeared with the recession and falling commodity prices and remains a priority, according to Mr. Gurría.
Policy makers are now facing the challenge of providing a short-term response to the crisis without losing sight of the longer-term structural reforms needed to put pension and healthcare systems on a solid footing in light of population ageing. According to Mr. Gurría, we need pension funds to be more transparent and better regulated but we also need structural reforms in the public pension policies and health care systems.
In a world where advance-countries will have to increase their water spending by huge proportions to maintain existing level of service, and the developing countries have huge supply and sanitation challenges to meet, it is fundamental to have good water management practices, according to Mr. Gurría.
According to Mr. Gurría, the crisis has led to some major new thinking, about regulation and markets, about accountability and ethics, and about the kind of economy we need to build. Our strategy is about devising better policies, better regulations and better institutional frameworks that enable businesses to flourish and public interests to be safeguarded in a stronger, cleaner and fairer world economy.
Angel Gurría shares his views about issues on the 2009 Davos agenda. Beyond short-term expediency, politicians must figure out how to set a long-term course for the global economy. Along with more effective regulation, we need fairer social policies and an end to the bottlenecks that block competition and innovation and hamper sustainable growth. We must also find ways for governments to exit from their massive emergency interventions
Mr. Gurría underlined that business ethics should be at the center of any new road-map for the global economy. Markets should not only be more stable, but morally acceptable as well. He said that it is time to reunite ethics and economics through a solid, transparent and updated set of rules.
Guernsey and the United Kingdom have today signed a bilateral agreement for exchange of information for tax purposes bringing to 10 the number of such agreements entered into by Guernsey.
Marking 40 years of Finnish membership to the OECD, Secretary-General Gurría underlined that Finland has been crucial in supporting OECD work from development aid, environmental sustainability, effective and efficient government, employment policies to social cohesion enabling the OECD to build a more balanced and inclusive globalised world.