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The Secretary-General says the package will provide the necessary confidence and breathing space for Greece to work on its recovery and for Europe to address its sovereign debt crisis.
This year’s report, which launches on the eve of the G20 finance ministers’ meeting in Mexico City, identifies and assesses progress countries have made on key reforms that can help their economies rebound from the global economic crisis, boost long-term growth and create jobs.
Provisional estimates show that quarterly gross domestic product (GDP) growth in the OECD area decelerated sharply to 0.1% in the fourth quarter of 2011, against 0.6% in the third quarter.
Russia today took a major step toward upholding international anti-bribery standards by depositing its instrument of accession to the OECD Convention at a ceremony at the OECD in Paris.
Germany recovered rapidly from the 2008-09 recession, with GDP topping pre-crisis rates during 2011 and unemployment falling significantly. Public finances are sound, but further reforms are needed to transform its growth model to thrive as a knowledge-based economy.
The OECD area unemployment rate, unchanged at 8.2% December 2011, continued to show the stability seen throughout 2011.
Composite leading indicators (CLIs) point to a positive change in momentum for the OECD as a whole, driven primarily by the United States and Japan, but similar signs are beginning to emerge in a number of other developed economies.
OECD Secretary-General Angel Gurría said Spain’s comprehensive reform programme is a major step forward in strengthening the country’s banking system and its public finances, as well as creating a more dynamic labour market.
El Secretario General de la OCDE, Angel Gurría, afirmó que el paquete de reformas aprobadas por el Gobierno Español es un importante paso en el fortalecimiento del sistema bancario, de las finanzas públicas, así como en la creación de un mercado laboral más dinámico.
The OECD’s latest economic survey of Norway, to be published on Wednesday 15 February 2012, discusses how sound macroeconomic policies and well-managed petroleum wealth have helped the country successfully weather the global economic crisis.