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The unemployment rate for the OECD area was 8.8% in December 2009, unchanged from the previous month but up by 1.8 percentage points from a year earlier.
With the help of massive government stimulus action, China is now leading the world economy out of recession, according to a new OECD report. Already the world’s second largest economy, China could well overtake the United States to become the leading producer of manufactured goods in the next five to seven years, it says.
Merchandise trade volumes of the Group of seven (G7) countries grew in third quarter of 2009 after stabilising in the second but still were significantly below the levels of 2008.
U.S. President Barack Obama’s plans for financial reform could help to avoid a new financial crisis by resolving some major risks inherent to the current financial system, according to OECD Secretary-General Angel Gurría.
Israel’s economy has shown resilience during the global recession, but more active education and employment policies – particularly targeted at minority groups – are needed to bolster its economic performance and bridge deep divisions within its society, according to the OECD.
Expressing sympathy and solidarity with the people of Haiti in the wake of last week’s earthquake, OECD Secretary-General Angel Gurría said, “We have been in contact with the Haitian Prime Minister’s office who shared with us their fears for the future and the need to re-build homes, schools, hospitals and basic infrastructure, as well as restoring the normal functioning of the government.
Chile will become the OECD’s 31st member and its first in South America under an accession agreement signed on 11 January at La Moneda in Santiago by OECD Secretary-General Angel Gurría and Chilean Finance Minister Andrés Velasco in the presence of President Michelle Bachelet. Chile’s membership will become official once necessary formalities, including parliamentary approval, have been completed.