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Governments that foster open markets and resist protectionism have the best chance of stimulating inclusive economic growth and creating high-value jobs, according to a new study from 10 international organisations presented in Paris.
Companies are increasingly producing goods and services through supply chains spanning different countries.
Total imports of G7 and BRICS countries shrank by 0.2%, following the 0.7% fall recorded in the previous quarter.
Total imports of G7 and BRICS countries contracted by 1% in the third quarter, compared to 4.2% growth in the previous quarter.
Governments and taxpayers spent about half a trillion dollars last year supporting the production and consumption of fossil fuels. Removing inefficient subsidies would raise national revenues and reduce greenhouse-gas emissions, according to OECD and IEA analyses.
Government support to agriculture in OECD countries fell to 18% of total farm receipts in 2010, a record low linked to high commodity prices, but has been rising in large emerging economies, according to a new OECD report.
Merchandise trade growth slowed across major economies in the second quarter of 2011. Total imports of G7 and BRICS countries grew by only 1.1% in the second quarter compared to 10.1% in the previous quarter.
Merchandise trade continued to grow strongly across major economies in the first quarter of 2011. Total imports of G7 and BRICS countries grew by 11% in the first quarter compared to 8.2% in the previous quarter.
Merchandise trade growth quickened in the final quarter of 2010 in most major economies, with record trade figures in China.
Surging food and commodity prices are undermining efforts to tackle global poverty and hunger and threaten economic growth, said OECD Secretary-General Angel Gurría.