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.
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.
Surging food and commodity prices are undermining efforts to tackle global poverty and hunger and threaten economic growth, said OECD Secretary-General Angel Gurría.
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.
With billions more people to feed, world food production will have to rise by nearly 50 % in the next 20 years. The farming sector will also be faced with diminishing land and water resources and the impact of climate change.
Secretary-General Gurría called for the need to agree on common international targets in areas such as innovation and green growth predicting "they could become the overarching umbrella for the G20 Framework’s structural agenda".Gurria's remarks to G20 leaders reflected the fact that the focus on structural policies will constitute the principal element of the OECD's contribution to future work on the G20 Framework Strong, Sustainable
The OECD, World Trade Organisation and the UN’s Conference of Trade and Development have called on the leaders of the G20 countries to make a stronger commitment to open trade and investment as the global economy begins its recovery from the crisis.
All countries need to trade, with their neighbours and globally, to sustain long-term economic growth. Some low-income countries lack the instutitions, infrastructure to benefit from open markets and lift their people out of poverty.