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A moderate recovery is underway in the major advanced economies, according to the OECD’s latest Interim Economic Assessment. Growth is proceeding at encouraging rates in North America, Japan and the UK. The euro area as a whole is out of recession, although output remains weak in a number of countries.
Fostering sustainable and inclusive growth requires restoring public finances, along with measures to enhance workforce skills and further structural reforms of welfare, land-use planning, innovation and environmental policies.
Restoring fiscal sustainability remains a priority. But at the same time the seeds of future growth must be carefully sewn, said Angel Gurría at the launch of the 2013 OECD Economic Survey of the United Kingdom.
The UK economy is gradually emerging from the recession and rebalancing away from overreliance on debt–finance and government spending towards more investment and exports. A wide ranging programme of fiscal consolidation and structural reforms aims at ensuring a sustainable and balanced recovery
The crisis has forced us to engage in a true soul searching exercise – to see where we stand, where our models have failed, and where we need to go. But how can we best prepare ourselves for the new global economic landscape while addressing current challenges?
Economic growth will be subdued this year and next in the United Kingdom, but the government must continue its difficult fiscal consolidation and structural reform programmes to return the economy to a sustainable path, according to the OECD Secretary-General presenting this report in London.