Between 2000 and 2010, US manufacturing experienced a nightmare. The number of manufacturing jobs in the United States, which had been relatively stable at 17 million since 1965, declined by one third in that decade, falling by 5.8 million to below 12 million in 2010 (returning to just 12.3 million in 2016). Certainly, the 2007–08 recession accelerated the disruption, but the causes were also structural, not simply financial.
It is a pleasure to be here today to launch the 2017 OECD Scoreboard on Financing SMEs and Entrepreneurs. It is an honour to welcome Minister Padoan, an old friend of the OECD, here at our Washington Centre. And it is a very timely moment to take a closer look at the issue of SME finance.
Thank you for your welcome, and thank you to the Washington International Trade Association for hosting today’s event. The OECD is a longstanding advocate of open markets. I am delighted to be among so many ‘‘friends of trade’’ to share the OECD’s latest data, analysis and reflections on developments in the global trade landscape.
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Seven years after the global financial crisis, lending to US small businesses is still below the precrisis levels and credit conditions remain tight for many of these firms. A more diversified set of options for SME financing should continue to be pursued to support long-term investment and reverse the trend decline in the number of start-ups.
U.S. employers are demanding skilled workforces, but are not always able to find a local supply, says a new OECD study looking at Job Creation and Local Economic Development.
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A three-day international workshop on innovation and the global impact of high-growth small and medium-sized firms (SMEs), organized by OECD with the Kauffman Foundation in Kansas City, hailed entrepreneurship and the fast growth of innovative small firms as the engines of economic growth.