In his speech delivered at the Brookings Institute, OECD Secretary-General explains that OECD’s numbers tell a clear-cut story of how our traditional economic growth agenda has neglected inclusiveness. Yet to begin to tackle this problem, we have to understand that inequality is not just about money. It touches every area of people’s lives.
On the occasion of the OECD High Level Policy Forum on Migration taking place on December 1 and 2 2014, Secretary General Angel Gurria congratulates President Obama on taking action to address the unsustainable situation of undocumented immigrants.
As the most advanced economies struggle to regain momentum after the global financial crisis, and as emerging and developing economies face new challenges in achieving convergence in living standards, our citizens’ expectations have never been higher.
"This year and next are critical in the fight against climate change. We now have a unique window of opportunity to improve the tracking of climate finance. We need to be open, ambitious, transparent and collaborative. Together we can gather the data that will enhance accountability and build trust towards a successful global climate deal.", said OECD Secretary-General Angel Gurría at the UN Climate Summit.
The United States is doing better, but the legacies of the crisis are heavy and there is a lot of room for improvement. As we gradually exit the gravest crisis of our lifetimes, we have the unique opportunity to push forward reforms which will lead to sustainable, green growth and some inclusive societies, said OECD Secretary-General.
The enduring idea that the rising tide of economic growth lifts all boats is no longer a universal truth. In the US, even before the Great Recession, the poorest were steadily losing ground. Between 2000 and 2012 the average disposable income of the bottom 10% in the US fell by 14%, underlined the OECD Secretary-General.
The United States can further improve productivity in its economy by prioritizing reforms that enhance openness, diversity and competition in services markets, particularly where higher trade restrictions are observed.
A moderate recovery is under way in major advanced economies after two years of subdued growth. Overall, most indications point to a continued underlying strengthening of the pace of growth, helped by accommodative monetary policy and reduced fiscal drag.
To achieve higher productivity growth, raise investment and foster job creation, we need to foster competition in our economies, said Angel Gurría in Washington.
Many countries are facing the scourge of slow growth and rising inequality in income and opportunities. They risk being trapped in a vicious circle that could lead to weaker economic performance and greater exclusion. To avoid this, policy action is needed.