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Japan is emerging from a difficult five-year period, marked by two major shocks -- the 2008 global financial crisis and the tragic 2011 Great East Japan Earthquake -- and three recessions. We admire the courage and resolve of the Japanese people in face of such adversity and we confirm our feeling of optimism and dynamism in Japan, said OECD Secretary-General.
Focusing on the new growth strategy of Japan, OECD Secretary-General noted that the key priority is to increase productivity, the country being well below the levels of the upper half of OECD countries, while it should aim to be very near the top.
The coming expansion will be driven by exports, and should increase business investment and employment and bring an end to deflation. While we are encouraged by these developments, it remains critically important for Japan to address extremely high and still rising levels of government debt and other challenges posed by its ageing population, said OECD Secretary-General.
Speaking at the Japan's House of Representatives, OECD Secretary-General said that Japan is one of the most active and proactive OECD members. He added that Japan has made remarkable contributions to the work of our Organisation and is playing a central role in key policy areas like science and technology, education, environment and investment.
We are witnessing an increasingly worrying disconnect between buoyant financial markets on the one hand and a stubbornly weak real economy leading to uncertain prospects for companies, and enduring economic hardship for people, said OECD Secretary-General.
An OECD assessment jointly with the World Bank shows that nearly one in five commitments has been fully implemented. Progress is most advanced for tax and labour market reforms. Implementation is going more slowly for product market reforms, financial regulation and to improve human capital, reported OECD Secretary-General in Washington.
Due to recent events, tax evasion has received unprecedented attention by media worldwide, and citizens are voicing their concerns and expectations for governments to act. This is an essential issue which the G20 must tackle, now more than ever, said OECD Secretary-General in Washington.
In many respects, the reforms proposed by the Growth Commission fall in-step with many of our policy recommendations for the UK in areas such as education, innovation and the economy. However, investing more in human capital, innovation and infrastructure, like broadband, is essential to make the UK more innovative and competitive in world markets, said OECD Secretary-General.
Prime Minister Fico has defined as a key priority of his Government the implementation of a programme for social stability, aiming at alleviating the impacts of the crisis and establishing long-term goals for the economic, social, environmental and technological development of Slovakia, said OECD Secretary-General.
This crisis should allow us to move to a new order in which emerging economies and developing countries have more say; from a world of environmental degradation to one that embraces resource sustainability; from a deregulatory logic to a trustable financial governance that brings banks back to their original purpose of serving society, said Mr. Gurría.