©Pascal Lauener/Reuters
The global economy today is facing difficulties like we have not seen for at least half a century.
Angel Gurría, Secretary-General of the OECD
When leaders of government, international organisations and civil society from around the world gather for critical discussions at the OECD summit meetings in Paris this June, one question will dominate the agenda: Is enough being done to restore confidence and long-term growth, and break the grip of the worst global crisis of our times?
Chairing the Ministerial Council Meeting on 24-25 June will be Prime Minister Han Seung-soo of Korea, who is well-placed to share Korea's own experience in overcoming the Asian crisis a decade ago and whose efforts may lead Korea to be one of the first OECD countries to emerge from the current downturn.
The OECD Economic Outlook, due for release on 24 June, will point to a protracted recession. However, our economies no longer appear to be in freefall, which, after a year of ever dimmer forecasts, is good news.
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| GDP | -2.1% Q1 2009/Q4 2008 (a record fall) |
| Leading indicators | -8.3 pts in Apr 09/Apr 08 |
| Inflation | +0.1% in May annual |
| Trade | -18.6% exports Q4/Q3 08, imports -18.5% |
| Unemployment | 7.8% Apr 2009, up 1 percentage pt /Dec. |
Last update: 29 June 2009
For details on these OECD area numbers and more global data, visit www.oecd.org/statistics
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©Fabrizio Bensch/Reuters |
If the general consensus is correct-that the roots of global economic crisis are in the financial system-then it follows that to resolve the crisis the global financial governance and financial market regulation must be fixed.
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©Jason Reed/Reuters |
If there is one major lesson to draw from the financial crisis, it is that corporate governance matters.
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©Dylan Martinez/Reuters |
Pension funds suffered a blow in the financial crisis. So did public confidence. How can pensions be made more secure?
Record fall in GDP; Economy; Gender learning; Other news; Soundbites; Plus ça change...
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©Liechtenstein government |
"The right to privacy will remain a cornerstone of our legal system"
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©Government of South Africa |
The financial crisis might not have been caused by taxation, but it nonetheless raises concerns about evasion, compliance and transparency in financial markets. The OECD Observer asked South Africa's minister of finance, Pravin Gordhan, who chairs the OECD's Forum on Tax Administration, to explain.
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Pressure is mounting to arrest climate change, so it's hardly surprising that people around the world are being urged to use public transportation. After all, an overall strategy that includes getting people to give up their trucks and cars to use electric trolley buses, tramways and rail can help make a real dent in pollution, traffic congestion and greenhouse gas emissions. But try telling that to Australians living in the outback, long miles from the nearest bus station. Even most Japanese, who have access to some of the world's best high-speed rail links and urban mass transit, own some type of private vehicle.
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Everyone puts off visits to the doctor and dentist at one point or another; but how often do people forego a check-up, treatment, or decide not to fill a prescription just because it costs too much?
