Nearly seven years have passed since Lehman Brothers collapsed in September 2008, marking the start of the worst financial and economic crisis in living memory. Although the worst is behind us and the global economy is gradually recovering, it is doing so at a much slower pace than in past cycles. Plenty of work and concerted effort will be needed to set us on a robust, inclusive growth path.
Water, like air and food, is our life support. It covers about 70% of the surface of our planet. But only 2.5% of it is fresh water, the rest being ocean, with a small fraction of that being available as drinking water. As a fragile resource, water must be nurtured with investment, management and care. From oceans and vast rivers to the spring in the garden, we must safeguard our water as a source of well-being, prosperity and progress.
"We feel the loss of Kenji particularly closely as his wife had worked at the OECD from 2008 to 2012. Our thoughts, sympathy and prayers are with her and their daughters in this difficult moment."
The terrorist murders of 17 people in Paris on 7, 8 and 9 January were not only a human tragedy. They were a direct attack on the values of living together in the free, law-abiding, pluralistic societies we hold dear.
“Life is full of alternatives but no choice.” G20 leaders at the summit in Brisbane, Australia, in November should reflect on these words by Australian writer Patrick White, a Nobel Laureate, as they prepare their economic strategies for the years to come.
The clouds are lifting, but we must work harder together for the crisis to clear
This year marks the 50th anniversary of Japan’s membership of the OECD. Japan joined our organisation on 28 April 1964, marking a significant milestone as the first Asian country to do so.
Could the recovery from the worst crisis in half a century finally take hold in 2014? There are several encouraging signs, not least in the US, where growth is expected to accelerate towards 3% in 2014. Activity is also picking up in Europe, Japan and China. Ireland has successfully exited the IMF/EU/ECB-supported programme.
Can Africa sustain its recent strong economic performances and benefit more from its abundant resources?
A welcome sense of cautious optimism is building around the preparations for the G20 summit in Saint Petersburg in September, setting the tone for policymakers to take a renewed interest in coordinating their national action agendas to address pressing global challenges.
The current crisis has continued to affect people’s lives across the world, and nowhere is this more evident than in the deteriorating labour market in many countries. Young people have been hit particularly hard and risk being permanently scarred from joblessness and even exclusion.
To mark the occasion of the 50th anniversary edition of the OECD Observer, we take a brief look at how the information world and the global economy have transformed since the OECD’s first secretary-general, Thorkil Kristensen, launched the magazine in November 1962.
Two decades ago, when the first Rio Earth Summit took place in 1992, the most advanced economies were in an economic downturn. It was not as severe as the crisis many countries have endured since 2008, but asset bubbles had burst, unemployment had risen and recovery seemed a remote prospect.
The economic outlook for 2012 is very different than it was a year ago. The cautious optimism that reigned in the first half of 2011 has faded amid renewed uncertainty about the state of the global economy and malaise about the future. The road to recovery is a difficult one, and strong leadership and resolute collective commitment to change are now needed to unblock progress in 2012. Sinking into helpless pessimism is not an option: we need to re-inject hope and confidence.
The worst economic crisis in half a century still holds us in its grip. In fact, with a bleak short-term outlook, global public opinion could be forgiven for questioning the ability of political leaders and policymakers to find a way out.
The OECD 50th Anniversary Week 2011 was a momentous and inspirational occasion. Against the background of a fragile recovery of the world economy, 21 heads of state and government and deputy prime ministers, 86 ministers and state secretaries, and over 2,000 participants from business, labour and civil society gathered to identify and discuss the policies needed to achieve a more inclusive and greener path to economic growth and job creation.
“[…] On behalf of the OECD, I express our profound sorrow at the enormous loss of life and extend our condolences to all those who have been affected by this terrible tragedy. At the same time, we admire the courage and resolve of the Japanese people in face of adversity, and we are confident that Japan will emerge from this disaster stronger and better.
We are celebrating the OECD’s 50th anniversary during the tail-end of the worst financial and economic crisis of our lifetimes. It’s a good moment to take stock and to ask the right questions. Why couldn’t we avoid the crisis? Were the policies and the policy mix we promoted the right ones, and how can we adjust these polices to new realities? What is more, are we doing enough to prevent another crisis? Are our economic theories, our models and our assumptions still appropriate? How should our organisation’s work be adapted so that we continue fulfilling our founding mission of promoting better policies for better lives?
What is the state of world economy as we enter 2011? Have we made progress over the past 12 to 18 months in putting an end to the worst economic crisis in our lifetimes and laying the foundations for a stronger, cleaner and fairer world?
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