Thursday, November 06, 2014

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[IWS] OECD ECONOMIC OUTLOOK: ADVANCE G-20 RELEASE: GETTING THE WORLD ECONOMY INTO HIGHER GEAR [6 November 2014]

 

IWS Documented News Service

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Institute for Workplace Studies-----------------Professor Samuel B. Bacharach

School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies

Cornell University

16 East 34th Street, 4th floor--------------------Stuart Basefsky

New York, NY 10016 -------------------------------Director, IWS News Bureau

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This service is supported, in part, by donations. Please consider making a donation by following the instructions at http://www.ilr.cornell.edu/iws/news-bureau/support.html

 

Organisation for Economic Cooperation and Development (OECD)

 

OECD ECONOMIC OUTLOOK: ADVANCE G-20 RELEASE: GETTING THE WORLD ECONOMY INTO HIGHER GEAR [6 November 2014]

http://www.oecd.org/eco/outlook/economicoutlook.htm

or

http://www.oecd.org/eco/outlook/G20-economic-projections-handout.pdf

[full-text, 12 pages]

 

Press Release 6 November 2014

Comprehensive action needed to shift the global economy into higher gear, says OECD in latest Economic Outlook

http://www.oecd.org/eco/comprehensive-action-needed-to-shift-the-global-economy-into-higher-gear.htm

 

[excerpt from report]

Global growth is projected to strengthen but will remain modest by past standards. There are important

differences across countries: the US recovery looks more robust, but the euro area faces an increasing risk

of stagnation and Japan’s escape from deflation is not yet assured. Growth in emerging economies will

remain stronger, but also reveals important differences: GDP will slow in China, but pick-up in India and

remain sluggish in Brazil and Russia.

 

There are substantial downside risks to the outlook. Risks of financial instability remain high, while

volatility may increase, notably for emerging markets, as monetary policy and economic activity differ

across the major economies. Debt levels are high by past standards and some emerging economies have

significantly increased external financial exposure. Because the growth of potential output has slowed in

major economies since the crisis, future trend growth may be weaker than anticipated.

It is essential that macroeconomic and structural policies support growth. Monetary policy needs to

remain accommodative in most countries, and become more so in the euro area. Fiscal consolidation has

progressed significantly, leaving room in many economies to slow the pace of adjustment. With

dangerous downside risks to global economic activity and confidence, all room to engage fiscal policy

must be exploited. Modest global growth and the slowdown in potential growth call for ambitious

structural reforms to boost investment, trade and job creation. Efforts by G-20 countries to develop

comprehensive growth strategies for the Brisbane summit are key underpinnings to raise the level of

ambition on structural reform, thus leading to higher productivity, more high-quality jobs, and sustained

and balanced growth.

 

Includes CHARTS & TABLE....

 

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