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[IWS] OECD ECONOMIC OUTLOOK: ADVANCE G-20 RELEASE: GETTING THE WORLD ECONOMY INTO HIGHER GEAR [6 November 2014]
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Institute for Workplace Studies-----------------Professor Samuel B. Bacharach
School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies
16 East 34th Street, 4th floor--------------------Stuart Basefsky
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Organisation for Economic Cooperation and Development (OECD)
OECD ECONOMIC OUTLOOK: ADVANCE G-20 RELEASE: GETTING THE WORLD ECONOMY INTO HIGHER GEAR [6 November 2014]
[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
[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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