OECD Yearbook 2012

See the articles below or click here for the digital version, which features many articles and key trends for OECD and partner countries.

Pier Carlo Padoan ©OECD

The history of economic policymaking has been marked by a succession of “paradigms” defining the goals of economic policy and the instruments used to attain them.
OECD Chief Economist Pier Carlo Padoan looks at where we go from here.

R.Trumka ©OECD

The latest phase of the economic crisis presents a dilemma: many governments judge it necessary to enter a phase of fiscal austerity while unemployment remains intolerably high, a high risk combination. AFL-CIO President Richard Trumka calls for a different way forward. 

Yukon Huang

Apprehensions about China’s unbalanced growth process concern everybody, but its causes are often misunderstood.
What can the Chinese leadership do to rebalance investment and consumption? 

©Yuriko Nakano/Reuters

The global economy took a sharp turn for the worse following the collapse of Lehman Brothers in September 2008, and today it is increasingly apparent that the crisis has entered its second round. This time we are facing a combination of low growth and trouble in the financial sector, just as governments find themselves running out of economic policy options. 

©Luke MacGregor/Reuters

The corporate world is far from making the most out of gender diversity in the workplace. But some businesses are finding innovative ways to change this. 

How can the euro crisis unfold? For David McWilliams, Irish economist and best-selling author, the answer is probably a two-speed arrangement between core and periphery. 

R.T.Erdogan ©M.Azakir/Reuters

Turkey’s efforts in the struggle against poverty and income inequality have met with much success. Today, the country stands out as a model in the region and beyond. Prime Minister Recep Tayyip Erdoğan discusses these achievements and the country’s role in international co-operation. 

A. Krueger ©L.Downing/Reuters

As the US emerges from the deepest recession since the Great Depression, it is critical to take steps that will lead not only to recovery, but also to more robust economic growth with rising employment and broadly shared income gains. 

Bo Smith

Among the employment challenges exacerbated by the economic crisis, long-term joblessness and youth unemployment are especially troubling as their effects can linger long after the job market has recovered.
Governments would do well to focus on these problems now.

©Mark Armstrong

In October 2011, a high-level panel headed by the former president of Chile, Michelle Bachelet, delivered a ground-breaking report to UN Secretary-General Ban Ki-moon, arguing that everyone around the globe should receive a living income, guaranteed through transfers in cash or in kind, such as pensions for the elderly and persons with disabilities, child benefits, income support benefits and/or employment guarantees, and services for the unemployed and working poor. Martin Hirsch, a member of that panel, explains why this proposal for a more socially responsible globalisation can work. 

Half the world’s workforce, 1.5 billion working women and men, are in vulnerable employment. The global economic crisis has swelled the ranks of those whose jobs do not provide enough to meet basic needs, the “working poor”, by more than 100 million people, mainly women.

Peggy Hollinger

In many countries, the middle class is feeling squeezed, and the crisis has only made matters worse. What is behind this sentiment and what can be done to reverse it?

Charles Fadel ©OECD

As technology progresses, so do labour market needs. For economies today, maintaining competitiveness means that skills must adapt and keep pace. 

Mario Pezzini

The increase in average incomes and the fall in levels of absolute poverty, in particular during the last decade, suggest that an increasing proportion of the world’s population is neither rich nor poor by national standards but finds itself in the middle of the income distribution. 

Cherie Blair ©OECD

Discrimination against women hurts everyone. As Founder of the Cherie Blair Foundation for Women Cherie Blair explains, women entrepreneurs are an economic resource that economies, rich and poor alike, can ill afford to overlook.

©Reuters

Hunger affects about 1 billion people around the world, and as the economic crisis continues, the push for growth can actually make matters worse.

Marie Gad

In many African countries, where unemployment rates can run as high as 30%, there is strong potential for entrepreneurship and employment. Development must focus on bringing down the barriers to progress. 

In a relatively short time, microfinance has become a major tool of international development. But too many potential entrepreneurs still have little or no access to financing. Innovation and government policy have a central role to play in correcting this imbalance. 

Tackling the challenge to build well-functioning tax systems in developing countries requires concerted international co-operation among developed and developing countries, international organisations, business and civil society. 

Rolf Alter

Frustrated citizens are asking their governments: “When will we see effective policies to support economic growth and generate jobs?” There is an endless debate in individual countries and at the international level, but policy responses to the crisis continue to appear fragmented, timid and sometimes incoherent. 

Mark Pieth ©OECD

The crisis should not divert attention from the fight against corruption.
Mark Pieth, Chair of the OECD Working Group on Bribery, talks to Lyndon Thompson about the need to keep the ball rolling.

M. van der Hoeven ©OECD

Energy markets in 2012, like the broader economic picture, are marked by significant uncertainty. From a policy perspective, global macroeconomic concerns in 2011 diverted attention away from energy policy and could do the same this year. That could have worrying impacts on policy progress, especially as recent months have ushered in record carbon dioxide emissions, worsening energy efficiency and sustained high oil prices. 

©Yannis Behrakis/Reuters

What can we do in the years to come to ensure food security? In the opinion of Action contre la Faim, a number of avenues could help promote secure access to food for everyone. 

Han Seung-soo ©OECD

The continuity of our societies and the sustainability of our planet will necessarily depend on how we, as a collective, can devise the solutions to the paramount and multifaceted difficulties that have arisen from the changes wrought by the Industrial Revolution. In fact, if we are to successfully transform these challenges into opportunities, what we need is nothing short of another revolution. And in today’s revolution the bayonets, unquestionably, need to be green. 

©Philippe Laurenson/Reuters

While the world focuses on the ongoing economic crisis, the challenge of climate change grows increasingly desperate. A number of lessons still have to be learned. 

Economic growth over the past decades has led to improved quality of life, increased prosperity and longer, healthier lives in nearly all countries. Resource constraints are making us realise that to continue to enjoy these benefits we will have to change course towards more sustainable or greener growth. 

The long road towards gender equality has arrived at greater educational attainment, higher female labour force participation, and advances in politics and business, but we haven’t reached the end yet. 

Increasing citizens’ input to policymaking is one of the goals of the new indicators of well-being developed to make up for the inadequacies of GDP as an indicator. Unfortunately the latter leaves out many factors which clearly play a fundamental role in all of our daily lives, ranging from health to the quality of the environment, education, housing or even social ties and security. It is therefore crucial that the public at large understand how the new indicators designed to supplement GDP are constructed and interpreted, and if possible the public should be fully involved in the process. 

Martine Durand ©OECD

For most of the last century, progress in the conditions of our societies was often assessed through the compass of economic growth, or GDP. In recent years, however, both governments and citizens have come to recognise that GDP provides only a partial view of today’s economic and social conditions and of whether these conditions can be expected to last in the future. Better indicators are needed that take into account sustainability, equity and quality of life.

John Evans © OECD

Perhaps one of the biggest weaknesses in traditional economic thinking is the belief that GDP per capita is the only relevant benchmark of economic performance.
Yet, there is compelling evidence to show that increases in GDP have little impact on happiness or life chances. 

Economic data

GDP growth: +0.5% Q2 2019 year-on-year
Consumer price inflation: 1.9% August 2019 annual
Trade: +0.4% exp, -1.2% imp, Q1 2019
Unemployment: 5.1% August 2019
Last update: 9 September 2019

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