©Stefano Guzzetti/Under licence from Shutterstock

In a time of economic turmoil, global tourism is still faring well: over 1.1 billion tourists traveled abroad in 2014, according to the World Tourism Organization (UNWTO). This is almost 5% more than in 2013, the organisation said in a press release.

©OECD

Star economist Thomas Piketty presented the English version of his global bestseller, "Capital in the Twenty-First Century", at the OECD on 3 July 2014 as part of The Coffees of the Secretary-General series. Read the complete transcript of Mr Piketty's presentation below.

©Elyyo /Wikicommons

China’s economy is the second largest in the world, but can its currency, renminbi, compete with the US dollar as a global currency?

©REUTERS/Kai Pfaffenbach

Let’s face it: the bulk of small and medium-sized entreprises (SMEs) are still financed mainly by bank credit. However, as bank finance is harder to come by in the current post-crisis environment, fostering non-bank financing alternatives may help closing an SME financing gap. The OECD has been looking into such issues, using input from the private sector via its financial roundtables.

A Better Than Cash Alliance supporter: Bill Gates ©Bernd Von Jutrczenka / DPA Picture-Alliance/AFP

Access to financing can contribute to inclusive social and economic development. How might digital transactions help? Here’s how.

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If you’ve been following the income inequality debate, you’ll know there’s been much discussion on the question in the headline above. Until just a few years ago, it’s probably fair to say that mainstream opinion leaned towards the “good for growth” side of the debate. Yes, inequality might leave a bad taste in the mouth, but it was worth it if it meant a strong economy.

©BlaBlaCar

Thanks to smart online and phone technologies, dynamic new business platforms that are altering the parametres in property, transport and other service-driven markets are fast emerging.

Companies such as Airbnb (helping you to rent or let out a room) and TaskRabbit (helping you pack boxes, walk the dog and other personal chores) have hit the headlines not just for their new business models, but their disruptive effects on established markets and services. Proponents say this “sharing” economy creates more choice and control for customers, while critics say it unfairly undermines competition.

Policymakers are now taking a closer look at how fair the sharing economy really is and to see if any rules need to be rewritten.

We asked the founder of France’s BlaBlaCar, Frederic Mazzella, how his ride-sharing company has evolved to become a prime example of the sharing economy.

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Catherine Mann, OECD Chief Economist ©Rights reserved

Overall, the global economy continues to run in low gear. At 3% over the past seven years, the pace of global growth is more than 1 percentage point below the 2000-07 period, and about three-quarters of a percentage point below the average of the 15 years prior to the financial crisis. Global trade growth also remains below trend. 

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. 

Compared to their parents, German baby-boomers are substantially more unequal in terms of long-term earnings, are subject to a much stronger pay uncertainty, and are considerably more likely to experience long spells of unemployment.

Irish Taoiseach, Enda Kenny (Click to expand) ©Eric Piermont/AFP

After three years of sacrifice, hard work and difficult reform, Ireland has fought its way out of the depths of the financial crisis to become one of the fastest-growing economies in Europe and one of the best countries in the world in which to do business.

OECD Chief Economist Catherine L. Mann © OECD/Marco Illuminati

The world economy remains stuck in low gear, and a "stronger policy response" is needed, particularly to boost demand in the euro area, OECD Chief Economist Catherine L. Mann said today, 25 November.

Australians are well-known for being a sports-mad people. Some 43% of the adult population attended at least one sporting event in 2009-10 and national pride is often rooted in the latest successes of its national sports teams and international sports stars. Beating the All Blacks in rugby union (a rare event these days) or the English in cricket (a more even match) will significantly lift the national mood. After Australia II won the America’s Cup sailing race in 1983, Prime Minister Bob Hawke famously declared an effective public holiday: “Any boss who sacks a worker for not turning up today is a bum.”

Overhauling the global tax system and its practices is fundamental if we are to deliver stronger, cleaner and fairer growth for a post-Crisis world. The Secretary-General explains how the OECD, with the support of the G20, is finding ways to fix the current international tax situation.

The Australian economy has been one of the OECD’s best performing economies, though it now faces some major challenges.

©Andrew Biraj/Reuters

As G20 leaders look distraught at a global economy that is faced with weak growth, high unemployment and rising income inequality, they should repeat to themselves that this is not inevitable. The International Monetary Fund (IMF), while putting out another downward revision of growth forecasts, admitted that recovery is too slow and fragile, while recognising the problem of income inequality. The OECD, in its reports on New Approaches and Economic Challenges (NAEC) and its 2014 OECD Employment Outlook, acknowledges that rising inequality affects economic growth and social cohesion, sapping trust in markets and institutions.

G20 countries are taking action to lift growth in the world economy. Will their commitments be enough?

Heather Smith, Australian Sherpa to the G20 ©G20 Australia

Each G20 presidency faces its own challenges. A presidency must respond to global economic conditions, it must build on previous work, and it must seize opportunities to progress with reforms where members can reach consensus.

Gabriela Ramos, OECD Chief of Staff and G20 Sherpa ©OECD

The Australian G20 presidency has made a critical and decisive contribution to reinforcing the effectiveness and impact of the Group of 20 (G20). Under Australia’s chairmanship, the work of the G20 has gained in coherence and strength, which should reinforce our joint efforts to boost and sustain future growth. Our organisation is proud to have contributed significantly to these achievements.

© Andre Dobroskoy/ Under license from Shutterstock

Over the past few years we have witnessed some challenging times. When Australia took the reins of the G20 presidency nearly a year ago, the global economy was still recovering from one of the most severe recessions of modern times.

Australia's Joe Hockey listens to OECD Secretary-General Gurría © OECD Flickr

“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.

How much of a country can you count? The newly updated Understanding National Accounts from the OECD answers this question and gives a summary of how to calculate the accounts as well as the principles and data sources behind them.

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The OECD does not see deflation taking hold in the euro area, but the risk has risen.

Angel Gurria, Secretary-General of the OECD

International investment treaties are in the spotlight as recent articles in the Financial Times and The Economist show. An ad hoc investment arbitration tribunal recently awarded $50 billion (€40 billion) to shareholders in Yukos. EU consultations on proposed investment provisions in the Transatlantic Trade and Investment Partnership (TTIP) with the United States generated a record 150,000 comments. There is intense public interest in treaty challenges to the regulation of tobacco marketing, nuclear power and health care.

©LucyNicholson/Reuters

This working paper argues that some of the technologies associated with crypto-currencies are very interesting and may one day become a serious disruptive technology for financial intermediaries—but that these technologies should be thought about separately from the crypto-currencies like Bitcoin that have some very dubious uses.

The world’s first ATM cash machine opened in Vancouver in October 2013, offering Bitcoin conversion to and from Canadian dollars. As the global use of Bitcoin continues to increase, governments around the world have both greeted and shunned the anonymous digital crypto-currency. 

"Social perception is a prerequisite for a level playing field among all entrepreneurs."

The recovery from the Great Recession has been slow and arduous, and has at times threatened to derail altogether.

©Brendan McDermid/Reuters

Global economy faces slower future–; –top earners capture more of income; Soundbites; Economy; Country roundup; Health spending starts to rise; Financing tough for SMEs; Development's productivity gap; Plus ça change… 

Your report on Germany proposes raising capital gains taxes on residential real estate (except for owner-occupied housing) to promote equity of income distribution and government revenue (OECD Economic Surveys: Germany, May 2014, see oecd.org/germany). 

Economic data

GDP growth: +0.6% Q2 2018 year-on-year
Consumer price inflation: 2.9% July 2018 annual
Trade: +2.7% exp, +3.0% imp, Q4 2017
Unemployment: 5.3% July 2018
Last update: 11 Sep 2018

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  • The new OECD Observer Crossword, with Myles Mellor. Try it online!
  • Watch the webcast of the final press conference of the OECD annual ministerial meeting 2018.
  • Listen to the "Robots are coming for our jobs" episode of The Guardian's "Chips with Everything podcast", in which The Guardian’s economics editor, Larry Elliott, and Jeremy Wyatt, a professor of robotics and artificial intelligence at the University of Birmingham, and Jordan Erica Webber, freelance journalist, discuss the findings of the new OECD report "Automation, skills use and training". Listen here.
  • Do we really know the difference between right and wrong? Alison Taylor of BSR and Susan Hawley of Corruption Watch tell us why it matters to play by the rules. Watch the recording of our Facebook live interview here.
  • Has public decision-making been hijacked by a privileged few? Watch the recording of our Facebook live interview with Stav Shaffir, MK (Zionist Union) Chair of the Knesset Committee on Transparency here.
  • Can a nudge help us make more ethical decisions? Watch the recording of our Facebook live interview with Saugatto Datta, managing director at ideas42 here.
  • Ambassador Aleksander Surdej, Permanent Representative of Poland to the OECD, was a guest on France 24’s English-language show “The Debate”, where he discussed French President Emmanuel Macron’s speech at the World Economic Forum in Davos.
  • The fight against tax evasion is gaining further momentum as Barbados, Côte d’Ivoire, Jamaica, Malaysia, Panama and Tunisia signed the BEPS Multilateral Convention on 24 January, bringing the total number of signatories to 78. The Convention strengthens existing tax treaties and reduces opportunities for tax avoidance by multinational enterprises.
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  • Do you trust your government? The OECD’s How's life 2017 report finds that only 38% of people in OECD countries trust their government. How can we improve our old "Social contract?" Read more.
  • Papers show “past coming back to haunt us”: OECD Secretary-General Angel Gurria tells Sky News that the so-called "Paradise Papers" show a past coming back to haunt us, but one which is now being dismantled. Please watch the video.
  • Globalisation’s many benefits have been unequally shared, and public policy has struggled to keep up with a rapidly-shifting world. The OECD is working alongside governments and international organisations to help improve and harness the gains while tackling the root causes of inequality, and ensuring a level playing field globally. Please watch.
  • Checking out the job situation with the OECD scoreboard of labour market performances: do you want to know how your country compares with neighbours and competitors on income levels or employment?
  • Trade is an important point of focus in today’s international economy. This video presents facts and statistics from OECD’s most recent publications on this topic.
  • The OECD Gender Initiative examines existing barriers to gender equality in education, employment, and entrepreneurship. The gender portal monitors the progress made by governments to promote gender equality in both OECD and non-OECD countries and provides good practices based on analytical tools and reliable data.
  • Interested in a career in Paris at the OECD? The OECD is a major international organisation, with a mission to build better policies for better lives. With our hub based in one of the world's global cities and offices across continents, find out more at www.oecd.org/careers .
  • Visit the OECD Gender Data Portal. Selected indicators shedding light on gender inequalities in education, employment and entrepreneurship.

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