OECD Calls on G20 for Urgent Policy Response as Global Economic Growth Fails to Pickup

The Organisation for Economic Co-operation and Development (OECD) has piled pressure on the Group of 20 (G20) to come up with an urgent policy response to stuttering global growth, adding to a call from the International Monetary Fund (IMF) as leading finance ministers and central bankers meet in Shanghai.

Highlighting the turbulent state of the world economy and markets, OECD Chief Economist Catherine Mann wrote in an interim report on economic policy reforms, released Friday, that a pickup in global growth remained “elusive” even eight years after the global financial crisis.

“The recovery in advanced economies is still muted, particularly in the euro area and Japan, while growth has slowed in emerging-market economies. Trade and investment remains weak, while jobs and wage growth have been disappointing. Financial markets are increasingly volatile as capital searches for both yield and safety,” Mann said in the “Going for Growth” report.

“Getting back to healthy and inclusive growth calls for urgent policy response, drawing on monetary, fiscal and structural policies working together,” she added.

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Craig Erlam
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the BBC and The Telegraph, and he also appears regularly as a guest commentator on Bloomberg TV, CNBC, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.