Last quote by Angel Gurria
Angel Gurria quotes
Trade growth is below 3 percent, it should be at 6-7 percent and act as a locomotive ... We look like we're going backwards.
We are only two months away from the U.S. election and again the mood in the U.S. is, at least from the speeches, very anti-free trade and at the same time in Europe, you have a very low growth period.
Trade growth is below 3 percent, it should be at 6-7 percent and act as a locomotive and what are we seeing? We look like we're going backwards.
(The European Union) came out strongly saying no, (German Chancellor) Angela Merkel came out and strongly saying no, we're on it and working on it. U.S. said we're working it. All I'm saying is the symptoms and the signals are not good so we have to overcome them.
Global growth is projected to pick up only modestly in 2017, 3.3 [percent]. Moreover this pick up hinges on avoiding significant downside risks like Brexit, like financial disruptions in emerging markets that are linked to high corporate debt and also to exchange rate risks.
This low growth of consumption then feeds back into firms' expectations about demand growth. And it results in weak investment. And, there we go again. Of course, the story doesn't fit every single country in this precise way. There are additional shocks and additional factors at play. But overall, something like this dynamic appears to have been affecting the world economy over the past five years. It is a dynamic in which chronically weak demand interacts with a lack of structural dynamism to produce slow growth, scarred labour markets and dangerously low inflation.
Our conclusion is unequivocal. The UK is much stronger as a part of Europe and Europe is much stronger with the UK as a driving force. There is no upside for the UK in Brexit.
The responsibility borne by British voters is very serious indeed. It will be an act of intergenerational responsibility. The Brexit tax would be a pure deadweight loss. a cost incurred with no economic benefit and this tax would not be a one-off levy. Britons would be paying it for many years.
We made a whole series of calculations and we came out saying Brexit is a tax…. It's equivalent to roughly missing on one month's income within four years and then it carries on … and there's a consistent loss.
This is not wishful thinking, which we believe that the Brexit camp has in many cases been assuming on a number of things that, you know, could go in their way. There is no kind of deal that could go better by yourselves than you would be in the company of the Europeans.
The global recovery continues, but it is still mired by high levels of unemployment, rising inequalities and low wage and low productivity growth.
Inequality in OECD countries is at its highest since records began.
The consequences of Panama's failure to meet the international tax transparency standards are now out there in full public view.
Yes, there is a sense of urgency, yes there is a sense of the need to address the issues. And more and more there is a shared conviction that these are economically inconvenient and politically unsustainable issues, and therefore they have to be addressed.
The pace of reform has slowed down in a majority of the advanced economies in the past two years is not very encouraging.There is this danger that we can move into long-term low growth or pretty flat growth. The imperious need, the urgent need, is to focus on the implementation of the G20 national growth strategies.
Well, first of all, I think that the countries that have been under market pressure – that includes Italy, Spain, Greece, Ireland and Portugal – are the ones who have been doing more structural change. I have to say that Italy is belatedly – [although] not at the same speed – doing things now. And Mr Renzi not only has the political backing but also the decision[-making ability], the courage.
And how do you use the limited room that countries have these days in order to stimulate? How do you use the limited room you have in very tight budgets in order to 'go structural'? ...And at the same time make sure that you pick up the victims, the people who are more vulnerable. There are millions of them around the world, because this has been the biggest crisis we have ever seen in our lifetimes.
Frankly, I think they are getting results because they did it. Why is Spain turning around? Because they did very tough things two years ago, three years ago. Now they are growing, unemployment is coming down. So reform works, but you must do it well – you go deep, you go far, and you also give it time. It is not going to happen overnight.
This is not about austerity against growth. This is a false dilemma. This is about how much fiscal consolidation you need, and I stress the word 'need', and that depends on the market's perception but also objective perception.
We're still living with the legacies of the crisis, this is the problem. Because what we're seeing is better numbers, but those downside risks are still there, low growth is still there, very high unemployment numbers are absolutely still there.
I don't think you can suddenly stop the reform process because you are going to have an election. I think if you now see who are the most successful leaders that really picked it up,- picked the ball up and ran with it – they are the ones who are inspiring their people, they are the ones who are leading who are having the courage to say, we need reform.
The numbers now for world growth for 2013 is 2.7 percent and this is as low as it has been since the big crisis of 2009. Now we expect these rates to go back to four percent, which is where they have been for sometime in 2015, but 2013 will actually be a low growth year.
We don't want to erode the rights of workers, we don't want to take away the rights already earned, but we do want to create a situation of open employment in Spain.
Europe was not supposed to bail anybody out, in fact it was not only not foreseen it was forbidden. So now we have a situation in which these gaps have been filled. We have created a common currency, but we did not create a banking union and we did not create a fiscal union, now we have gone back to fill those gaps and for these reasons I am saying Europe can come out of the crisis stronger, but of course that means bold courageous decisions.
The structural reforms started by the Monti government in terms of fiscal consolidation, liberalisation, the simplification of labour laws and the fight against corruption create the foundation for a stronger Italy, a more competitive Italy and a fairer Italy.
Unemployment now is different because it is lasting longer. People are out of work for over six months, in many cases more than a year. These are challenges we've never faced before. There is a risk that these people won't get back into the job market.
It is imperative that governments use every possible means at their disposal to help jobseekers, especially young people, by removing barriers to job creation and investing in their education and skills.
A bad outcome scenario in the euro area with implications for the rest of the world cannot be ruled out.
We have to overshoot… If the market is waiting for 50 (ideas) then put 100 on the table.
The mother of all firewalls should be in place, strong enough, broad enough, deep enough, tall enough, just big.
The business environment in Russia leaves a lot to be desired and here we can do a lot of work to improve it. There are questions of governance, there are questions of lack of transparency, in some cases of corruption and then, the question of the rule of law.
Income inequality in OECD countries is at its highest level in the past half-century. The average income of the richest 10 percent of the population is nine times that of the poorest ten percent across the OECD. Twenty-five years ago the number was seven times.
After we have overcome this debt hurdle there will come the more difficult question of having sustainable, sustained, growth over the medium and the long term and that requires a very serious structural transformation of the Greek economy, of the Greek administration.
Governments are there and have absolutely lost room for maneuvre but they are still the only ones who can define the framework and make it possible for the private sector and for the banks and investors to thrive.
There is a generalised recovery, but this recovery is not as strong as we would like it and not as generalised and that there are downside risks with high unemployment, with high deficits, and many consequences of the crisis for the most vulnerable. The legacy of the crisis is still there, and it is very tough for the most vulnerable.
The OECD economies, including the euro area, are now in recession and are likely to stay there for some time amidst the worst financial crisis since the Depression. The crisis has spread to emerging economies and global trade growth is slowing markedly, with further deceleration in prospect. That means we have not seen the worst.