The global economy is expected to make a hesitant and uneven recovery over the coming two years. Decisive policy action is needed to ensure that stalemate over fiscal policy in the United States and continuing euro area instability do not plunge the world back into recession, the OECD said in its latest Economic Outlook. For Greece in particular, the Outlook, foresees that the economy will remain in recession until the end of 2014, due mostly to fiscal retrenchment. As confidence returns, competitiveness improves and structural reforms take effect, growth is expected to pick up. It is vital to vigorously implement structural reforms, including combating tax evasion, enhancing efficiency in public administration and removing barriers to competition, as the only path to the renewal of sustained growth in Greek living standards, the report further states.
November 28, 2012
Filled Under: ECONOMIC OUTLOOK
The global economy is expected to make a hesitant and uneven recovery over the coming two years. Decisive policy action is needed to ensure that stalemate over fiscal policy in the United States and continuing euro area instability do not plunge the world back into recession, the OECD said in its latest Economic Outlook. For Greece in particular, the Outlook, foresees that the economy will remain in recession until the end of 2014, due mostly to fiscal retrenchment. As confidence returns, competitiveness improves and structural reforms take effect, growth is expected to pick up. It is vital to vigorously implement structural reforms, including combating tax evasion, enhancing efficiency in public administration and removing barriers to competition, as the only path to the renewal of sustained growth in Greek living standards, the report further states.
OECD Report on Global Economy (VIDEO)
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The global economy is expected to make a hesitant and uneven recovery over the coming two years. Decisive policy action is needed to ensure that stalemate over fiscal policy in the United States and continuing euro area instability do not plunge the world back into recession, the OECD said in its latest Economic Outlook. For Greece in particular, the Outlook, foresees that the economy will remain in recession until the end of 2014, due mostly to fiscal retrenchment. As confidence returns, competitiveness improves and structural reforms take effect, growth is expected to pick up. It is vital to vigorously implement structural reforms, including combating tax evasion, enhancing efficiency in public administration and removing barriers to competition, as the only path to the renewal of sustained growth in Greek living standards, the report further states.
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