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Improving investment conditions could make Indonesia a world leader in clean energy, says OECD

Indonesia could become a world leader in clean energy with further reforms to mobilise investment in renewables and energy efficiency, according to a new OECD report. The OECD Clean Energy Finance and Investment Policy Review of Indonesia says Indonesia has abundant untapped potential for finance and investment in renewable energy and energy efficiency, areas that are key to accelerating the country’s green energy transition and supporting a sustainable recovery from the COVID-19 crisis. Reforms to create a clear and consistent regulatory environment for renewables, for example by using competitive tenders ...

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Backing grows for new IMF COVID and climate fund

Plans for a new IMF “Resilience and Sustainability” fund that would expand its support to dozens more vulnerable countries gained key international backing on Thursday ahead of crucial meetings. IMF chief Kristalina Georgieva this month proposed the new trust to allow rich countries to channel some of their new IMF reserves to poor and middle-income counterparts ravaged by COVID or climate change. “This is something we certainly support” said Lars Jensen, a senior economist on the United Nations Development Programme (UNDP) and the author of a new report on how ...

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Israel to join OECD, G20’s digital economy taxation plan

Israeli Finance Minister Avigdor Lieberman on Tuesday announced that the country will join the digital economy taxation outline initiated by the Organisation for Economic Co-operation and Development (OECD) and the Group of Twenty (G20) forum. The decision was taken ahead of the expected outline’s approval on June 30 by a designated OECD committee, said a statement issued by the Israeli Ministry of Finance. The plan will allow taxation of corporations’ profits by countries whose residents consume their products or services, even without a physical presence of the companies in those ...

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Government support to agriculture is low on innovation, high on distortions

Agricultural support has continued to grow worldwide in recent years, but is often failing to meet its stated aims of improving food security, livelihoods and environmental sustainability, according to a new report from the OECD. Agricultural Policy Monitoring and Evaluation shows that the 54 countries monitored – including all OECD and EU economies, plus 11 key emerging economies – provided on average USD 720 billion of support to agriculture annually over the 2018-20 period. Consumers paid for more than one-third of the annual support, or USD 272 billion, through higher ...

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Vaccines will be the ‘most important’ economic policy this year, IMF chief says

Vaccine policy will top all other economic polices this year as the world tries to recover from the coronavirus crisis, International Monetary Fund chief Kristalina Georgieva said Wednesday at CNBC’s Global Evolve Summit. “Vaccine policy this year, probably next year, is going to be the most important economic policy, may beat even monetary and fiscal policy in terms of significance,” Georgieva told CNBC’s Geoff Cutmore. “A prerequisite to bring the world to a sustained high level of growth everywhere is to vaccinate all people and that’s not yet done. We ...

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COVID debt restructuring push not advanced enough, IMF chief cautions

Efforts to restructure unsustainable debt burdens in some of world’s poorest countries has not made enough progress, the head of the International Monetary Fund Kristalina Georgieva said. Speaking on webcast, the IMF’s managing director said some progress was being made in Chad, which along with Ethiopia and Zambia has become a test case for a global debt relief plan known as the “Common Framework”, more was needed. “I’m pleased to say that we are seeing progress on Chad. I hope we would be successful to bring these cases to fruition ...

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COVID-19 pandemic highlights urgent need to scale up investment in lifelong learning for all, says OECD

Countries must step up their efforts to enable people to continue learning throughout their lives to navigate a rapidly changing world of work shaped by globalisation and the consequences of the COVID-19 pandemic, according to a new OECD report. OECD Skills Outlook 2021: Learning for Life says that public policies should play a key role in facilitating effective and inclusive lifelong learning, but much remains to be done. It will be crucial to invest part of the resources devoted to the recovery to lifelong learning programmes, involving all key stakeholders ...

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Addressing complex housing policy challenges should be a central priority for governments

Access to affordable and decent housing is vital for good health, job opportunities and life satisfaction, but housing remains one of the most complex policy challenges facing societies today. Governments must do more to ensure universal access to affordable, high-quality, environmentally sustainable housing, according to the OECD. The COVID-19 crisis has uncovered how unevenly housing is distributed across population groups, and has worsened the adverse impacts of poor housing conditions, notably on the most vulnerable. Launched in 2018, a wide-ranging  OECD Housing Project has gathered comparative evidence, analysis and policy ...

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IMF will explore options for re-allocating reserves to raise $100 billion for poor countries

The International Monetary Fund on Sunday welcomed the Group of Seven’s support for expanding the global lender’s emergency reserves by $650 billion and said it would work with members on ways to provide $100 billion to the poorest countries. IMF Managing Director Kristalina Georgieva, in a statement, said the $650 billion allocation of Special Drawing Rights, the largest ever, would help boost global reserves and allow countries to fund needed fiscal measures to exit the pandemic. She said she would work with IMF members in the coming months on how ...

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Rosy prospects ahead for China-CEEC economic ties

Leon Meredyk, a Polish national, spoke in fluent Mandarin as he introduced dairy products from Poland at the second China-CEEC Expo & International Consumer Goods Fair in Ningbo, east China’s Zhejiang Province. “We attach great importance to the Chinese market as it has great potential,” said Meredyk, business development manager of Vici Group, a Polish company that started exports to China in 2013. Themed “Fostering a New Development Paradigm, Sharing a Win-Win Opportunity,” the expo opened Tuesday, attracting some 300 enterprises from Central and Eastern European Countries (CEECs) and more ...

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G20 GDP returns to pre-pandemic level in the first quarter of 2021, but with large differences across countries

Gross domestic product (GDP) of the G20 area returned to pre-pandemic level in the first quarter of 2021, growing by 0.8% compared with the fourth quarter of 2020. However, this figure conceals large differences across countries. Among the G20 economies, India, Turkey and China, whose GDP was already above pre-pandemic levels in the previous quarter, continued their recovery, by 2.1%, 1.7% and 0.6%, respectively (after 9.3%, 1.7% and 2.6% in the previous quarter). GDP in Australia, Korea and Brazil also returned to pre-pandemic levels in the first quarter of 2021, ...

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OECD: CLIs continue to increase at a steady pace

The OECD Composite leading indicators (CLIs), designed to anticipate turning points in economic activity relative to trend, continue to point to a steady expansion in the OECD area as a whole. For all major OECD economies, the CLIs now point to a steady expansion. The CLIs have continued to increase steadily in the United States, Japan, Canada and in the euro area as a whole, including Germany and Italy. Although remaining below trend,the CLIs for the United Kingdom and France nowalsosignal a steady expansion. Among major emerging economies, the CLIs ...

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Improving mental health care key to COVID-19 pandemic recovery

The COVID-19 pandemic has led to a sharp increase in mental ill-health issues, especially among the young, unemployed and those facing financial insecurity. Countries should provide adequate support to those affected, while urgently scaling up investment and quality of care to reduce the high social and economic costs of mental ill-health, according to a new OECD report. A New Benchmark for Mental Health Sytems: Tackling the Social and Economic Costs of Mental Ill-Health says that mental health care has long been neglected and under-funded, and unmet need for care is ...

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Marginal increase in the OECD unemployment rate in April 2021, to 6.6%, 1.3 percentage points above its pre-pandemic level

The OECD area unemployment rate increased marginally in April 2021, to 6.6% (from 6.5% in March 2021), 1.3 percentage points above the pre-pandemic rate observed in February 2020. This was the first monthly increase since the April 2020 peak. Some care is needed in interpreting the fall in the OECD area unemployment rate compared to the April 2020 peak, as this largely reflects the return of temporary laid-off workers in the United States and Canada, where they are recorded as unemployed.[1] The number of unemployed workers across the OECD area[2] ...

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OECD and Global Executives engage with the Blue Dot Network to develop Certification for quality infrastructure investment

The OECD, together with governments of the US, Australia and Japan, has commenced consultations on the development of the Blue Dot Network certification process. The Blue Dot Network seeks to help bridge the global infrastructure investment gap by establishing a globally recognised symbol of market-driven, transparent and sustainable infrastructure projects. To achieve this, the Blue Dot Network aims to support and attract investment into quality infrastructure through the establishment of a voluntary, private-sector-focused and government-supported certification scheme for infrastructure projects. “As we “Build Back Better” after the COVID-19 pandemic, sustainable, ...

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