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IMF sees Italy GDP up 4.3% in 2021, budget deficit at 11.8% GDP

The International Monetary Fund delivered slightly improved growth forecasts on Thursday for Italy’s economy in 2021 and 2022 as it gradually recovers from the coronavirus crisis with support from increased fiscal spending. The IMF now sees Italy’s gross domestic product up 4.3% and 4% in 2021 and 2022 respectively, revised up from an April estimate of 4.2% and 3.6%, and closer to the government’s projections of growth of 4.5% this year and 4.8% next year. “A robust recovery is expected in 2021 supported by ongoing vaccinations although large uncertainty remains,” ...

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Energy prices push OECD inflation to 3.3% in April 2021, the highest rate since October 2008

Annual inflation in the OECD area increased to 3.3% in April 2021, compared with 2.4% in March. Annual energy prices rose sharply by 16.3% in April, the highest rate since September 2008, compared with 7.4% in March. Nevertheless, food price inflation slowed to 1.6%, compared with 2.7% in March. Developments in energy and food prices are largely related to base year effects and to the impact of the COVID-19 pandemic a year ago. OECD annual inflation excluding food and energy also increased significantly to 2.4% in April, compared with 1.8% ...

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IMF sees Greek economy growing 3.3% in 2021, boosted by EU funds, tourism

The Greek economy should grow by 3.3% this year and 5.4% in 2022, fuelled by European recovery fund investment, pent-up consumer demand and an expected return of tourism, International Monetary Fund officials said. The forecasts, issued following a regular IMF staff visit to Greece, represent a slight cut in the fund’s previous 3.8% forecast for 2021 issued in April but an increase in the previous 5% forecast for next year. The estimates, which follow an 8.2% contraction in Greek GDP in 2020, are slightly below Greece’s own forecasts for 3.6% ...

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OECD raises China’s growth forecast to 8.5% this year, 5.8% in 2022

The recovery of China’s economic activity has been swift and growth will reach 8.5 percent this year and 5.8 percent in 2022, according to the Economic Outlook released by the Organisation for Economic Cooperation and Development (OECD) on Monday. Investment will remain a key engine of growth, while consumption will recover only gradually. Robust export demand will keep industry capacity utilization high. The low proportion of imports in overall consumption means that the global surge in raw material prices will only have a limited impact on consumer price inflation, the ...

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New OECD Chief Optimistic About Agreement on Global Minimum Coroporate Tax

The new head of the Organisation for Economic Cooperation and Development said the Biden administration’s approach to a global minimum corporate tax has been a game changer and that he is optimistic consensus will be found. Asked whether he thought an agreement on corporate tax could be reached before year-end, OECD Secretary-General Mathias Cormann said: “I think that we are in a much better position than we were towards the end of last year.” “I am quietly optimistic that with the level of goodwill that was demonstrated by all during ...

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Mathias Cormann takes office as OECD Secretary-General

Mathias Cormann took office yesterday as the sixth Secretary-General of the OECD. Ministers and senior officials of the Organisation’s 38 Member countries and outgoing Secretary-General Angel Gurría welcomed Mr Cormann in a handover ceremony at the OECD Headquarters in Paris during Part I of the two-part 2021 Meeting of the OECD Council at Ministerial Level (MCM). “I am deeply honoured and humbled by the trust and confidence you have shown in appointing me as your OECD Secretary-General. I am ambitious for the OECD and what it can achieve with Members, ...

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UK set for stronger post-Covid recovery, says OECD

The UK economy’s recovery from the pandemic is set to be stronger than previously thought, a leading international agency has suggested. The Organisation for Economic Co-operation and Development says the UK is likely to grow 7.2% in 2021, up from its March projection of 5.1%. The OECD raised its forecast for global growth to 5.8%, compared with the 4.2% it predicted in December. However, it warned that growth would not be shared evenly. The UK’s growth is set to be the fastest among the large rich countries, the OECD says. ...

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OECD sees brighter economic prospects but an uneven recovery

Prospects for the world economy have brightened but the recovery is likely to remain uneven and, crucially, dependent on the effectiveness of public health measures and policy support, according to the OECD’s latest Economic Outlook. In many advanced economies more and more people are being vaccinated, government stimulus is helping to boost demand and businesses are adapting better to the restrictions to stop the spread of the virus. But elsewhere, including in many emerging-market economies where access to vaccines as well as the scope for government support are limited, the ...

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OECD’s Gurria sees deal on global tech tax in June or July

OECD chief Angel Gurria said on Thursday he expects all the necessary elements for a global accord on taxing tech giants to be ready by June or July thanks to a sharp shift in the U.S. stance on the initiative. “The issue was a little bit tied up, mainly because of the American position,” he told a virtual news conference, adding that administration of President Joe Biden had made a “180 degree turn” from that of his predecessor. He added negotiations on a minimum corporate tax rate are going forward. ...

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OECD welcomes Costa Rica as its 38th Member

On 25/05/2021 Costa Rica has formally become an OECD Member, the 38th country to do so in the Organisation’s 60-year history. Costa Rica has now completed its domestic procedures for ratification of the OECD Convention and deposited its instrument of accession. This brings to a successful conclusion an accession process that began in April 2015. OECD Member countries formally invited Costa Rica to join the Organisation in May 2020, following a five-year accession process during which it underwent in-depth technical reviews by 22 OECD Committees and introduced major reforms to ...

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G20 merchandise trade reaches record high in first quarter of 2021 while trade in services growth appears to moderate

Continuing the recovery initiated in the third of quarter of 2020, international merchandise trade for the G20 reached record levels in Q1 2021, as measured in seasonally adjusted current US dollars. Compared with the previous quarter, exports and imports increased by 8.0% and 8.1%, respectively. With the exception of the United Kingdom, all G20 economies recorded positive growth in Q1 2021, with the depreciation of the US dollar and the related increases in commodity prices playing a role in the recovery from the COVID 19 lows. Prices of agricultural commodities, ...

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IMF says world can end the COVID-19 pandemic with this $50 billion plan

The International Monetary Fund on Friday unveiled a US$50 billion proposal to end the COVID-19 pandemic by vaccinating at least 40 per cent of the population in all countries by the end of 2021 and at least 60 per cent by the first half of 2022. Doing so, IMF officials say, would inject the equivalent of US$9 trillion into the global economy by 2025 due to a faster resumption of economic activity, with rich countries potentially benefiting the most. The crisis has killed more than 3.5 million people across the ...

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IMF unveils plans to include climate, digital tech into economic assessments

The International Monetary Fund unveiled plans to revamp the way it conducts economic assessments to better account for risks related to climate change, inequality and demographics, as well as evolving digital technologies. The new approach was agreed by the IMF’s executive board after the global lender’s first comprehensive review of its surveillance work since 2014. It will provide strategic direction for its economic analysis in coming years. Civil society groups lauded the changes, which acknowledge for the first time that climate-change related policies affect overall economic performance, but said the ...

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New lobbying rules needed to strengthen trust

Governments need to revamp lobbying rules to make them fit for the 21st century, according to a new OECD report. Lobbying rules need to reflect new realities, including rapid technological change, global competition for influence and calls for increased transparency, integrity, and access. Lobbying in the 21st Century: Transparency, Integrity and Access analyses trends and developments in OECD countries over the past decade to improve lobbying practices since the 2010 OECD Recommendation on Principles for Transparency and Integrity in Lobbying, the first international standard to address transparency and integrity risks ...

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OECD GDP growth slows to 0.3% in the first quarter of 2021

Following the unprecedented falls and subsequent rebounds in 2020, growth of real gross domestic product (GDP) in the OECD area slowed to 0.3% in the first quarter of 2021, down from 1.0% in the previous quarter, according to provisional estimates. This slowdown is partly related to the strengthening of COVID-19 containment measures in some countries in early 2021. For the Major Seven economies as a whole, GDP growth slowed to 0.4% in the first quarter of 2021 (from 0.9% in the previous quarter), with quite divergent patterns across countries. In ...

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