Organisation For Economic Cooperation And Development (OECD)


Sustainable economic growth is the ultimate goal of the OECD or Organization (Organisation) For Economic Cooperation and Development. The OECD is an international organization that has 30 members.

The OECD was established in 1961 with the following objectives:

  • Promote Employment

 

  • Improve the standard of living

 

  • Facilitate world trade growth

 

International Organisations


International organizations are legally constituted entities that operate across several nations. Such organizations do not operate for profit. Some of the international organizations are the WTO (World Trade Organization), Global Futures Foundation and IMF (International Monetary Fund).

G-8 Group of Eight


The G-8, or Group of Eight, is a group of heads of state from eight industrialized democracies in the northern hemisphere.

The G-8 used to be known as the G-6, or Group of 6. In 1976, Canada joined, making the group the G-7. Then, in 1997, Russia joined forming the G-8.

The European Union is also represented in the G-8 but is not accorded the same status as each of the countries that form the eight. Some have called in the G-9, in recognition of the EU, who has participated on an even level as all the other nations since its inclusion.

G-7 Group of Seven


The G-7, or Group of Seven, is a group of Finance Ministers that analyzes, discusses, evaluates and acts on the most critical issues of the global economy. These seven leaders represent the most developed and industrialized economies in the world.

The G-7 meets multiple times each year to review economic conditions and policies.

G-7 is not the same as G-8, which holds yearly meetings between government heads, instead of finance ministers.

World Bank (WB)


The World Bank (WB) is a multinational corporation aiming at the alleviation of poverty. It facilitates various economies of the world in following sustainable economic growth. The World Bank was formed in 1944 as a part of the Bretton Woods system for reconstructing countries devastated during WW-II.

 

The World Bank comprises of the following two institutions: