Organisation For Economic Cooperation And Development (OECD)
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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
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
- Maintain financial stability
The OECD superseded the OEEC (Organization for European Economic Co-operation) which worked towards the reconstruction of European countries that were devastated during the WWII. The OECD extends assistance to non-European countries. Its member nations include the United States, Canada, Australia, Japan, Mexico and New Zealand.
Table of Contents
How OECD Works
The major functions of the OECD are:
- Provides a platform for the governments of member nations to find solutions to universal problems, organize policies (domestic as well as international) and compare policy experiences.
- Monitors economic trends relating to trade, technology, environment, taxation and agriculture. It also forecasts economic development. It also conducts in-depth analysis to collect accurate data and statistics regarding social and economic growth.
- Publishes its economic statistics and other intellectual findings both online and offline. The published data is used by government officials, students and researchers through OLIS, SourceOECD and OECD Online Bookshop as well as its library.
- Offers peer reviews to member nations about their performance.
- Offers expertise and ideas to over 100 non-member countries for their economic development.
Achievements of OECD
The main highlights of the OECD are:
- Shifted to ‘Think global, act local’ to maximize new opportunities for democratic participation.
- Major publications include the OECD Economic Outlook, OECD Fact book, OECD Economic surveys and ‘Going for Growth.’
- Continued focus on economic growth through innovation.
OECD: Challenges
Developing an effective enabling network, strengthening solid accountability mechanisms and safeguarding public interest represent some serious challenges for the OECD. Also, the OECD Restated Job Strategy aims to formulate pro-employment policies to improve labor market outcomes. However, its productivity impact remains unclear. Other challenges are:
- Improve data collection methods.
- Reduce costs to improve prevailing environmental conditions.
- Rebalance global economic growth.
The economic integration of the non-OECD countries like Brazil, China, Russia and India represent nearly one fourth of the world’s GDP. Their increased prosperity and sustained growth path are vital to the OECD. The prospects for the OECD will focus on restoring economic growth across the globe. Its guiding philosophy is that economic progress spreads only in places where open markets prevail for technology, capital and human resources.
