OPPORTUNITIES AND CHALLENGES OF GLOBAL ECONOMIC CHANGES
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1 OPPORTUNITIES AND CHALLENGES OF GLOBAL ECONOMIC CHANGES Presentation by Mrs. Gabriela Ramos, Chief of Staff and G20 Sherpa, OECD Global Summit of Women, June , Paris
2 OECD s membership and global reach Ongoing membership talks with Russia, Colombia & Latvia 34 member countries New Members: Chile Estonia Israel Slovenia Key Partners: Brazil China India Indonesia South Africa 2
3 Part I: Resuming Global Growth Growth in advanced economies is rebounding Real GDP growth Per cent OECD BRIICS Source: OECD May 2014 Economic Outlook database. 0 3
4 Part I: Resuming Global Growth The cylinders of growth are not yet fully activated and some risks continue to exist Fixed investment Volume index, 2007 = 100 Trade in goods and services Volume, year-on-year percentage change OECD Financial Conditions Index (FCI) Pre-crisis United States Japan Euro area Average growth of world trade (1990- Worl d Easier conditions United States Japan Euro area Source: OECD May 2014 Economic Outlook database; OECD calculations
5 Part I: Resuming Global Growth The costs of the crisis remain: Output gap Estimated effects of the crisis on the potential output per capita of individual OECD countries Difference in 2014 Source: OECD(2014), Economic Outlook 5
6 Part I: Resuming Global Growth The costs of the crisis remain: Increased unemployment and inequality Long-term trends in inequality of disposable income (Gini coefficient) Source: OECD Income Distribution Database, Note: Income refers to disposable income adjusted for household size.
7 Part I: Resuming Global Growth The costs of the crisis remain: Increased unemployment and inequality (cont) Long-term trends in inequality of disposable income, cont. Source: OECD Income Distribution Database, Note: Income refers to disposable income adjusted for household size.
8 Part II: Longer Term Prospects Possible lower overall growth with rising middle class, and shifting regional wealth Projection of overall growth rate at 3% per annum until 2060 Shifting wealth to developing and emerging economies Share of the global economy in PPP terms ( ) Note: These data apply Maddison s long-term growth projections to his historical PPP-based estimates for 29 OECD member countries and 129 non-member economies. Source: OECD (2010), Perspectives on Global Development 2010: Shifting Wealth, OECD Publishing 8
9 Part II: Longer Term Prospects GVCs will continue to increase and shape the production landscape Foreign value-added content of exports OECD countries (as a % of exports) ,6% 29 % 60% 50% 40% 30% 20% 10% 0% Foreign value-added content of exports by selected partner country, 1995 and 2009 (as a % of exports) Source: OECD/WTO (2013), OECD-WTO: Statistics in Trade in Value Added, in OECD(2013), Interconnected Economies: Benefiting from Global Value Chains. OECD Publishing 9
10 Part II: Longer Term Prospects Services are increasingly strategic OECD Services Trade Restrictiveness Index: Mexico 10
11 Part III: Future sources of growth Future growth prospects will be based on productivityenhancing innovation Business investment in KBC and tangible capital, United States, (% of adjusted GDP) Note: Estimates are for private industries excluding real estate, health and education. Source: Unpublished update on Corrado, C.A. and C.R. Hulten (2010), How do you Measure a Technological Revolution?, American Economic Review: Papers & Proceedings 100 (May 2010): , in OECD(2013), Supporting Innovation in Knowledge Based Gapital, Growth and Innovation, OECD Publishing, p.24 11
12 Part III: Future sources of growth Future growth opportunities will be green Patenting activity pre- and post-kyoto Protocol s adoption (3-year moving average, indexed on 1990=1.0, in Annex 1 ratification countries) Source: OECD (2010), The Invention and Transfer of Environmental Technologies, OECD Publishing. 12
13 90 Part III: Future sources of growth Women s empowerment and entrepreneurship will be a key driver of growth Male and female labour force participation rates, 2011, selected regions of the world Female Male MENA Low & middle income Latin America & Caribbean (all income levels) OECD members Sub-Saharan Africa Source: World Bank Gender dataset based on ILO Key Indicators of the Labour Market, OECD (2014) Women in Business: Accelerating Entrepreneurship in the Middle East and North Africa Region, preliminary version 13
14 70 Part III: Future sources of growth Women s empowerment and entrepreneurship will be a key driver of growth Share of women-owned and women-managed registered businesses in selected regions (firms with 5+ employees, latest available year, percentage) All Countries East Asia & Pacific Eastern Europe & Central Asia Latin America & Caribbean Middle East & North Africa South Asia Percentage of firms with female participation in ownership Sub-Saharan Africa Percentage of firms with a female top manager Source: World Bank Enterprise Survey, in OECD (2014), Women in Business: Accelerating Entrepreneurship in the Middle East and North Africa Region, preliminary version, p.58 14
15 Part III: Future sources of growth Sustainable growth will need to be inclusive Drop in inequality in many emerging and developing economies in the past decade Gini coefficients in selected emerging market economies and developing countries, 2000 and 2010 Source: World Development Indicators, 2012, in OECD(2014), All on Board: Making Inclusive Growth Happen, OECD Publishing. 15
16 Thank you.
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