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OECD calls for reinvention of the ecomony post-pandemic

The Organization for Economic Cooperation and Development (OECD) has called on economies to reinvent themselves to become more resilient in the face of the severe fallout from the coronavirus pandemic.

The Organization for Economic Cooperation and Development (OECD) has called on economies to reinvent themselves to become more resilient in the face of the severe fallout from the coronavirus pandemic.

“Governments have to act now,” OECD Secretary General Angel Gurria said during an online conference in Paris on Wednesday, adding that the economic recovery after the crisis had to be prepared.

“After a devastating 2020 prospects are improving,” OECD chief economist Laurence Boone said, adding that the pandemic had exposed vulnerabilities such as long-term unemployment that could not be eliminated even by multi-billion-dollar aid packages from governments.

Gurria also called for higher taxes on CO2 emissions in the fight against climate change.

Boone didn’t present a new economic development forecast, however. Due to the coronavirus crisis, the global economy shrank by 3.4 per cent last year, according to earlier OECD estimates. Growth of 5.6 per cent is expected for the current year.

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