Making globalisation work for all: an OECD perspective

Addressing the growing inequalities and promoting a new kind of growth narrative: “inclusive growth”

  • This article was originally published as part of the 2017 edition of Bled Strategic Times, the official gazzette of the Bled Strategic Forum (BSF) international conference. You can access the full version of this and other BSF publications by visiting our official website.

A widespread feeling of unfairness

Our countries are still dealing with some of the legacies of the crisis. Across the OECD area, almost 37 million people are unemployed, over 4 million more than before the crisis. In many countries, young people are paying the highest price, with one youth in two unemployed in Greece (46.6%) and over one in three in Spain (39.3%) and Italy (34.0%) (5). Long-term unemployment in the OECD stands at just over 30% (6),with large numbers of people facing low quality contracts and anaemic real wage growth. Many are struggling to find quality full-time jobs, which not only bring better wages, but also a sense of purpose and identity.

Making globalisation work for all

Globalisation has produced many widespread benefits. It has facilitated global economic growth and productivity gains, integrated emerging economies in global markets and helped lift hundreds of millions of people out of poverty. Globalisation has brought diverse cultures and societies ever closer, and has been a vehicle for the dissemination of technological advances, such as digitalisation.

The contribution of the OECD

In support of these goals, the OECD is promoting and measuring a new kind of g rowt h narrative: “inclusive growth”. This goes beyond GDP to make well-being and opportunity the ultimate goal of policy. To stay at the cutting edge of economic understanding, the OECD is constantly revising its models and frameworks through the New Approaches to Economic Challenges initiative (NAEC), launched in 2012.

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