ISTANBUL (dpa) – The pace of structural reforms has slowed in the majority of advanced economies in the past two years, the Organization for Economic Cooperation and Development said Monday in a new report released as finance minister gather for a G20 meeting.
Inequality and the threat of high unemployment rates remain a key concern.
The OECD advised that governments should “give priority to pro-growth policy packages that help promote equity and inclusiveness.”
In low-income countries a focus must be placed on education, the report recommends.
“In the near term, policy challenges include persistently high unemployment, slowing productivity, high public-sector budget deficit and debt, as well as remaining fragilities in the financial sector,” the OECD report Going for Growth says.
“The crisis has also increased social distress, as lower-income households were hit hard, with young people suffering the most severe income losses and facing increasing poverty risk.”
G20 finance minister and central bank chiefs will be meeting in Istanbul to discuss the global economy, which is still suffering from the 2008 financial and economic crises.