Organisation for Economic Cooperation and Development

Organisation for Economic Cooperation and Development

Part of: Prelims and GS-II International Relations

Context: Organisation for Economic Cooperation and Development has estimated that The Ukraine crisis could knock more than a percentage point off global growth this year and add two-and-a-half percentage points to inflation.

• It has called for targeted government spending increases in response.
• Well-targeted increases in government spending by OECD countries of the order of 0.5% of GDP could reduce the war’s economic impact by about half without significantly adding to inflation.

Organisation for Economic Cooperation and Development

• The OECD is an intergovernmental economic organisation, founded to stimulate economic progress and world trade.
• Most OECD members are high-income economies with a very high Human Development Index (HDI) and are regarded as developed countries.
• Founded: 1961.
• Headquarters: Paris, France.

• Members: 38 countries

• • India is not a member, but a key economic partner.

• Reports and Indices by OECD

• • Government at a Glance 2017 report.
  • International Migration Outlook.
  • OECD Better Life Index.

News Source: TH