Home / Knowledge / News / Textiles / OECD hails US economic growth, but wants key reforms
OECD hails US economic growth, but wants key reforms
23
Jun '16
The US economy is making one of the strongest comebacks in the Organisation for Economic Cooperation and Development (OECD), but there are risks on the horizon, according to the Organisation's latest Economic Survey of the US.

Seven years after the financial crisis, the US economy has rebounded through robust monetary policy support and the well-timed expansion of fiscal policy. Output has surpassed its pre-crisis peak by 10 per cent, robust private-sector employment gains have sharply reduced unemployment, and fiscal sustainability has been largely restored. But key reforms are necessary to sustain the recovery.

“It's a recovery, but it's a stubborn recovery,” OECD Secretary-General Angel Gurría said during the Survey launch in Washington, with Jason Furman, Chairman of the Council of Economic Advisors. “In so many ways, the US economy is a role model for other OECD countries, but by America's own high standards the recovery has been mild and risks losing momentum. There is a clear need to rebalance the policy mix and implement mutually reinforcing policies that boost productivity, reduce inequality, and promote sustainable growth.”

The slow speed of the recovery reflects the severity and depth of the financial crisis, fiscal consolidation, the exit of baby boomers from the labour market, weaknesses in key OECD economies, and world trade stagnation induced by the slowdown of China. A broader concern is weakening business sector dynamism. New firms aren't being created as frequently as in the past and larger firms are increasingly dominating markets. The Survey recommends adapting antitrust policy to keep pace with digitisation, financial innovation, and globalisation to address these issues. Shortfalls in public infrastructure must also be remedied.

Economic activity is, on average, well above pre-crisis peaks, but the revival does not prevail everywhere and is not as widely shared as it could be. The Survey notes that income inequalities can be addressed by ensuring that people acquire the skills they need and do not face discrimination or other obstacles in the labour market. It also encourages policies to improve opportunities for women, ethnic and racial minorities, disabled persons, and people with criminal records.

According to the OECD Survey, private sector job creation has been one of the most welcome aspects of the recovery. The housing market is also improving, with residential house prices in some parts of the country above pre-crisis levels.

Looking ahead, the Survey identifies environmental sustainability as an overarching challenge. The US performs relatively poorly compared to the rest of the OECD on CO2 emissions reductions despite the strengthening of fuel economy standards and significant use of policies and incentives for renewable energy and energy efficiency at the State level. The Survey notes that further measures to abate climate change should include putting a price on carbon dioxide emissions. (SH)

Fibre2Fashion News Desk – India


Must ReadView All

Union Minister for finance Arun Jaitley chairing the 25th GST Council meeting, flanked by minister of state for finance Shiv Pratap Shukla (right) and finance secretary Dr Hasmukh Adhia. Courtesy: PIB

Textiles | On 20th Jan 2018

GST rate on velvet fabric reduced to 5%

The 25th Goods and Services Tax (GST) Council meeting, held under the ...

RIL petrochemicals’ revenue grows 47.6% in Q3 FY18

Textiles | On 20th Jan 2018

RIL petrochemicals’ revenue grows 47.6% in Q3 FY18

The revenue from the petrochemicals segment at Reliance Industries...

Courtesy: Cotton USA

Textiles | On 20th Jan 2018

US cotton bodies pledge to support CCI activities

Ten US cotton organisations have pledged industry contributions in...

Interviews View All

Binoy Ravjani
Hero's Fashion

‘One of the recent trends in hand block printing is the indigo process,...

Asim Dalal
Indo Count Retail Ventures

Today, there is no other emerging market as India, "we make in India and...

Karan Suratwala
Key Textile Accessories Private Limited

Chinese imports are destroying the supply chain

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Urmil Arya

Sushila International, a well established textile organisation established ...

Riddhi Jain

Conceived in Europe and curated in New Delhi, NeceSera is a...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

January 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.1%
No
13.4%
Skip
17.5%

Total Votes: 97

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.9%
No
28.9%
Skip
7.2%

Total Votes: 97

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.6%
No
9.3%
Skip
3.1%

Total Votes: 97

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
82.5%
No
8.2%
Skip
9.3%

Total Votes: 97


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search