Home / Knowledge / News / Textiles / Cooperation, strong policy action needed: OECD to G20

Cooperation, strong policy action needed: OECD to G20

26
Nov '20
Pic: Shutterstock
Pic: Shutterstock
The COVID-19 pandemic-induced crisis has exposed major weaknesses in economies that can only be fixed through greater global co-operation and strong, targeted policy action, according to a new report by the Organisation for Economic Cooperation and Development (OECD) presented to the leaders of the G20 countries at their virtual summit recently.

New Horizons, a report requested by the G20 to support its action plan in response to the crisis, says governments need to plan now for the recovery while continuing to live with the virus.

Emergency economic measures to tackle the crisis will need to be adapted, support to people and businesses become more targeted, and new policies put in place to make the objective of a stronger, sustainable and inclusive global economy, a reality, according to an OECD press release.

Speaking at the summit, OECD secretary general Angel Gurría said ambitious reforms are needed to ensure a vigorous recovery.

The OECD identifies the need for stronger co-operation between governments in a number of fields, including health, trade, taxation of multinationals as the economy becomes increasingly digitalised, environmental sustainability and preventing sudden outflows of capital and sovereign debt crises in emerging markets and developing countries.

The report says exceptional fiscal spending and monetary support should be maintained as long as needed to buffer the shock of the pandemic, and outlines how governments should work on three main fronts: to reallocate resources; support people; and build a sustainable and resilient economic system for the future.

Governments will need to assist workers and businesses to transition from shrinking to expanding sectors; by removing barriers to mobility, by increasing competition, and by making it easier for firms to access finance and advanced technologies or to restructure, the report said.

Improving training and building skills, particularly among the low-skilled, youths and women who are often vulnerable in the labour market, will be key. Job retention schemes will need to evolve to ensure that people, rather than their jobs, are protected, that their opportunities are widened and their income safeguarded.

The New Horizons report is part of the broad range of analysis and recommendations from the OECD and other international organisations to support the work of the G20.

Gurría said OECD is continuing to work with the G20 towards achieving a political agreement on how to tax the digital economy by mid-2021.

Fibre2Fashion News Desk (DS)


Must ReadView All

Pic: Shutterstock

Textiles | On 26th Jan 2021

China's textile & garment exports rise 9.6% in 2020

Despite the COVID-19 pandemic and global economic slowdown, textile...

Pic: Shutterstock

Textiles | On 26th Jan 2021

Vietnam, Israel to sign labour cooperation pact this year

Israel and Vietnam recently initiated negotiations over a labour...

Pic: Shutterstock

Fashion | On 25th Jan 2021

Boohoo buys Debenhams brand, website, but not its stores

Boohoo has reportedly purchased Debenhams brand and website for £55...

Interviews View All

Pratik Bachkaniwala, Palod Himson Machines

Pratik Bachkaniwala
Palod Himson Machines

Fabric processing machines are picking up

Divyesh Mashruwala, Akshar Industries

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Victor Chao, Esmetex

Victor Chao
Esmetex

‘In future, clothing boundary lines will become increasingly blurred.’

Marcello Galvanin,

Marcello Galvanin

Galvanin has more than 50 years of experience in the production of textile ...

Amanda Cioletti,

Amanda Cioletti

The entertainment/character segment lead as the largest sector for the...

Priyanka Salot,

Priyanka Salot

The Sleep Company was established to upgrade the sleep quality of every...

Georg Reinhold, Trützschler  Nonwovens & Man-Made Fibers

Georg Reinhold
Trützschler Nonwovens & Man-Made Fibers

Trützschler Nonwovens & Man-Made Fibers, a part of the Trützschler Group,...

Silke Brand-Kirsch, Schlegel und Partner GmbH

Silke Brand-Kirsch
Schlegel und Partner GmbH

<div>Schlegel und Partner is the market research and consultancy company...

S Ziya Gumuser, Teknomelt

S Ziya Gumuser
Teknomelt

Turkish nonwoven manufacturer Teknomelt has been around for only seven...

Varsha Wadhwa, VW

Varsha Wadhwa
VW

Coming from a family that ran a business of jute and linen mills since...

Chandani Sahi, By Chandani

Chandani Sahi
By Chandani

By Chandani is a womenswear prêt couture brand with fusion silhouettes by...

Yash P. Kotak, Bombay Hemp Company

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

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

Leave your Comments


January 2021

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


Advanced Search