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Over 1.1 billion tourists traveled abroad in 2014

In a time of economic turmoil, global tourism is still faring well: over 1.1 billion tourists traveled abroad in 2014, according to the World Tourism Organization (UNWTO). This is almost 5% more than in 2013, the organisation said in a press release.

Thomas Piketty: "Capital in the Twenty-First Century"

Star economist Thomas Piketty presented the English version of his global bestseller, "Capital in the Twenty-First Century", at the OECD on 3 July 2014 as part of The Coffees of the Secretary-General series. Read the complete transcript of Mr Piketty's presentation below.

China's yuan becomes world's fifth global payments currency

China’s economy is the second largest in the world, but can its currency, renminbi, compete with the US dollar as a global currency?

SME equity financing: Culture and home truths

Let’s face it: the bulk of small and medium-sized entreprises (SMEs) are still financed mainly by bank credit. However, as bank finance is harder to come by in the current post-crisis environment, fostering non-bank financing alternatives may help closing an SME financing gap. The OECD has been looking into such issues, using input from the private sector via its financial roundtables.

Philanthropy, digital payments and financial inclusion

Access to financing can contribute to inclusive social and economic development. How might digital transactions help? Here’s how.

Is inequality good or bad for growth?

If you’ve been following the income inequality debate, you’ll know there’s been much discussion on the question in the headline above. Until just a few years ago, it’s probably fair to say that mainstream opinion leaned towards the “good for growth” side of the debate. Yes, inequality might leave a bad taste in the mouth, but it was worth it if it meant a strong economy.

A sharing economy

Thanks to smart online and phone technologies, dynamic new business platforms that are altering the parametres in property, transport and other service-driven markets are fast emerging.

Companies such as Airbnb (helping you to rent or let out a room) and TaskRabbit (helping you pack boxes, walk the dog and other personal chores) have hit the headlines not just for their new business models, but their disruptive effects on established markets and services. Proponents say this “sharing” economy creates more choice and control for customers, while critics say it unfairly undermines competition.

Policymakers are now taking a closer look at how fair the sharing economy really is and to see if any rules need to be rewritten.

We asked the founder of France’s BlaBlaCar, Frederic Mazzella, how his ride-sharing company has evolved to become a prime example of the sharing economy.

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The economic challenge: Shifting into higher gear and rebuilding the engines of growth

Overall, the global economy continues to run in low gear. At 3% over the past seven years, the pace of global growth is more than 1 percentage point below the 2000-07 period, and about three-quarters of a percentage point below the average of the 15 years prior to the financial crisis. Global trade growth also remains below trend. 

Building the conditions of a safer world

The terrorist murders of 17 people in Paris on 7, 8 and 9 January were not only a human tragedy. They were a direct attack on the values of living together in the free, law-abiding, pluralistic societies we hold dear. 

Is long-term earnings inequality growing? Evidence from German baby-boomers and their parents

Compared to their parents, German baby-boomers are substantially more unequal in terms of long-term earnings, are subject to a much stronger pay uncertainty, and are considerably more likely to experience long spells of unemployment.

Ireland: On the path to recovery

After three years of sacrifice, hard work and difficult reform, Ireland has fought its way out of the depths of the financial crisis to become one of the fastest-growing economies in Europe and one of the best countries in the world in which to do business.

World economy: Stronger policy response needed, says OECD chief economist

The world economy remains stuck in low gear, and a "stronger policy response" is needed, particularly to boost demand in the euro area, OECD Chief Economist Catherine L. Mann said today, 25 November.

Sport is big business in Australia

Australians are well-known for being a sports-mad people. Some 43% of the adult population attended at least one sporting event in 2009-10 and national pride is often rooted in the latest successes of its national sports teams and international sports stars. Beating the All Blacks in rugby union (a rare event these days) or the English in cricket (a more even match) will significantly lift the national mood. After Australia II won the America’s Cup sailing race in 1983, Prime Minister Bob Hawke famously declared an effective public holiday: “Any boss who sacks a worker for not turning up today is a bum.”

Fairer taxation for trust: the time is now!

Overhauling the global tax system and its practices is fundamental if we are to deliver stronger, cleaner and fairer growth for a post-Crisis world. The Secretary-General explains how the OECD, with the support of the G20, is finding ways to fix the current international tax situation.

Australia’s economy

The Australian economy has been one of the OECD’s best performing economies, though it now faces some major challenges.

G20 should fix the world’s economy for the working people!

As G20 leaders look distraught at a global economy that is faced with weak growth, high unemployment and rising income inequality, they should repeat to themselves that this is not inevitable. The International Monetary Fund (IMF), while putting out another downward revision of growth forecasts, admitted that recovery is too slow and fragile, while recognising the problem of income inequality. The OECD, in its reports on New Approaches and Economic Challenges (NAEC) and its 2014 OECD Employment Outlook, acknowledges that rising inequality affects economic growth and social cohesion, sapping trust in markets and institutions.

Raising global growth: Why the G20 is “going structural”

G20 countries are taking action to lift growth in the world economy. Will their commitments be enough?

Australia’s G20 presidency: Bringing benefits for everyone

Each G20 presidency faces its own challenges. A presidency must respond to global economic conditions, it must build on previous work, and it must seize opportunities to progress with reforms where members can reach consensus.

Australia’s G20 Presidency and the OECD: Joining forces to address the challenge of stronger growth

The Australian G20 presidency has made a critical and decisive contribution to reinforcing the effectiveness and impact of the Group of 20 (G20). Under Australia’s chairmanship, the work of the G20 has gained in coherence and strength, which should reinforce our joint efforts to boost and sustain future growth. Our organisation is proud to have contributed significantly to these achievements.

Australia and the G20: From commitments to outcomes

Over the past few years we have witnessed some challenging times. When Australia took the reins of the G20 presidency nearly a year ago, the global economy was still recovering from one of the most severe recessions of modern times.

Joe Hockey, Australia, OECD, Angel Gurría, Gurria
Why reform is the right option

“Life is full of alternatives but no choice.” G20 leaders at the summit in Brisbane, Australia, in November should reflect on these words by Australian writer Patrick White, a Nobel Laureate, as they prepare their economic strategies for the years to come.

Calculate this country’s GDP

How much of a country can you count? The newly updated Understanding National Accounts from the OECD answers this question and gives a summary of how to calculate the accounts as well as the principles and data sources behind them.

Europe’s deflation risk

The OECD does not see deflation taking hold in the euro area, but the risk has risen.

For a stronger investment treaties system

International investment treaties are in the spotlight as recent articles in the Financial Times and The Economist show. An ad hoc investment arbitration tribunal recently awarded $50 billion (€40 billion) to shareholders in Yukos. EU consultations on proposed investment provisions in the Transatlantic Trade and Investment Partnership (TTIP) with the United States generated a record 150,000 comments. There is intense public interest in treaty challenges to the regulation of tobacco marketing, nuclear power and health care.

Freedom of choice, bitcoins and legal tender

This working paper argues that some of the technologies associated with crypto-currencies are very interesting and may one day become a serious disruptive technology for financial intermediaries—but that these technologies should be thought about separately from the crypto-currencies like Bitcoin that have some very dubious uses.

Bitcoin: More than a bit part?

The world’s first ATM cash machine opened in Vancouver in October 2013, offering Bitcoin conversion to and from Canadian dollars. As the global use of Bitcoin continues to increase, governments around the world have both greeted and shunned the anonymous digital crypto-currency. 

The disadvantaged can succeed in business
"Social perception is a prerequisite for a level playing field among all entrepreneurs."

Economic outlook: Achieving a resilient recovery

The recovery from the Great Recession has been slow and arduous, and has at times threatened to derail altogether.

News brief– Q2 2014

Global economy faces slower future–; –top earners capture more of income; Soundbites; Economy; Country roundup; Health spending starts to rise; Financing tough for SMEs; Development's productivity gap; Plus ça change… 

Germany’s tax choice

Your report on Germany proposes raising capital gains taxes on residential real estate (except for owner-occupied housing) to promote equity of income distribution and government revenue (OECD Economic Surveys: Germany, May 2014, see oecd.org/germany).