The global economy is recovering, but confidence is extremely uneven across different regions, according to the OECD’s latest Economic Outlook. European governments must take greater action to ensure that the crisis in the euro area does not derail the recovery.
Executive aviation embraer day 2010 10_29Embraer RI
This presentation by Embraer Executive Vice President Luís Carlos Affonso provides an overview of Embraer's executive jet business. It discusses Embraer's current and future product lines including the Phenom 100, Phenom 300, Legacy 450, Legacy 500, Legacy 600, Legacy 650, and Lineage 1000. It also reviews Embraer's customer support services and network. The presentation provides Embraer's guidance for 2010, delivering 120 executive jets and generating $1.1 billion in revenue, and discusses Embraer's new facility in Melbourne, Florida.
Is a credit crunch threatening the financing of the economy (BFF 12 june 2012)Cfinancing
The document summarizes recent credit developments in the euro area and Belgium based on a presentation given by Jan Smets.
1) Credit growth to both corporations and households has slowed significantly since the financial crisis, though utilization rates remain high.
2) Factors influencing credit demand and supply include weak economic growth, risk aversion on the part of banks, and tighter credit standards.
3) Liquidity provision by central banks has helped ease credit conditions, but financing costs and balance sheet constraints still weigh on lending.
The document provides an international and domestic macroeconomic outlook. Key points internationally include concerns over Greek debt maturing in March and potential impacts on stock markets. Domestically, industry figures in January are expected to remain weak year-over-year. Recent inflation estimates show a slowing trend towards the 5.5% target for 2012. The current account deficit is expected to widen further in coming months.
External risks continue to threaten the global economy but Korea’s economic growth will likely improve in the second half of 2011 and free trade agreements are poised to increase expansion substantially. Those were among the points made at the Korean Economic Forum, co-hosted by Samsung Economic Research Institute and the Korea JoongAng Daily at the Hotel Shilla on May 25. Among the many distinguished guests were ambassadors, CEOs and foreign correspondents.
This presentation provides an overview of the executive aviation market from Embraer's perspective. It discusses forward-looking statements and acknowledges uncertainty in projections. Charts show projections for global GDP growth remaining steady around 3% annually through 2014. U.S. corporate profits are up significantly from 2009 levels though remain below pre-crisis averages. Global stock markets saw over a 10% drop highlighted in late 2008. Business jet traffic in the U.S. and Europe has rebounded in 2011 after declines in 2009. The used aircraft market inventory decreased in 2010 after large increases in prior years.
Executive aviation embraer day 2011 03_25(final) vimpEmbraer RI
This presentation discusses the state of the global and U.S. economy, as well as trends in the business jet industry. It notes that while the global economy is expected to grow around 3% annually through 2014, uncertainty remains. U.S. corporate profits and stock markets rebounded in recent years but volatility persists. Business jet traffic in the U.S. and Europe has increased since 2009 but remains below pre-recession levels. The supply of used business jets for sale has declined since 2008.
Executive aviation embraer day 2010 10_29Embraer RI
This presentation by Embraer Executive Vice President Luís Carlos Affonso provides an overview of Embraer's executive jet business. It discusses Embraer's current and future product lines including the Phenom 100, Phenom 300, Legacy 450, Legacy 500, Legacy 600, Legacy 650, and Lineage 1000. It also reviews Embraer's customer support services and network. The presentation provides Embraer's guidance for 2010, delivering 120 executive jets and generating $1.1 billion in revenue, and discusses Embraer's new facility in Melbourne, Florida.
Is a credit crunch threatening the financing of the economy (BFF 12 june 2012)Cfinancing
The document summarizes recent credit developments in the euro area and Belgium based on a presentation given by Jan Smets.
1) Credit growth to both corporations and households has slowed significantly since the financial crisis, though utilization rates remain high.
2) Factors influencing credit demand and supply include weak economic growth, risk aversion on the part of banks, and tighter credit standards.
3) Liquidity provision by central banks has helped ease credit conditions, but financing costs and balance sheet constraints still weigh on lending.
The document provides an international and domestic macroeconomic outlook. Key points internationally include concerns over Greek debt maturing in March and potential impacts on stock markets. Domestically, industry figures in January are expected to remain weak year-over-year. Recent inflation estimates show a slowing trend towards the 5.5% target for 2012. The current account deficit is expected to widen further in coming months.
External risks continue to threaten the global economy but Korea’s economic growth will likely improve in the second half of 2011 and free trade agreements are poised to increase expansion substantially. Those were among the points made at the Korean Economic Forum, co-hosted by Samsung Economic Research Institute and the Korea JoongAng Daily at the Hotel Shilla on May 25. Among the many distinguished guests were ambassadors, CEOs and foreign correspondents.
This presentation provides an overview of the executive aviation market from Embraer's perspective. It discusses forward-looking statements and acknowledges uncertainty in projections. Charts show projections for global GDP growth remaining steady around 3% annually through 2014. U.S. corporate profits are up significantly from 2009 levels though remain below pre-crisis averages. Global stock markets saw over a 10% drop highlighted in late 2008. Business jet traffic in the U.S. and Europe has rebounded in 2011 after declines in 2009. The used aircraft market inventory decreased in 2010 after large increases in prior years.
Executive aviation embraer day 2011 03_25(final) vimpEmbraer RI
This presentation discusses the state of the global and U.S. economy, as well as trends in the business jet industry. It notes that while the global economy is expected to grow around 3% annually through 2014, uncertainty remains. U.S. corporate profits and stock markets rebounded in recent years but volatility persists. Business jet traffic in the U.S. and Europe has increased since 2009 but remains below pre-recession levels. The supply of used business jets for sale has declined since 2008.
Lessons from Latvia’s internal adjustment strategyLatvijas Banka
Presentation by Ilmārs Rimšēvičs, Governor of the Bank of Latvia at International Conference: "Against the Odds: Lessons from the Recovery in the Baltics" organized by the International Monetary Fund and the Bank of Latvia.
Riga, June 5, 2012
The document discusses the economic outlook for Asia in light of the global financial crisis. It finds that while emerging Asia led global growth to date, the region is now more exposed and correlated to economic conditions in the US and advanced economies. A downturn in the US is estimated to slow growth in emerging Asia by 0.25-0.5 percentage points. However, country exposures vary widely within Asia. The outlook notes downside risks remain significant given increased trade and financial linkages with the US.
This document discusses India's policy on foreign direct investment (FDI). It outlines the philosophy behind attracting long-term foreign capital to supplement domestic investment efforts. FDI is recognized as a key driver of economic growth. Large scale economic reforms have created an attractive investment destination in India. The document provides statistics on global and regional FDI trends. It highlights sectors targeted for FDI inflows and incentives provided. Key economic indicators of India that make it an ideal investment destination are also noted.
The document discusses the pressures facing the global economy and their implications for South Africa. It provides data showing slowing growth and rising debt in developed economies like Europe and the US. It also notes signs of slowing growth in emerging markets like China. This weak external environment poses challenges for South Africa's economy. However, some domestic factors such as strong growth in household deposits and rebounds in employment and the stock market could help support South Africa.
This document summarizes the state of the Indian economy in 2012. It notes that global growth estimates have been revised downward. While the US and European economies have not fully recovered from recession, India's growth is projected to slow as well, impacted by weakness abroad. Exports from India are declining, particularly to Europe, ASEAN and Northeast Asia. Capital inflows to India have also been volatile, with FDI steadier than portfolio flows. The rupee has begun depreciating against the dollar after gaining strength earlier in 2012.
The document summarizes the current state of the Indian economy and key industries based on a presentation by the President of CRISIL Research. It finds that (1) domestic and global macroeconomic conditions remain weak, though recent reforms provide hope; (2) industry profit margins have stabilized after declining for several quarters; and (3) capital investments are expected to decline for the second straight year, especially among private sector companies, due to policy inaction on land acquisition, mining, and other issues according to a poll of companies.
The document summarizes several solid reasons to invest in Canada:
1) Canada has a relatively strong economy compared to other G7 nations, with expected above-average GDP growth through 2010-2011 according to various forecasts.
2) Canada has enjoyed healthy employment gains over the past decade and low unemployment.
3) Canada has a sound fiscal position, with federal budget surpluses until recently and expected return to surplus in the medium term, as well as relatively low national debt levels.
World Economic Situation And Prospects 2009 2010icgfmconference
The document discusses the state of the global economy in 2009-2010. It finds that the world is experiencing the worst financial crisis since WWII, with a synchronized global recession, rising unemployment, and setbacks to progress on poverty reduction. There are downside risks of a prolonged recession. Key policy challenges include taking further decisive action to restore bank health, better coordinating fiscal stimulus, and urgently reforming the international financial system and frameworks for global economic governance.
The document discusses economic trends and household finances in the Baltic countries. It notes that unemployment rates are declining while wage growth is becoming more broad-based in the region. Real wages are still below pre-crisis levels. Tax burdens on labor and the tax wedge are higher in Latvia than neighboring Estonia and Lithuania. Households in the Baltic countries are accumulating financial assets and paying down debt, though pensions and aging populations remain a challenge. Signs of recovery are emerging in household borrowing in Estonia and Lithuania, while Latvia has not yet reached the bottom.
The document provides an overview of recent economic indicators from Europe, the US, and Japan in February 2013. It summarizes that the consensus GDP forecast for the Eurozone remained at 0.1% for 2013 and 1.2% for 2014. While the EU industrial confidence decreased slightly, consumer confidence improved considerably. The GDP forecast for the US decreased to 1.9% for 2013, and the forecast for Japan improved significantly to 1.2% for 2013 and 2014.
The SKF Group reported record levels of operating profit and margins for the second quarter and first half of 2010. Organic sales growth was strong across all divisions, particularly in Asia/Pacific. SKF opened new factories and technical centers around the world. Outlook for the third quarter indicates demand will be significantly higher than 2009 and slightly up from Q2 2010.
This presentation provides an overview of Embraer's executive aviation business. It discusses Embraer's product portfolio including the Phenom 100, Phenom 300, Legacy 450/500, Legacy 600, Lineage 1000. It summarizes the certified performance of these aircraft models. The presentation also discusses Embraer's customer support solutions including its service center network and contact center. Finally, it provides Embraer's revenue share and guidance for 2009 and 2010.
1. Economic uncertainty persists in global markets due to slowing growth in China and Europe.
2. Expansionary monetary policies by central banks aim to stimulate growth amid low inflation.
3. Government debt problems in Europe remain a major threat to the global economic outlook.
Asia-Pacific Regional Economic Outlook: Navigating an Uncertain Global Enviro...ggrey
Asia-Pacific Regional Economic Outlook: Navigating an Uncertain Global Environment by Mr. Naoyuki Shinohara, Deputy Managing Director, International Monetary Fund - IMF Forum held at the Asian Institute of Management
Peeter Luikmel. Features of Estonian EconomyEesti Pank
Estonia has a small, open economy of 1.34 million people with GDP of about 16 billion euros. While it experienced rapid growth and credit expansion before the crisis, it also suffered a large GDP decline in 2009. However, the economy has recovered faster than expected, helped by improvements in competitiveness from lower wages, higher productivity, and flexible labor markets. Looking forward, monetary policy support and opportunities for investment could help offset risks from the difficult euro area situation, though growth is projected to slow somewhat in the near term.
The document provides an economic outlook for April 2013. It notes that the consensus GDP forecast for the euro area remained unchanged, while consumer confidence was stable and the IFO index for Germany edged down slightly. The US GDP forecast improved, and early indicators suggest firm housing starts. The Japanese GDP growth forecast also improved on expectations of aggressive monetary policy. Overall, the outlook suggests ongoing challenges for Europe with modest improvements expected in the US and Japan.
The document summarizes discussions from a breakfast meeting between real estate agents and city managers from the Temecula, Murrieta, Wildomar, Menifee, and Lake Elsinore areas. It provides an overview of the current state of the housing market and local economies. While the cities still face challenges from state budget cuts, the housing market is improving with increased sales, home prices rising slightly, and new development in the region. Unemployment is lower than national rates. Overall the outlook is more positive than recent years, though a full recovery will take more time.
This document provides an overview of investment opportunities in South Africa and the Western Cape region. It outlines key statistics about South Africa's economy such as its population, literacy and unemployment rates, and inflation. It also discusses South Africa's competitiveness rankings globally and within Africa. The Western Cape region has consistently outperformed the national economy in GDP growth. The presentation concludes with a question and answer section.
The presentation provided an overview of the executive aviation market and discussed forward-looking projections. It summarized key economic indicators like world GDP growth rates, U.S. corporate profits, and stock market returns. Charts showed growth in business jet traffic in the United States and Europe in 2010. Data on the used aircraft market indicated a net decrease in aircraft available for sale so far in 2010 compared to inventory increases in prior years.
Recent Economic Developments in Latvia and Medium-term OutlookLatvijas Banka
This presentation summarises recent macroeconomic developments in Latvia and outlines a medium-term outlook for real GDP and inflation. Presentation reviews ongoing economic recovery, labour market issues and includes analyses on core factors behind the path of inflation. The main focus of the presentation is on the issue of competitiveness of the Latvian economy pointing to the costs adjustment process and productivity gains, as well as presenting export performance, market shares and current account developments. Presentation also features slides on monetary and financial market developments.
The global economy is stabilizing after an unprecedented recession, helped by unprecedented policy support. However, the recession is not over and the recovery is expected to be sluggish. While growth is projected to be higher in 2010 than previously expected, the advanced economies are not expected to show sustained growth until the second half of 2010. Financial conditions have improved due to government intervention, but financial systems remain impaired and government support will gradually diminish.
Israel has transitioned to a highly developed, technology-focused economy. It has rapidly developed technology and hi-tech industries, relying on a skilled workforce and entrepreneurial culture. Exports, especially of high-tech goods and services, have driven strong economic growth. Israel spends more on research and development as a percentage of GDP than any other OECD nation. Despite its small size, Israel consistently ranks highly on global competitiveness and innovation indices.
Lessons from Latvia’s internal adjustment strategyLatvijas Banka
Presentation by Ilmārs Rimšēvičs, Governor of the Bank of Latvia at International Conference: "Against the Odds: Lessons from the Recovery in the Baltics" organized by the International Monetary Fund and the Bank of Latvia.
Riga, June 5, 2012
The document discusses the economic outlook for Asia in light of the global financial crisis. It finds that while emerging Asia led global growth to date, the region is now more exposed and correlated to economic conditions in the US and advanced economies. A downturn in the US is estimated to slow growth in emerging Asia by 0.25-0.5 percentage points. However, country exposures vary widely within Asia. The outlook notes downside risks remain significant given increased trade and financial linkages with the US.
This document discusses India's policy on foreign direct investment (FDI). It outlines the philosophy behind attracting long-term foreign capital to supplement domestic investment efforts. FDI is recognized as a key driver of economic growth. Large scale economic reforms have created an attractive investment destination in India. The document provides statistics on global and regional FDI trends. It highlights sectors targeted for FDI inflows and incentives provided. Key economic indicators of India that make it an ideal investment destination are also noted.
The document discusses the pressures facing the global economy and their implications for South Africa. It provides data showing slowing growth and rising debt in developed economies like Europe and the US. It also notes signs of slowing growth in emerging markets like China. This weak external environment poses challenges for South Africa's economy. However, some domestic factors such as strong growth in household deposits and rebounds in employment and the stock market could help support South Africa.
This document summarizes the state of the Indian economy in 2012. It notes that global growth estimates have been revised downward. While the US and European economies have not fully recovered from recession, India's growth is projected to slow as well, impacted by weakness abroad. Exports from India are declining, particularly to Europe, ASEAN and Northeast Asia. Capital inflows to India have also been volatile, with FDI steadier than portfolio flows. The rupee has begun depreciating against the dollar after gaining strength earlier in 2012.
The document summarizes the current state of the Indian economy and key industries based on a presentation by the President of CRISIL Research. It finds that (1) domestic and global macroeconomic conditions remain weak, though recent reforms provide hope; (2) industry profit margins have stabilized after declining for several quarters; and (3) capital investments are expected to decline for the second straight year, especially among private sector companies, due to policy inaction on land acquisition, mining, and other issues according to a poll of companies.
The document summarizes several solid reasons to invest in Canada:
1) Canada has a relatively strong economy compared to other G7 nations, with expected above-average GDP growth through 2010-2011 according to various forecasts.
2) Canada has enjoyed healthy employment gains over the past decade and low unemployment.
3) Canada has a sound fiscal position, with federal budget surpluses until recently and expected return to surplus in the medium term, as well as relatively low national debt levels.
World Economic Situation And Prospects 2009 2010icgfmconference
The document discusses the state of the global economy in 2009-2010. It finds that the world is experiencing the worst financial crisis since WWII, with a synchronized global recession, rising unemployment, and setbacks to progress on poverty reduction. There are downside risks of a prolonged recession. Key policy challenges include taking further decisive action to restore bank health, better coordinating fiscal stimulus, and urgently reforming the international financial system and frameworks for global economic governance.
The document discusses economic trends and household finances in the Baltic countries. It notes that unemployment rates are declining while wage growth is becoming more broad-based in the region. Real wages are still below pre-crisis levels. Tax burdens on labor and the tax wedge are higher in Latvia than neighboring Estonia and Lithuania. Households in the Baltic countries are accumulating financial assets and paying down debt, though pensions and aging populations remain a challenge. Signs of recovery are emerging in household borrowing in Estonia and Lithuania, while Latvia has not yet reached the bottom.
The document provides an overview of recent economic indicators from Europe, the US, and Japan in February 2013. It summarizes that the consensus GDP forecast for the Eurozone remained at 0.1% for 2013 and 1.2% for 2014. While the EU industrial confidence decreased slightly, consumer confidence improved considerably. The GDP forecast for the US decreased to 1.9% for 2013, and the forecast for Japan improved significantly to 1.2% for 2013 and 2014.
The SKF Group reported record levels of operating profit and margins for the second quarter and first half of 2010. Organic sales growth was strong across all divisions, particularly in Asia/Pacific. SKF opened new factories and technical centers around the world. Outlook for the third quarter indicates demand will be significantly higher than 2009 and slightly up from Q2 2010.
This presentation provides an overview of Embraer's executive aviation business. It discusses Embraer's product portfolio including the Phenom 100, Phenom 300, Legacy 450/500, Legacy 600, Lineage 1000. It summarizes the certified performance of these aircraft models. The presentation also discusses Embraer's customer support solutions including its service center network and contact center. Finally, it provides Embraer's revenue share and guidance for 2009 and 2010.
1. Economic uncertainty persists in global markets due to slowing growth in China and Europe.
2. Expansionary monetary policies by central banks aim to stimulate growth amid low inflation.
3. Government debt problems in Europe remain a major threat to the global economic outlook.
Asia-Pacific Regional Economic Outlook: Navigating an Uncertain Global Enviro...ggrey
Asia-Pacific Regional Economic Outlook: Navigating an Uncertain Global Environment by Mr. Naoyuki Shinohara, Deputy Managing Director, International Monetary Fund - IMF Forum held at the Asian Institute of Management
Peeter Luikmel. Features of Estonian EconomyEesti Pank
Estonia has a small, open economy of 1.34 million people with GDP of about 16 billion euros. While it experienced rapid growth and credit expansion before the crisis, it also suffered a large GDP decline in 2009. However, the economy has recovered faster than expected, helped by improvements in competitiveness from lower wages, higher productivity, and flexible labor markets. Looking forward, monetary policy support and opportunities for investment could help offset risks from the difficult euro area situation, though growth is projected to slow somewhat in the near term.
The document provides an economic outlook for April 2013. It notes that the consensus GDP forecast for the euro area remained unchanged, while consumer confidence was stable and the IFO index for Germany edged down slightly. The US GDP forecast improved, and early indicators suggest firm housing starts. The Japanese GDP growth forecast also improved on expectations of aggressive monetary policy. Overall, the outlook suggests ongoing challenges for Europe with modest improvements expected in the US and Japan.
The document summarizes discussions from a breakfast meeting between real estate agents and city managers from the Temecula, Murrieta, Wildomar, Menifee, and Lake Elsinore areas. It provides an overview of the current state of the housing market and local economies. While the cities still face challenges from state budget cuts, the housing market is improving with increased sales, home prices rising slightly, and new development in the region. Unemployment is lower than national rates. Overall the outlook is more positive than recent years, though a full recovery will take more time.
This document provides an overview of investment opportunities in South Africa and the Western Cape region. It outlines key statistics about South Africa's economy such as its population, literacy and unemployment rates, and inflation. It also discusses South Africa's competitiveness rankings globally and within Africa. The Western Cape region has consistently outperformed the national economy in GDP growth. The presentation concludes with a question and answer section.
The presentation provided an overview of the executive aviation market and discussed forward-looking projections. It summarized key economic indicators like world GDP growth rates, U.S. corporate profits, and stock market returns. Charts showed growth in business jet traffic in the United States and Europe in 2010. Data on the used aircraft market indicated a net decrease in aircraft available for sale so far in 2010 compared to inventory increases in prior years.
Recent Economic Developments in Latvia and Medium-term OutlookLatvijas Banka
This presentation summarises recent macroeconomic developments in Latvia and outlines a medium-term outlook for real GDP and inflation. Presentation reviews ongoing economic recovery, labour market issues and includes analyses on core factors behind the path of inflation. The main focus of the presentation is on the issue of competitiveness of the Latvian economy pointing to the costs adjustment process and productivity gains, as well as presenting export performance, market shares and current account developments. Presentation also features slides on monetary and financial market developments.
The global economy is stabilizing after an unprecedented recession, helped by unprecedented policy support. However, the recession is not over and the recovery is expected to be sluggish. While growth is projected to be higher in 2010 than previously expected, the advanced economies are not expected to show sustained growth until the second half of 2010. Financial conditions have improved due to government intervention, but financial systems remain impaired and government support will gradually diminish.
Israel has transitioned to a highly developed, technology-focused economy. It has rapidly developed technology and hi-tech industries, relying on a skilled workforce and entrepreneurial culture. Exports, especially of high-tech goods and services, have driven strong economic growth. Israel spends more on research and development as a percentage of GDP than any other OECD nation. Despite its small size, Israel consistently ranks highly on global competitiveness and innovation indices.
Global economic activity is picking up, but the continuing crisis in the euro area is delaying a meaningful recovery and job creation, the OECD said in its latest Interim Economic Assessment.
Taiwan's economic situation and outlook , june 2012tuagu79
The document summarizes Taiwan's economic situation and outlook in June 2012. It finds that Taiwan's real GDP grew at an annualized rate of just 0.39% in Q1 2012 due to contracting exports and weak domestic demand. While the global economy is expected to modestly grow in 2012, Taiwan's export and GDP growth will likely be muted at around 3% due to uncertainties from Europe and China. Taiwan ran a trade surplus in April 2012 as exports declined 6.4% and imports rose 2.1% year-on-year. China remains Taiwan's largest export market while Japan is still its biggest import source.
The document summarizes the Irish economic outlook. It notes that a narrow recovery is underway, supported by a recovering global economy. Exports are driving Ireland's recovery as competitiveness has improved due to gains in cost and price competitiveness. However, domestic demand remains weak with consumption and investment continuing to contract.
The document summarizes the global and Irish economic outlook. It notes that Ireland is recovering from recession in 2011, with GDP growth projected to be 1%. However, domestic demand is still contracting, though at a slower pace, while exports are driving the recovery. Challenges remain in restoring public finances and boosting jobs. Advanced economies are stuck in a slow growth environment.
This presentation summarises recent macroeconomic developments in Latvia and outlines a medium-term outlook for real GDP and inflation. Presentation reviews ongoing economic recovery, labour market issues and includes analyses on core factors behind the path of inflation. The main focus of the presentation is on the issue of competitiveness of the Latvian economy pointing to the costs adjustment process and productivity gains, as well as presenting export performance, market shares and current account developments. Presentation also features slides on monetary and financial market developments.
1) The European sovereign debt crisis remains uncontained, with fiscal burdens increasing across many eurozone countries and further sharp fiscal consolidation still required.
2) While the ECB has taken measures to improve bank lending and reduce bond yields, credit conditions are still tightening and bond yields remain elevated in troubled countries.
3) The eurozone faces the risk of a broader crisis scenario that could significantly slow growth across the region and leave Greece and Portugal stuck in deep recessions for years.
This document contains financial ratios calculated for Bajaj Auto Ltd. for the years 2008-2012:
1. Earnings per share initially fell from 2008 to 2009 but then increased until 2012, though the 2012 ratio was still lower than 2010-2011.
2. Gross profit ratio fluctuated over the years, peaking in 2011 before declining in 2012.
3. Net profit ratio generally increased until 2011 before dropping in 2012, suggesting corrective measures may be needed.
4. Current and quick ratios improved after initially dropping in 2010, indicating ability to meet short-term needs.
5. Operating profit ratio increased until 2011 then stabilized in 2012, while return on equity increased sharply until pe
Sun Pharmaceuticals is India's largest pharmaceutical company by sales. It has a presence in generics, APIs, and specialty segments with global sales across continents. The company has a competitive position through its integrated product development and market leadership in chronic therapy segments. It has achieved growth through acquisitions and a diversified global presence across geographies and therapeutic areas.
This document provides the highlights and financial results from the company's 2012 fiscal year and Q4. Net sales increased 9.9% in FY2012 to a record high of MEUR 714.1. Profitability also improved with EBITDA margin reaching 29.4% and EBIT margin at 12.9%. Cash flow after investments was MEUR 54.2, an improvement from -MEUR 52.0 the previous year. The company met its long-term financial targets for ROE, leverage, and dividend payout ratio. The board proposes a dividend of EUR 0.34 per share for 2012. The document also provides an outlook for construction output growth forecasts in various European countries in 2013 and 2014
The document provides economic highlights and figures for Israel for Q3 2011. It includes key indicators such as GDP growth, exports, unemployment, inflation rates, and Israel's main trading partners. GDP grew by 4.7% in Q3 2011, exports reached $23.1 billion, and unemployment fell to 5.5%. Israel's top trading partners are the US, China, UK, Germany, and Switzerland.
Recent developments in the canadian economy dec2011Sam Batarseh
The document summarizes recent economic developments in Canada and provides projections. It finds that while global growth has weakened, emerging economies continue to lead growth. Domestic demand is projected to be the main driver of growth in Canada, with exports and business investment remaining strong. Real GDP growth is expected to pick up in Canada through 2012 as excess capacity is absorbed.
The document summarizes SKF Group's first quarter 2010 results. Key points include strong operating profit and margin compared to the previous year. Production levels and demand outlook increased during the quarter, though sales were negatively impacted by price and mix factors. The company inaugurated two new factories in India and adjusted manufacturing capacity in Sweden. Guidance for Q2 2010 indicated further sales growth compared to Q1 2010 across regions and divisions.
Looking Ahead: The Remaining Challenges for Latvia and the BalticsLatvijas Banka
Presentation by Andris Vilks, Minister of Finance, Latvia at the International Conference: "Against the Odds: Lessons from the Recovery in the Baltics" organized by the International Monetary Fund and the Bank of Latvia.
Riga, June 5, 2012
The document provides an economic outlook for India for 2010-11 and 2011-12. It projects that the Indian economy will grow at 8.5% in 2010-11 and 9% in 2011-12, driven by growth in agriculture, industry, and services. Inflation is projected to be 6.5% by March 2011 due to an expected normal monsoon and a rising domestic savings and investment rate. The current account deficit is estimated to remain around 3% of GDP.
- SKF reported strong financial results in Q2 and H1 2011, with operating profit, margins, and sales all up significantly year-over-year.
- Organic sales growth was 14.2% in Q2 and 17.6% in H1 across all regions and divisions.
- The outlook for Q3 2011 calls for demand and manufacturing levels to be higher than the previous year and relatively stable sequentially.
Digital technologies are transforming the global economy and society in fundamental ways:
1) Mobile broadband and digital technologies have enabled supercomputers to be carried in people's pockets, generating huge data flows and fueling disruptive innovation.
2) Digitization allows value creation to be decoupled from geography as digital firms are able to globally scale without requiring large numbers of employees in any single location.
3) The Internet, through open standards and decentralized architecture, enables global interoperability, permissionless innovation, and new platforms that facilitate many-to-many interactions instead of traditional one-to-many models.
Session by Roel Nieuwenkamp, Chair, OECD Working Party on Responsible Business Conduct
This year marks the 40th anniversary of the OECD Guidelines for Multinational Enterprises, the most comprehensive set of recommendations and leading global standard on Responsible Business Conduct (RBC). The Guidelines are unique in that they remain the only government-backed international instrument on RBC with a built-in grievance mechanism that enables stakeholders – trade unions, NGOs, local communities – to raise concerns to National Contact Points (NCPs) in cases where the Guidelines are not observed. NCPs are located in 34 OECD countries and 12 non-OECD countries, actively promoting the Guidelines, handling enquiries, and contributing to the resolution of issues arising from alleged non-observance.
As the role of business in society has evolved from the charitable and voluntary endeavours associated with corporate social responsibly to the more stringent expectations of RBC, MNEs are well-placed to take an active leadership role in addressing global social, environmental, developmental and human rights challenges. Since 2011, the Guidelines have included corporate supply chain responsibility and a number of countries have implemented legislation holding businesses accountable for carrying out the necessary due diligence to identify, prevent and mitigate real and potential adverse impacts related to their business operations or relationships, and for how they are addressed. In some countries, improving RBC standards of due diligence extends to human rights requirements, such as reporting sourcing from conflict areas and processes to manage the risks of human trafficking or forced labour.
Session by Mario Pezzini, Director of OECD Development Centre and Director a.i., OECD Development Co-operation Directorate.
The growth of global value chains (GVCs) has increased the interconnectedness of economies. We understand that emerging economies in Southeast Asia play a pivotal role in the global economy. This session will provide you with the latest OECD analysis on the regional economy and on the key challenges it faces in light of regional integration.
International trade, which used to be a leading driver of economic growth, is now lagging behind, as world trade growth slowed down to around 2% in 2015. Two decades prior to the 2008 crisis, world trade growth annually registered at 7%. Many factors are at play – both cyclical and structural – but their effects are posing risks to the emerging and developing economies in Asia, where trade growth is currently relatively robust. Regional free trade agreements, notably the Trans-Pacific Partnership and the Regional Comprehensive Economic Partnership, will also influence trade in Asia, and will certainly have implications for the global value chains of specific industries, including in those countries not belonging to the new regional agreements. Strengthening regional ties by 2025 is one of Asia’s most important agendas. This can be made more effective by building on important and positive achievements through ASEAN, ASEAN+3 and ASEAN+6 and making greater efforts to improve co-ordination between regional and sub-regional initiatives and national agendas, reduce disparities in the region, move towards a “Global ASEAN” and strengthen monitoring capacity. Additionally, addressing issues of green growth, renewable energy and private sector development will be particularly important to Asia’s success in regional integration.
Session by Rolf Alter, OECD Director for Public Governance and Territorial Development.
This session will cover the challenges critical risks pose for OECD as well as non-OECD countries, the implications of increasing economic losses from disasters and how these pose particular challenges for regional growth recovery. How well governments manage disasters is a key test for the trust of citizens in government. Drawing on successful country practices to manage risks and invest in a sustainable future, the session will explain the work of the OECD High Level Risk Forum to foster exchanges among countries with the aim to improve their resilience.
1. The document discusses regional challenges in Asia from the perspective of the OECD, focusing on trends in global and Asian economic integration driven by trade, investment, and global value chains.
2. It notes that while Asian integration was initially market-driven, the number of free trade agreements in Asia has risen sharply in recent years, though financial integration remains limited.
3. Challenges to further Asian regional integration include promoting cooperation across the various regional frameworks and balancing regional and global trade regimes.
Session by Catherine Candea, OECD Deputy Director of Public Affairs and Communications; and Yumiko Murakami, Head of OECD Tokyo Centre.
Gender equality is not only about ensuring a fair society, it makes good economic sense. On average across the OECD, if female labour force participation rates converged to that of men by 2030, GDP would increase by 12%. G20 countries have committed to reduce gender gaps in labour force participation rates by 25% by 2025. Progress in female educational attainment and increases in women’s employment are absolutely crucial for economic growth and for reducing income inequality, even more so in the context of ageing populations. However, significant disparities remain: women are less likely than men to work and more likely to work part-time; they remain severely under-represented in the science, technology, engineering and mathematics (STEM) fields of study and occupations; their representation in senior management positions is still far below par; and gender wage gaps persist, particularly at the top of the hierarchy. In many countries, tax and benefit systems still do not provides mothers and fathers with equal incentives to work, which can exacerbate existing gender inequalities. All these differences, accumulated throughout life, also lead to retirement income disparities.
Gender equality amongst policy makers has been recognised as important for achieving progress in gender equality and for improving the quality and responsiveness of public policy and services. But while the proportion of female leaders policy making is increasing, women still represent, on average, less than one-third of decision-making positions in all branches of power in OECD countries.
Session by Christian Kastrop, Director, Policy Studies Branch, OECD Economics Department
The OECD’s research on Finance and Inclusive Growth has shown that over the past fifty years, credit by banks and other intermediaries to households and businesses has grown three times as fast as economic activity. While greater levels of stock market financing can boost growth, at today’s level of financial development further expansion of bank credit to the private sector is shown to not only slow growth in most OECD countries but also contribute to inequality as better-off households tend to benefit more from financial leverage. Therefore, policy makers should i.a. implement measures to reduce explicit and implicit subsidies to too-big-to-fail financial institutions and reduce the tax bias against equity. To make the financial sector more inclusive and work for people, we must also ensure that companies invest in the real economy. Data analysis of 11 000 of the world’s largest companies has shown that there is a misallocation of capital that needs to be improved in order to foster productivity growth and long-term value creation that can allow for inclusive growth. Promoting competition can support such efforts and also limit unproductive concentration of profits and wealth. New analysis also shows a fragmentation of productivity that needs to be addressed, with a majority of companies sitting in a ‘trough’ of low productivity levels and moderate growth from which it is hard to exit. The current low-interest, low-growth environment makes it also more difficult for pension funds and life insurers to keep their financial promises of providing adequate retirements incomes. These institutional investors are thus driven to pursue higher-risk investment strategies that could ultimately undermine their solvency. This potentially jeopardises the secure retirement especially of the poorest of our citizens.
Session by Adrian Blundell-Wignall, Acting Director, Special Advisor to the Secretary-General for Financial Markets, OECD Directorate for Financial and Enterprise Affairs
The OECD’s research on Finance and Inclusive Growth has shown that over the past fifty years, credit by banks and other intermediaries to households and businesses has grown three times as fast as economic activity. While greater levels of stock market financing can boost growth, at today’s level of financial development further expansion of bank credit to the private sector is shown to not only slow growth in most OECD countries but also contribute to inequality as better-off households tend to benefit more from financial leverage. Therefore, policy makers should i.a. implement measures to reduce explicit and implicit subsidies to too-big-to-fail financial institutions and reduce the tax bias against equity. To make the financial sector more inclusive and work for people, we must also ensure that companies invest in the real economy. Data analysis of 11 000 of the world’s largest companies has shown that there is a misallocation of capital that needs to be improved in order to foster productivity growth and long-term value creation that can allow for inclusive growth. Promoting competition can support such efforts and also limit unproductive concentration of profits and wealth. New analysis also shows a fragmentation of productivity that needs to be addressed, with a majority of companies sitting in a ‘trough’ of low productivity levels and moderate growth from which it is hard to exit. The current low-interest, low-growth environment makes it also more difficult for pension funds and life insurers to keep their financial promises of providing adequate retirements incomes. These institutional investors are thus driven to pursue higher-risk investment strategies that could ultimately undermine their solvency. This potentially jeopardises the secure retirement especially of the poorest of our citizens.
Session by Rolf Alter, Director, OECD Public Governance and Territorial Development
Money plays a role both as a channel for citizens to support their candidates or political parties, and as a means for candidates and political parties to reach out to their constituencies. Access to resources for political parties and candidates also shapes political competition. Parliamentarians have an important stake in advancing the global debate on the role of money in politics. There are still many loopholes in political party funding regulations that are open to exploitation by powerful special interests. Loans, membership fees, and third party funding are all used to circumvent spending limits and other regulations. Many countries struggle to define and regulate third-party campaigning leaving them ill-equipped to prevent the channelling of election spending through supposedly independent committees and interest groups. Only a handful of countries have regulations in place for third-party campaigning and globalisation is complicating the regulation of private funding of political parties as foreign companies and wealthy individuals are often deeply integrated with domestic business interests. This OECD report finds that 29% of OECD countries have an independent electoral management body and there is no one-size-fits all model. But whatever the structure, the institutions responsible for enforcing political finance regulations should have a clear mandate, legal power and the capacity to deal with large volumes of work. While data clearly shows that sanctions are effective in improving compliance with the rules, many countries struggle to ensure sanctions that are both proportionate and dissuasive. One clear-cut lesson is that ensuring the effective implementation of political finance regulations still remains challenging in many countries. The Framework on Financing Democracy presented in this report shapes the global debate on risks and policy options, and provides tangible advice for the funding of political parties and electoral campaigns. The report also features detailed case studies of Canada, Chile, Estonia, France, Korea, Mexico, United Kingdom, Brazil and India.
The Paris Agreement achieved key outcomes including establishing a long-term temperature goal of keeping global warming well below 2°C, requiring climate action from all countries through national commitments to reduce emissions and adapt to climate impacts, and creating mechanisms to enhance transparency and accountability. However, many technical details around implementing national commitments and mobilizing climate finance still need to be resolved to ensure the agreement achieves its ambitious goals.
Session by Paul Simons, Deputy Executive Director, International Energy Agency, 4 February 2016
Signs of change in global energy have multiplied in the 12 months. Oil prices fell sharply, with the prices of other fuels moving in tandem in many parts of the world. Amid turmoil in parts of the Middle East, a clear pathway opened up for the return of Iran, one of the world’s largest hydrocarbon resource-holders, to oil markets. China’s role in driving global trends continues to change as it enters a much less energy-intensive phase in its development. Renewables contributed almost half of the world’s new power generation while the coverage of mandatory energy efficiency regulation expanded to more than a quarter of global consumption. And the Paris Agreement reached at COP21 has provided a catalyst to accelerate investments in cleaner technologies and energy efficiency. The session addressed these and other developments, the associated risks and opportunities that might lie ahead – and what can be done to put the energy system on a more secure and sustainable footing.
Session by David Bradbury, Head, Tax Policy Statistics Division, OECD Centre for Tax Policy and Administration, Meeting of the OECD Parliamentary Group on Tax, 19 Oct 2015
Exchange on request, automatic exchange of financial account information and TRACE (Treaty Relief and Compliance Enhancement), spontaneous exchange of rulings, country-by-country reporting, voluntary disclosure programmes.
Session by Achim Pross, Head, International Co-operation and Tax Administration Division, OECD Centre for Tax Policy and Administration and Monica Bhatia, Head, Secretariat of the Global Forum on Transparency and Exchange of Information for Tax Purposes, Meeting of the OECD Parliamentary Group on Tax, 19 Oct 2015
Session by Achim Pross, Head, International Co-operation and Tax Administration Division, OECD Centre for Tax Policy and Administration, Meeting of the OECD Parliamentary Group on Tax, 19 Oct 2015
Session by Raffaele Russo, Head, BEPS Project, OECD Centre for Tax Policy and Administration, Meeting of the OECD Parliamentary Group on Tax, 19 Oct 2015
Market conditions are improving, but unemployment is still declining too slowly and unevenly across countries. It is projected to continue its slow decline, reaching 6.6% in the last quarter of 2016 while remaining above 20% in Greece and Spain. Weak real wage growth remains an issue of concern, particularly in the Euro area. Minimum wages can help underpin the income of low-paid workers, but must be closely coordinated with tax-benefit policies to be effective. Wage inequality has been rising in a large majority of OECD countries. To minimise the wage gap, investing in skills is crucial – particularly where skills are scarce relative to demand. In terms of job quality, emerging economies perform worse than OECD countries. Youth, low-skilled and informal workers typically hold the poorest quality jobs. To make labour markets more inclusive, activation policies have to be designed to improve the employability, expand the opportunities and maintain the motivation of jobseekers.
Immigrants and their native-born children account for 1 in 5 of the population in OECD countries. The recent joint OECD-EU publication „Settling In“ provides the most comprehensive overview of their integration outcomes ever undertaken and covers all major domains (labour market, education, social inclusion). The presentation summarises the key findings and concludes with good practices and policy recommendations to better use the skills of immigrants and children, with a special focus on the integration of refugees.
Recent migration trends and the refugee crisis
Jean-Christophe Dumont, Head, International Migration Division, OECD Employment, Labour and Social Affairs Directorate
Immigration flows are on the rise in most OECD countries. Preliminary data for 2014 suggest that permanent migration flows increased sharply for the first time since 2007 and are almost back to their pre-crisis level. Intra-regional migration, notably within Europe, is increasing together with the international competition for talents. What are the key trends regarding labour migration policies in the OECD? In the meantime, Europe will record in 2015 an unprecedented number of asylum seekers and refugees with up to one million asylum applications; an estimated 350 000 to 450 000 people could be granted refugee or similar status, more than in any previous European refugee crisis since World War II. Can OECD countries cope with this crisis and what are the prospects for future developments?
The UN Framework Convention on Climate Change was agreed more than 20 years ago, but global CO2 emissions have continued to rise. Fossil fuels still dominate the global energy supply and we are on course for a 3-5⁰C increase in global surface temperatures by the end of the century. July 2015 was the warmest month ever recorded for the globe. The OECD has been working in co-operation with its partners to identify how countries need to resolve misalignments between climate goals and policies in other domains that risk undermining climate action and making the low-carbon transition more costly. With the carbon clock ticking, the Paris COP21 conference in December must give a clear and credible directional signal that governments can and will transition from the carbon-intensive present to a low carbon resilient future.
According to the OECD’s research on international bribery and corruption, most international bribes are paid by large companies, usually with the knowledge of senior management. Bribes are generally paid to win contracts from state-owned or controlled companies in advanced economies, rather than in the developing world, and most bribe payers and takers are from wealthy countries. Almost two-thirds of 400 cases analysed worldwide, occurred in just four sectors: extractive (19%); construction (15%); transportation and storage (15%); and information and communication (10%). Intermediaries, mostly agents or corporate vehicles, were involved in three out of four foreign bribery cases. This demonstrates the need for more effective due diligence and oversight of corporate compliance programmes. Governments should strengthen sanctions, make settlements public and reinforce protection of whistleblowers as part of greater efforts to tackle bribery and corruption.
More from OECD - Organisation for Economic Co-operation and Development (20)
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
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"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
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Pensions and housing - Pensions PlayPen - 4 June 2024 v3 (1).pdf
Economic Outlook - May 2012
1. What is the economic outlook for
OECD countries?
Paris, 22 May 2012
10h Paris time
Angel Gurría
Secretary-General
&
Pier Carlo Padoan
Deputy Secretary-General and Chief Economist
1
2. The outlook
Real GDP growth, in per cent
2010 2011 2012 2013
United States 3.0 1.7 2.4 2.6
Euro area 1.9 1.5 -0.1 0.9
Japan 4.5 -0.7 2.0 1.5
The outlook
Total OECD 3.2 1.8 1.6 2.2
Brazil 7.6 2.7 3.2 4.2
China 10.4 9.2 8.2 9.3
India 10.6 7.3 7.1 7.7
Indonesia 6.2 6.5 5.8 6.0
Russian Federation 4.3 4.3 4.5 4.1
South Africa 2.9 3.1 3.3 4.2
Source: OECD Economic Outlook 91 database.
2
3. Growth outlook different across regions
Annualised quarterly real GDP growth, in per cent
10 10
5 5
0 0
The outlook
-5 -5
-10 -10
United States
Euro area
-15 -15
Japan
-20 -20
2008 2009 2010 2011 2012 2013
Source: OECD Economic Outlook 91 database.
3
5. World growth sustained by emerging
economies
Contribution to annualised quarterly world real GDP growth, percentage points
8 8
6 6
4 4
World growth
2 2
0 0
-2 -2
Non-OECD
-4 -4
OECD
-6 -6
-8 -8
2007 2008 2009 2010 2011 2012 2013
Note: Calculated using moving nominal GDP weights, based on national GDP at purchasing power parities.
Source: OECD Economic Outlook 91 database.
5
6. Unemployment rates are diverging
Unemployment rate, percentage of labour force
12 12
United States
11 11
Euro area
10 10
Japan
9 9
Unemployment
8 8
7 7
6 6
5 5
4 4
3 3
2 2
2006 2007 2008 2009 2010 2011 2012 2013
Source: OECD Economic Outlook 91 database.
6
7. Business confidence weak in euro area
Purchasing Managers Index (PMI) for manufacturing and services
United States Euro area
65 65 65 65
60 60 60 60
Business confidence
55 55 55 55
50 50 50 50
45 45 45 45
40 40 40 40
35 35 35 35
Manufacturing 30 Manufacturing 30
30 30
Non manufacturing Services
25 25 25 25
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
Note: Values greater than 50 signify an improvement in economic activity.
Source: Markit Economics Limited.
7
8. Consumption has stagnated in euro area
Private consumption volumes, index 100 at cycle troughs
United States Euro area
120 120 120 120
1980:Q2 trough 1982:Q3 trough
1991:Q1 trough 1993:Q1 trough
2009:Q2 trough 2009:Q1 trough
Private consumption
115 115 115 115
110 110 110 110
105 105 105 105
100 100 100 100
95 95 95 95
-4 -2 0 2 4 6 8 10 12 14 16 18 -4 -2 0 2 4 6 8 10 12 14 16 18
Note: Private consumption volumes are indexed to 100 in the quarter in which they reached the lowest level
during the last three recessions. Zero on the horizontal axis corresponds to the quarter of these troughs.
Source: OECD Economic Outlook 91 database. 8
9. Lending to consumers is growing
robustly in the United States
Annualised monthly percentage change
Total US consumer loans Euro area bank loans to private sector
18 18 18 18
Lending indicators
12 12 12 12
6 6 6 6
0 0 0 0
-6 -6 -6 -6
-12 -12 -12 -12
2007 2008 2009 2010 2011 2012 2007 2008 2009 2010 2011 2012
Note: Annualised monthly rate of change of seasonally adjusted stocks, in per cent. Euro area data are adjusted
for the impact of securitisation. Last observation: March 2012 Source: Datastream and ECB.
9
10. Deleveraging has barely begun in the
euro area
Household gross debt, percentage of net disposable income
150 150
140 140
Household deleveraging
130 130
United States
120 120
Euro area 3
Japan
110 110
100 100
90 90
80 80
70 70
1995 1997 1999 2001 2003 2005 2007 2009 2011
Note: Data for USA and Japan are not consolidated. For 2011 Q3 data are growth rates (2010 end of year to
2011 Q3) of balance sheets published by US Federal Reserve, Bank of Japan, and ECB. Euro area 3 is
Germany, France and Italy. Source: OECD Annual National Accounts. 10
11. Underlying inflation to remain moderate
Core inflation, 4-quarter percentage change
3 3
2.5 2.5
2 2
1.5 1.5
1 1
Inflation
0.5 0.5
0 0
-0.5 -0.5
-1 United States -1
Euro area
-1.5 -1.5
Japan
-2 -2
2007 2008 2009 2010 2011 2012 2013
Note: United States - deflator of personal consumption expenditures (PCE) excluding food and energy; Euro
area - harmonised index of consumer prices (HICP) excluding food, energy, tobacco and alcohol; Japan -
consumer price index (CPI) excluding food and energy. Source: OECD Economic Outlook 91 database.
11
12. Monetary policy rates accommodative
Policy interest rates, in per cent
4.5 4.5
United States
4 4
Euro area
Monetary policy rates
3.5 3.5
Japan
3 3
2.5 2.5
2 2
1.5 1.5
1 1
0.5 0.5
0 0
2008 2009 2010 2012
Source: Datastream.
12
13. Central bank balance sheets supportive
Central bank liabilities, local currency
3500 3500
United States (bn dollars)
Central bank balance sheets
Euro area (bn euros)
3000 3000
Japan (100 bn yens)
2500 2500
2000 2000
1500 1500
1000 1000
500 500
2007 2008 2009 2010 2011 2012
Source: Federal Reserve; Bank of Japan; and European Central Bank.
13
14. Fiscal consolidation combines spending
reductions and tax increases
Change in the underlying primary balance 2011-13,
in per cent of potential GDP
8 8
Revenue side
7 7
Spending side
Fiscal consolidation
6 6
Total consolidation
5 5
4 4
3 3
2 2
1 1
0 0
-1 -1
ESP
ISL
ISR
NZL
NOR
ITA
GBR
CAN
KOR
LUX
CZE
AUS
SVK
AUT
DNK
GRC
HUN
SWE
EST
JPN
NLD
USA
BEL
PRT
POL
DEU
SVN
IRL
FRA
FIN
CHE
Note: Total consolidation is the projected difference in the underlying primary balance; revenue side is the
projected increase in the underlying receipts excluding interest earned on financial assets; and spending side
is the projected decline in the underlying primary spending excluding interest payments on debt.
Source: OECD Economic Outlook 91 database; and OECD calculations. 14
15. Government debt sustainability remains
a long-term challenge
Average increase in the underlying primary balance from
2011 to 2030, in percentage points of GDP
Government debt sustainability
16 16
Debt stabilisation
14 14
Debt ratio to 60%
12 12
10 10
8 8
6 6
4 4
2 2
0 0
-2 -2
ESP
ISL
ISR
OECD
NZL
LUX
KOR
GBR
ITA
AUS
CAN
CZE
HUN
SVK
AUT
DNK
JPN
GRC
EST
SWE
USA
FIN
NLD
BEL
PRT
POL
EA15
DEU
SVN
IRL
FRA
CHE
Note: See OECD Economic Outlook 91 for methodology. The bars show the average improvement in the
underlying primary balance between 2011 and 2030 necessary to either stabilise government debt ratios or bring
them down to 60% of GDP. In Japan’s case, the average consolidation shown would be sufficient to stabilise the
debt ratio but only after 2030. Source: OECD Economic Outlook 91 long-term database.
15
16. Rebalancing underway in euro area
Cumulative change in domestic demand between 2009 and 2013 (%)
Changes in domestic demand and trade balances, 2009-13
15
LUX
FIN
10 DEU
AUT
Euro area rebalancing
5 BEL
SVK
FRA NLD
0
ITA
-5
SVN
-10 ESP IRL
PRT
-15
-20
GRC
-25
-4 -2 0 2 4 6 8 10 12
Change in merchandise trade balance between 2009 and 2013 (% of GDP)
Source: OECD Economic Outlook 91 database.
16
17. Unit labour costs have begun to adjust
Unit labour cost, 1999 = 100
160 160
2009 2013
150 150
Unit labour costs
140 140
130 130
120 120
110 110
100 100
GRC IRL ESP ITA PRT NLD FIN BEL FRA AUT DEU
Source: OECD Economic Outlook 91 database.
17
18. Euro area policy compact
Goals
• Avoid downside scenario
• Create conditions for sustained growth
• Strengthen monetary union
Euro area policy
This requires
• National policies
• European policies
18
19. Euro area policy compact –
national policies
Pro-growth structural reforms
• Boost growth through productivity and employment
• Strengthen competitiveness
• Protect weak segments of population
• Contribute to current account rebalancing
Euro area policy
• Wage adjustment in deficit and surplus countries
Growth friendly fiscal consolidation
• Medium term plans
• Composition of spending cuts and revenues
Financial system repair
• Transparency in balance sheet assessment
• Recapitalise viable banks
Reforms have already started in many countries.
Benefits could materialise earlier than expected.
19
20. Large potential gains from a broad
package of reforms
Overall GDP per capita gains over 10-year horizon, in per cent
20 20
18 18
16 16
Gains from reform
14 14
12 12
10 10
8 8
6 6
4 4
2 2
0 0
IRL LUX NLD DEU FIN PRT ITA ESP FRA AUT GRC BEL
Note: Estimated cumulative GDP impact from reforms specified in Bouis and Duval (2011). The coverage of
reforms varies across countries, partly because of data coverage issues. This figure therefore does not show a
ranking across countries but possible effects from structural reforms. Source: R. Bouis and R. Duval
(2011), OECD Economics Department Working Papers, No. 835.
20
21. Euro area policy compact – EU policies
Firewall
• Has been strengthened
• Could be enhanced
Fiscal compact
• Implementation, transparency, communication
Euro area policy
Growth
• Single Market can deliver (much) more
• Innovation can be boosted (EU patent)
• EIB lending, infrastructure investment
• Jointly guaranteed bonds
• Redirect structural funds
European Central Bank
• Balance sheet could be used more broadly
• Interest rate can be lowered
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22. What is the economic outlook for
OECD countries?
Paris, 22 May 2012
10h Paris time
Angel Gurría
Secretary-General
&
Pier Carlo Padoan
Deputy Secretary-General and Chief Economist
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