On the eve of a meeting of finance ministers and central bankers in Shanghai , Organization for Economic Cooperation and Development (OECD) calls on the country's "Big Twenty» (G20) to take appropriate policy measures in response to the slowdown in the world economy. Earlier, a similar appeal was voiced and the International Monetary Fund.
Underscoring the unstable situation in the world economy and on world markets, the OECD Secretary General Jose Angel Gurria Treviño said on the sidelines of the meeting «G20», even eight years after the global financial crisis, the growth rate remained subdued.
"The problem is that the pace of structural reforms has slowed down just when you need their immediate implementation, - he said. - Eight years after the crisis, we have not reached pre-crisis growth rate of 4% ... the pace, desire and determination in adopting the reforms have fallen, but we must make a difference.
According to Mr. Jose Gurria, central banks "did everything we could," and now the turn of governments to stimulate the private sector to increase investment.
Earlier, the IMF urged the world's major economies to "multilateral action to stimulate growth and risk containment," in particular through fiscal stimulus.
OECD monitors the process of implementation of the "Big Twenty" reforms.
According to the organization, that in general the pace of reform in the southern European countries, such as Italy and Spain, higher than that of the Nordic countries. Outside Europe, the leaders in the implementation of structural reforms are Japan, China, India and Mexico.
"On the one hand, aimed at encouraging alone demand policy does not help to restore sustainable growth, but on the other hand, policies aimed at enhancing competition and innovation, stimulating the creation of new jobs and investment growth, will produce results", - stated in the OECD report .
OECD Secretary-General also believes that countries should prioritize reforms. These include investments in public infrastructure and the reduction of barriers to entry in the services sectors.