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OECD: global recovery strong but lopsided

Production in most OECD countries has exceeded its level at the end of 2019 and is converging on its pre-pandemic path.

But, according to that international body, lower-income economies, particularly those where vaccination rates are low, run the risk of being left behind.

In these nations the unevenness of the recovery tends to become general.

The OECD also stated that the recovery is uneven in advanced economies.

In particular, employment remains relatively weak in the United States, but is already higher than its pre-pandemic level in the euro area.

At the same time, America‘s GDP has recovered faster than Europe‘s. Different models of protection mean different challenges for the future.

OECD

The labor market is unbalanced. Many people struggle to find work, but companies in various sectors find it difficult to hire workers. The skills required in the wake of the crisis are not necessarily the same as before.

The shortage of workers in some sectors also reflects a decline in labor force participation rates in most OECD countries.

Going forward, participation is expected to normalize as the effects of the pandemic diminish, increasing the labor supply, which will help maintain moderate wage growth.

Imbalances also persist across industries, and sectors that rely on people-to-people contact, such as travel, tourism, and leisure, continue to suffer, while demand for consumer goods has been strong, especially in the United States.

The OECD is a unique forum where the governments of 37 democracies with market economies collaborate to develop policy standards to promote sustainable economic growth.

The OECD also provides an environment where governments can compare experiences, seek answers to common challenges, identify good practices and develop high standards of economic policy.

 

Redacción Opportimes

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