The good news is that the global economy is gaining momentum. Global growth is accelerating from 3.1% in 2016 to a projected 3.6% this year and 3.7% next year. Over the past couple of quarters global GDP has actually been growing even faster than this, at an annualised rate of over 4%.
It is my great honour to welcome and introduce Beata Szydlo, Prime Minister of Poland. The Prime Minister will share with us today her views about fostering inclusive and dynamic growth in Poland through a whole-of-government approach – the Strategy for Responsible Development.
The ocean is our new economic frontier. It is vital for our well-being, for sustainable development and for our planet. The ocean holds great resource wealth and potential for boosting economic growth, employment and innovation.
What a necessary discussion: improving the effectiveness and efficiency of our public sectors! Of course we need to make them more inclusive, more green, more dynamic, more innovative. This is crucial to deliver the recovery and tackle climate change but also to win back our lost treasure: the trust of our people.
Nearly a decade after the worst economic crisis in living memory, our countries may finally be escaping the low-growth trap. Global growth is projected to rise from 3% in 2016 to 3.5% this year, and to 3.7% next year, with the upturn increasingly synchronised across the world. This is welcome news, but there is definitely no room for complacency.
I want to focus on the urgent and systemic issue of climate change, which is more than just an environmental problem. Just two days ago, the 2017 Lancet Countdown report was released, showing that climate change is already a critical public health issue, one disproportionately affecting the most vulnerable as well as those least responsible for anthropogenic warming.
There is no single factor that can explain the rise of protectionism in the US, Brexit, Catalan separatism and the strength of populist parties in the Netherlands, France, Italy, Germany, Austria and other countries.
This is a further sign of the region’s deepening engagement with the OECD and, in particular, of our extensive and fruitful collaboration with Kazakhstan under the OECD Country Programme, which we renewed this summer.
In both advanced and emerging countries, we observe growing dissatisfaction among citizens over what they perceive as the adverse effects of international trade, technological change and immigration on their daily lives.
Tackling BEPS is also about tax morale: Maintaining the integrity of our tax systems—so that citizens are confident that all individuals and businesses are making a contribution and that the tax laws are fairly applied—is essential to ensuring continued trust in and support for our institutions.