Organisation for Economic Co-operation and Development

Organisation for Economic Co-operation and Development Latest News

OECD has become the latest global body to raise its growth forecast for India recently, predicting that India’s economy will grow by 7.1% in 2026-27, up from the 6.3% forecast earlier.

About Organisation for Economic Co-operation and Development

• It is an international organization established with the aim of fostering economic growth and development among member countries. 
• It succeeded the Organisation for European Economic Co-operation (OEEC), which focused on distributing Marshall Plan aid post-World War II. 
• The convention establishing the OECD was signed on Dec. 14, 1960, by 18 European countries, the United States, and Canada and went into effect on Sept. 30, 1961. 
• OECD members are typically democratic countries that support free-market economies.
• Current Members: 38 countries. 
• Headquarters: Paris, France.
• The stated goal of the OECD is to shape policies that foster prosperity, equality, opportunity and well-being for all.
• The organization’s activities encompass a wide range of areas, including trade, industry, agriculture, and environmental protection, with a focus on sustainable development. 
• The governance structure consists of the OECD Council, the OECD Secretariat, and numerous committees that address specific topics such as public governance and climate change. 
• Lacking the power to enforce its decisions, the OECD is essentially a consultative assembly that pursues its program through moral suasion, conferences, seminars, and numerous publications.  
• The OECD publishes economic reports, statistical databases, analyses, and forecasts on the outlook for economic growth worldwide.
• Major Reports Published by the OECD:
  • OECD Economic Outlook 
  • PISA (Programme for International Student Assessment) 
  • Health at a Glance 
  • Country Peer Review Reports 
• The organization also seeks to eliminate bribery and other financial crime worldwide.
• The OECD maintains a so-called “black list” of nations that are considered uncooperative tax havens.
• India and OECD:
  • India is one of the many non-member economies with which the OECD has working relationships in addition to its member countries.
  • India has been an OECD Key Partner since 2007.

News: TH

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