The political mood seems to have changed in most Organisation for Economic Cooperation and Development capitals, and it would be very difficult for any government to justify new stimulus measures in today's environment. Public pressure to reduce government budget deficits and minimise public debt burdens is growing across the developed world.
The Organisation for Economic Cooperation and Development has projected the Indian economy to expand 8.5 per cent in 2011-12, much lower than the growth of 9.6 per cent witnessed in 2010-11 financial year.
As many as 45.5 million people were unemployed in September in the OECD region, a grouping of mostly developed nations.
The unemployment rate in the OECD region a grouping of 27 developed and developing nations stood at 8.8 per cent in November 2009, amid the global labour market slowly witnessing signs of stabilisation.
The migration of people to developed countries fell in the wake of the global economic crisis, as many of these nations saw lower demand for labour, according to the OECD.
With emerging economies facing the possibility of "abrupt slowdowns", India's Gross Domestic Product growth rate could slip to as low as 4.3 per cent in 2009, said the OECD.
"The unemployment rate for the OECD area was 8.6 per cent in September 2009, the same as the previous month and 2.3 percentage points higher than a year earlier."
The OECD, in March, projected 4.3 per cent economic expansion for India in 2009. The report further said the extent of the deterioration in the fiscal position prior to the slowdown has reduced the scope for 'discretionary fiscal policy action'.
The unemployment rate in the OECD region, comprising mostly developed nations, slipped to 8.6 per cent in May, while the count of jobless people in the area stood at 45.9 million during the same month.
At a time when crackdown on tax havens has acquired a political colour, data shows that Swiss banks held securities worth $3.35 trillion in 2008, with over half managed on behalf of foreign entities.
India stands top among South Asian countries in pension coverage to its older people, according to a joint report by the World Bank and the Organisation for Economic Cooperation and Development.
It feels worsening economic downturn will dent the internet economy. The only silver lining for the IT sector, which generates about $50 billion for Indian IT services companies, is the likely growth in the services and software sectors 'along with new internet and communications-related products and infrastructure, as they are an essential part of spending and partly recession-proof,' the OECD report said.
Brazil, Russia, India and China, also known as the BRIC group of countries, are expected to overtake the rich countries in primary energy consumption by 2030 and worsen their environmental calamities, Paris-based Organisation for Economic Cooperation and Development has warned. The OECD estimates suggest that 63 per cent population in the BRIC countries is living under medium to severe water stress and this share is expected to increase to 80 per cent by 2030.
At a time when political parties are coming up with poll promises like job guarantees, OECD, a group of rich nations, has found that nine in 10 employees in India do not have a formal labour contract and social security benefits such as advance dismissal notices.
A day after joining the OECD-G20 framework for global minimum tax, the finance ministry on Friday said some significant issues including share of profit allocation and scope of subject to tax rules are yet to be addressed and a 'consensus agreement' is expected by October after working out the technical details of the proposal. Total 130 countries on Thursday agreed to a overhaul of global tax norms to ensure that multinationals pay taxes wherever they operate and at a minimum 15 per cent rate. India is in favour of a consensus solution which is simple to implement and simple to comply.
The indicator, designed to flag turning points in the economic cycle, suggested there was "stable growth momentum" in the bloc of mostly wealthy developed nations, the OECD said.
The World Bank's executive board unanimously selected 63-year-old Malpass, who is currently Under Secretary of Treasury for International Affairs, as the bank's 13th President for a five-year term beginning April 9.
For the current fiscal which ends on March 31, it put the real GDP estimate at 5 per cent. It estimated a 7 per cent growth in 2022-23 and 2023-24 fiscal years. The inflation rate was seen moderating to 4.4 per cent in the next fiscal from 4.7 per cent in the current.
'While most companies were bullish before the second wave of double-digit sales growth in FY22, that may not be the case now.'
Indian economy is witnessing stable growth momentum, says OECD.
E-commerce giants such as Amazon, Netflix and Flipkart, whose headquarters are not in India, potentially have to pay the additional levy of 2 per cent from April 1.
Besides India and China, the Organisation for Economic Cooperation and Development has projected weak growth for Brazil and Russia as well.
Religious leaders come last, with corporations featuring slightly better
India's economic growth is gaining momentum, Paris-based think tank OECD said on Monday amid the new government initiating various measures to bolster the economy.
India and a large number of other countries, including Switzerland, have adopted a global declaration for automatic exchange of tax information under auspices of OECD.
Marking a key milestone in the Indian government's fight against black money allegedly stashed abroad, India will get this month the complete information on flats, apartments and condominiums owned by Indians in Switzerland as also on earnings made from such properties to help it look into tax liabilities associated with those assets.
Only India is anticipated to witness better growth momentum among the BRIC bloc
The Organisation for Economic Cooperation and Development is a grouping of 34 countries.
Indian economy is likely to expand in the range of 5.4 to 5.9 per cent this fiscal, as per government estimates.
In its effort to unearth black money stashed away abroad, India has received data on over 24,000 instances of alleged tax evasion and dubious funds which has been detected in foreign shores in the last financial year.
India's growth is "firming up" while most of the major economies, including China and the US, are seeing stable momentum.
India has got the second set of Swiss bank account details of its nationals and entities under the automatic exchange of information pact with Switzerland, marking a key milestone in the government's fight against black money allegedly stashed abroad.
The estimates are for a group of 33 nations, including the US and Spain; the number represents 1 in 3 of unemployed people
The positive effects of demonetisation will be visible from April and the completion of remonetisation process will drive consumption going forward, Economic Affairs Secretary Shaktikanta Das said on Tuesday.
The latest reading from the Organisation for Economic Cooperation and Development comes amid rising concerns about India's growth prospects on account of the falling rupee and relatively sluggish investments.
India has already signed the OECD's global standard for automatic exchange of information between tax authorities two years back and once the new format is implemented, the country will follow the new protocols envisaged in it.
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