The Organization for Economic Cooperation and Development (OECD) isn’t a group that Americans hear much about. The OECD is essential for international economic and political party. The OECD does various things including forecast growth, suggest interest rates and provide development assistance to member and non-member countries.
OECD tackles a wide range of issues
A wide variety of world issues are looked at by the OECD with various different committees. You will find 200 working groups, groups of experts, and committees. There are also nine “special bodies” within the OECD. These special bodies contain the International Energy Agency and Nuclear Energy Agency also as a special body designed to provide semi- short term loans to African countries.
OECD history
OEEC, Organization for European Economic Cooperation, was what OECD was founded after in 1961. The Marshall Plan was intended to be administered by the OEEC to reconstruct Europe after World War II. Ever given that it started in 1961, the OECD was enlarged and reformed a few times. Currently, the OECD has 31 member states. The OECD once described itself as “a forum of countries committed to democracy and also the market economy.” The OECD operates mostly with “soft law” suggestions, though once in a while OECD suggestions are rolled into binding international treaties.
OECD and the economic outlook
The OECD Economic Outlook, published twice a year, is a very closely viewed report. One of the most recently published OECD Economic Outlook report forecasted there would be a rise in combined GDP of the 31 member countries for 2010 and 2011. For 2010, the European area is expected to grow about 1.2 percent, Japan by 3 percent and also the U.S. by 3.2 percent. The report, however, is not entirely rosy. The OECD report warns of a boom-and-bust scenario that can be spurred on by inflation and economic overheating. Even with these concerns, the OECD report is an improvement compared to the November 2009 Economic Outlook report.
