The British economy will grow less than previously predicted this year and flatline entirely in 2023, according to a new report. The Organisation for Economic Co-operation and Development (OECD) said it has downgraded its current annual projection for the UK economy owing to “declining real incomes and disruptions in energy markets.” The UK’s GDP is…
UK Economy Will Stagnate Next Year, OECD Predicts
The UK’s economy is growing more slowly than expected in 2022 and will grind to a halt next year, the Organisation for Economic Co-operation and Development (OECD) has predicted. The international organisation projected that UK GDP (gross domestic product) will grow by 3.64 percent this year, a significant downgrade from the 4.75 percent growth it…
Hand Gestures May Hold Key to Remedying Australia’s Low Maths Ranking
May 17, 2022
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With Australia now holding a secondary school mathematics ranking of 29 out of the 38 Organisation for Economic Co-operation and Development (OECD) nations, a drop of 18 places compared to 20 years ago, a new international paper co-authored by a University of South Australia cognitive psychologist shows that hand gestures may provide part of the solution….
EU Proposes Law to Implement OECD Deal on Minimum Global Corporate Tax
BRUSSELS—The European Commission proposed a law on Wednesday that would implement in Europe a global deal struck among the 20 biggest world economies (G20) on a minimum tax rate for companies. The Commission proposal includes a common set of rules on how to calculate the globally agreed 15 percent effective tax rate, so that it…
OECD Says Inflation Is Main Risk to Economic Outlook
December 1, 2021
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PARIS—The main risk to an otherwise upbeat global economic outlook is that the current inflation spike proves longer and rises further than currently expected, the OECD said on Wednesday. Global growth is set to hit 5.6 percent this year before moderating to 4.5 percent in 2022 and 3.2 percent in 2023, the Organisation for Economic…
Fiscal Pressures Rise Amid Bloated Debt Levels, OECD Warns
The coronavirus pandemic may have contributed to soaring public debt levels, leaving many governments facing fiscal pressures in the coming decades, the OECD warned in a new report Tuesday. According to the Organization for Economic Cooperation and Development’s economic outlook to 2060, governments worldwide must grapple with the costs of repaying debt generated to support…
Canada to Delay Its Digital Services Tax for OECD’s Global Corporate Tax
The Canadian government will postpone and possibly scrap its digital services tax on Big Tech after signing a global pact with 135 other countries to overhaul the way large multinational companies are taxed. The agreement, reached by members of the Organisation for Economic Co-operation and Development (OECD) on Oct. 8, imposes a global minimum corporate…
Talks to Remove Digital Taxes Should End Tariff Risks: US Treasury Officials
WASHINGTON—Negotiations over the withdrawal of existing digital services taxes after a landmark corporate tax deal should ultimately end the threat of tariff wars between the United States and several countries over the levies, U.S. Treasury officials said. In the OECD tax agreement, 136 countries last Friday agreed to adopt a 15 percent minimum corporate tax…
Canada’s Lag in Business Investment Foreshadows Lower Worker Incomes: Report
Canadian workers may be heading toward a slower rise in income and living standards unless public policy steps in to help, as an analysis of Canada’s business investment per worker since the 1990s shows signs of a “troubling outlook,” suggests a report by the C.D. Howe Institute. “Declining Vital Signs: Canada’s Investment Crisis” examines recent…
Inflation to Rise Faster Than Previously Projected: OECD
Consumer prices in the United States and most other leading economies will rise faster than previously anticipated and will settle above pre-pandemic levels, the OECD said in its newest economic outlook, while urging central banks to set out clear strategies for managing inflationary pressures. The headline rate of consumer price inflation is projected at 3.7…
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