Economic Research Institute JSC has prepared a new monthly digest, "National Economy: OECD".
The OECD Events Digest is based on the OECD database and covers key news from the previous month, statistics, and an overview of current OECD analyses.
Read the first issue (April 2022):
· OECD news
Fighting Corruption
As of January 1, 2023, the OECD Working Group on Bribery (WGB) will be chaired by a new chairman, Danielle Goudriaan, a prosecutor with more than 20 years of experience. She currently holds the position of European Public Prosecutor of the Netherlands.
Environment
On March 31, 2022, the Ministerial Meeting of the Environment Policy Committee of the OECD (EPOC) adopted a new OECD legal instrument, the "Declaration on a Sustainable and Healthy Environment for All".
· OECD statistics
G20 GDP growth slowed in Q4 2021
According to preliminary estimates, gross domestic product (GDP) in the G20 area grew by 1.4 percent between Q3 and Q4 2021, compared with 1.9 percent growth that was recorded between Q2 and Q3.
Unemployment rate, OECD - March 2022
The quarantine due to the COVID-19 pandemic has influenced a sharp increase in unemployment in almost all countries in H1 2020. Closer to 2022, governments have managed to stabilize the labor market.
The unemployment rate in the OECD in January 2022 remained stable at 5.3%.
By countries
European counties
In January 2022, the unemployment rate fell to 6.8 percent from 7.0 percent in December 2021, with a drop of 0.2 percentage point (p.p.) or more in Estonia, France, Italy, Luxembourg, Slovenia and Spain and an increase of 0.2 p.p. or more in Greece, Lithuania and Portugal.
Japan, Korea, South America
In January 2022, the unemployment rate in Japan rose by 0.1 p.p. to 2.7%, in Korea it declined by 0.2 p.p. to 3.6%. The unemployment rate in Mexico in January decreased by 0.3 p.p. (to 3.7%), while the unemployment rate in January 2022 in Japan decreased by 0.1 p.p. (to 3.7%), while in Colombia it increased by 0.3 p.p. (to 14.6%).
By groups:
- Unemployment among young people in OECD countries has risen.
- Unemployment among OECD women has declined.
Inflation and its impact on consumer prices, OECD - March 2022
Monthly inflation in OECD countries rose up to 7.2% in January 2022, up from 6.6% in December 2021 and just 1.6% in January 2021. Thus, inflation reached its highest level since February 1991.
By countries
North America: USA, Canada
Canada's inflation rate rose from 4% to 5.1% during the reporting period. The situation in the US shows an increase in inflation from 7% to 7.5% over the same period.
G20 countries
G20 inflation also increased in January 2022 to 6.5% from 6.1% in December 2021, but declined markedly in China (to 0.9% from 1.5%).
· OECD surveys/reports
The OECD report presents an analysis of certification system options for quality infrastructure projects to be considered by the Blue Dot Network Steering Committee.
The Blue Dot network is being developed to address the $2.5 trillion to $3.5 trillion global infrastructure investment gap in an efficient and sustainable way over the long term.
The report evaluates and provides recommendations on Greece's implementation of the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions and the OECD Council Recommendation on Further Combating Bribery of Foreign Public Officials in International Business Transactions.
The OECD report examines the evolution of SME support during the COVID-19 crisis, describing the unprecedented growth of bank lending to SMEs supported by governments, and showing the reduction of alternative forms of debt.
The report contains characteristics of SMEs and entrepreneurship development, as well as relevant policies for all 48 participating countries, including Kazakhstan.
In 2020, SMEs accounted for 96.4% of all businesses in Kazakhstan, accounting for 38.6% of total employment and 31.6% of national GDP.
The most recent increase in SME lending is associated with the anti-crisis measures of Kazakhstan government to support SMEs during the COVID-19 pandemic.
In 2020, the average interest rate for SMEs was 12.7%, and for large businesses it was 11.2%. Among non-banking sources of financing, leasing has the largest market and is steadily growing.
· Upcoming OECD events for April 2022
- Infrastructure Forum
- 65 Session of the Public Administration Committee
- Meeting of the Investment Committee
- Working Group on SMEs and Entrepreneurship
- Meeting of the Educational Policy Committee
See the corresponding section of the digest for a complete list of events (pp. 21-22).
The Organization for Economic Cooperation and Development is a unique association in which the governments of 30 market economies work together to address the socioeconomic and governance challenges of globalization and to explore the opportunities it presents.
Kazakhstan's engagement with the OECD began in 2008 as part of the Eurasian Competitiveness Program, which includes 13 countries of Central Asia, the Caucasus and Eastern Europe.
In January 2015, in Davos, the Prime Minister of Kazakhstan and the OECD Secretary General signed the Country Cooperation Program. As the Country Program ended in December 2018, Kazakhstan's cooperation with the OECD will continue within the framework of the Memorandum of Understanding between the Government of Kazakhstan and the OECD for 2019-2022.
