• The OECD is a group of governments that work together to promote economic growth and world trade. Most OECD members are considered to be developed countries because they have high incomes and a high Human Development Index (HDI).
• Countries that are part of the OECD are democratic and support free markets.
• The OECD gives its member countries a place to share policy experiences, look for answers to problems they all face, find and share best practises, and coordinate policies at home and abroad.
• The Organisation for Economic Cooperation and Development (OECD) is an official Permanent Observer to the United Nations. It is a think tank or group that keeps an eye on things.
• The OECD’s main office is in the Chateau de la Muette in Paris, France.
• In 2017, the OECD member states made up 62.2% of the world’s nominal GDP (US$49.6 trillion) and 42.8 % of the world’s purchasing power parity (International $ 54.2 trillion) GDP.
• The Organisation for Economic Co-operation and Development (OECD) was started in 1948 as the Organisation for European Economic Co-operation (OEEC).
• The Organisation for European Economic Co-operation (OEEC), which was mostly funded by the United States, was set up to manage the Marshall Plan for post-war reconstruction on the continent. • The OEEC was a key player in the creation of the European Economic Community (EEC).
The European Economic Community (EEC) has become the European Union (EU) to build a European Free Trade Area. When the United States and Canada joined in 1961, the OEEC was renamed the OECD to reflect its bigger membership.
• One of the OECD’s goals is to eliminate poverty by promoting economic stability and economic growth.
• Another goal is to make sure that the effects of economic and social growth on the environment are always taken into account.
• Over the years, the OECD has made life better in a number of countries.
• It has also helped trade between countries grow.
Membership:
As of January 2023, 38 countries are members, including Australia, Austria, Belgium, Canada, Chile, Colombia, Costa Rica, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Israel, Italy, Japan, South Korea, Latvia, Lithuania, Luxembourg, Mexico, Netherlands, New Zealand, Norway, Poland, Portugal, Slovak Republic, Slovenia, Spain, Sweden, Switzerland, Turkey, United Kingdom, and the United States.
• India does not belong to the OECD.
Brazil and Russia are also not part of the OECD.
• The most recent countries to join the OECD were Colombia and Costa Rica in April 2020 and May 2021, respectively.
• On January 25, 2022, the Council agreed to start the first step of talks with Argentina, Brazil, Bulgaria, Croatia, Peru, and Romania about joining the OECD.
The OECD is made up of member countries, substantive committees, and the OECD Secretariat, which is led by the Secretary-General and helps the standing and substantive committees. It has different parts called “Directories.”
• The OECD’s work is done with the help of EU member states and the European Commission.
What is the OECD Functions and Responsibilities
• The Organisation for Economic Cooperation and Development (OECD) is one of the most important groups working to keep the world economy stable. The Organisation for Economic Cooperation and Development (OECD) puts out and keeps up-to-date a model tax agreement that is used as a guide for how countries should share taxing rights.
• The Organisation for Economic Cooperation and Development (OECD) is in charge of offering economic studies, statistical databases, assessments, and predictions about the future of the global economy.
• The group looks at how social issues affect economic growth and then makes suggestions to help the world’s economy grow. These ideas also take into account the problems that growing economies can cause for the earth.
• The group works around the world to stop bribes and other financial crimes.
• The OECD also keeps a “blacklist” of countries that it thinks are tax havens that don’t work with them.
• A lot of work was also done to stop tax evasion by successful companies and in the G-20. It also urges members of the G-20 to push for tax change.
Significance
• The OECD helps both OECD members and non-members gain from and deal with the challenges of a global economy by promoting economic growth, free markets, and efficient use of resources.
• The Organisation for Economic Co-operation and Development (OECD) publishes independent research and data to support policies that improve economic and social well-being around the world.
• Reports and charts from the OECD
International Migration Outlook. OECD Better Life Index. Government at a Glance 2017.
Conclusion:
• The OECD works with governments, policymakers, and people to make global standards that are based on facts and to find answers to a wide range of social, economic, and environmental problems. They always offer a special place to share and learn about data and analysis.
