"As the IEA celebrates its 50th anniversary this week, oil supply security remains as critical as ever," said the agency created half a century ago by the OECD to help rich countries weather the 1970s oil crisis which wreaked widespread economic havoc. "Given heightened geopolitical risks and low global oil...

"We've collaborated closely with the World Governments Summit for over a decade. It presents a vital opportunity to foster innovative thinking and concentrate on best practices. Indeed, each year, it allows us to focus keenly on the current challenges and opportunities," he adds.

The OECD raised its 2024 world economic growth forecast Monday but warned that the Middle East conflict posed a risk, with disruptions in Red Sea shipping threatening to increase consumer prices. Global growth "proved unexpectedly resilient" in 2023, reaching 3.1 percent as inflation declined faster than anticipated..

In a note to the UN Secretary-General Antonio Guterres and UN Climate Change body, shared with AFP, climate scientists from the Potsdam Institute for Climate Impact Research (PIK) and Exeter University said there was very little room for anything but a total phase-out of fossil fuels.

Paris, France - Asian countries dominated the top spots in a keenly watched survey of education capabilities published Tuesday, while levels in Europe slipped at a record pace -- and not just because of Covid. However, the report also showed that students in top performing countries were not necessarily happier. The...

Paris, UAE -- Permanent migration to OECD countries reached 6.1 million in 2022, a 26 percent increase compared with 2021, and its highest level since at least 2005, according to International Migration Outlook 2023. Fifteen 15 out of the 38 OECD countries registered in 2022 their highest levels of permanent...

Paris, France - Tax havens are blamed for lower public revenues elsewhere as they lure away multinational firms but a study published on Tuesday showed that tax breaks in high-rate countries are also heavily exploited. Half the profits booked by multinationals benefiting from low tax rates were from countries that have...

Paris, France -- National climate policy action across the countries that produce nearly two-thirds of total greenhouse gas emissions only increased by 1 percent in 2022, the lowest annual growth recorded since 2000, and reflecting a deceleration in ambitions to meet the Paris Agreement temperature goals amid growing energy security...

Nairobi, Kenya -- Nations grappling with the plastic "suffocating" nature and leaching into food and the human body began fresh negotiations on Monday toward a UN treaty to tackle the growing problem. Some 175 countries agreed last year to conclude by 2024 a binding agreement to combat the plastic pollution...

As Israel grapples with the surprise Hamas action and global community gauges economic ramifications, the future of Israel's relations with its neighbors hangs in the balance.

As Israel grapples with the surprise Hamas action and global community gauges economic ramifications, the future of Israel's relations with its neighbors hangs in the balance.

The Paris-based agency, in addition to its analysis and advisory roles, coordinates the release of emergency stocks held by its 31 mostly advanced-economy member nations. A surprise weekend attack by Hamas on Israel has left thousands dead and rattled oil markets amid fears that other nations might intervene and possibly...

Dubai, UAE – The United Arab Emirates and the Organization for Economic Co-operation and Development (OECD) on Wednesday hosted regional forum on global minimum tax as a part of the UAE's commitment to international standards around taxation. “The UAE adopts financial and tax policies, legislation and systems that serve its...

This performance will be delivered through constant contributions from the non-oil sector, especially from tourism, leisure and real estate. The OPEC Monthly Oil Market report for August said the country's Global Purchasing Managers’ Index (PMI) was almost unchanged in July, standing at 56, following 56.9 in June and compared to...

The transportation and storage sector was the biggest contributor to overall growth at 48 percent. This was followed by the financial and insurance sector, which accounted for 15 percent, and trade at 10 percent, according to data issued by the Dubai Data and Statistics Establishment of the Dubai Digital Authority.

Paris, France - The world's wealthiest nations must urgently prepare for the impact of an imminent "AI revolution" that will change jobs, create new ones and make others disappear, the OECD said Tuesday. The rapid development of artificial intelligence -- with tools that can generate essays, create images and even pass...

The Paris-based organization forecast an economic expansion of 2.7 percent, up from 2.6 percent in its previous report in March, with upgrades for the United States, China and the eurozone. But it is still under the 3.3 percent growth recorded in 2022.

The UAE aims to attract more businesses and investments by having a competitive Corporate Tax system that follows international standards and a network of double tax treaties.

The UAE aims to attract more businesses and investments by having a competitive Corporate Tax system that follows international standards and a network of double tax treaties.

Paris, France – Sovereign borrowing needs are expected to increase in 2023 against the backdrop of the financial and economic spillovers of the crisis in Ukraine, as many countries forming a part of the Organization for Economic Cooperation and Development (OECD) seek to cushion households and businesses from rising prices,...

The world must assess the impact of generative artificial intelligence, G7 leaders said, announcing they will launch discussions this year on "responsible" use of the technology. A working group will be set up to tackle issues from copyright to disinformation, the seven leading economies said in a communique during a...

A country that describes itself as a "start-up nation" now boasts of higher per capita GDP than many European countries. But amid success, there are many glaring inequalities.

The pandemic changed tourist preferences, with greater interest in local travel, nature destinations, and wellness tourism. It also heightened awareness of environmental issues, which is an opportunity to enhance sustainable tourism, adds Cormann.

Most of the MEPs who signed are from Green or left-wing parties. They were joined by non-governmental organizations, including Oxfam, supported by a dozen economists and by 20 millionaires. The signatories claimed that in 2018 Tesla owner Elon Musk, "then the second-richest man in the world, did not pay a...

PARIS, FRANCE -  Governments should urgently adapt their health systems to better respond to future shocks, given the huge impact of the COVID-19 pandemic on people and the global economy. Major investment is needed in the health workforce, alongside increased spending on prevention and digital infrastructure, according to a new...

ABU DHABI, UAE -  The UAE participated in the Global Partnership for Financial Inclusion (GPFI) meeting in the Finance Track of the G20 for 2023 which was held under India’s G20 Presidency. The meeting was held to discuss the GPFI work plan for 2023 and agree on the financial inclusion...

Emmanuel Macron said France had been pushing the idea for more than four years. The global minimum tax is only one part, known as Pillar Two, of the OECD agreement. The first pillar, which provides for the taxation of companies where they make their profits to limit tax evasion, primarily...

Saudi Arabia's GDP witnesses 9.3 percent increase in the third quarter of this year as the rally in oil prices has fuelled economic growth across the Gulf region.

Brussels needs to find new energy suppliers and we recognize the important role of the UAE on that front, Belgian ambassador to the UAE Antoine Delcourt tells TRENDS

The reading -- the lowest since Eurostat started compiling jobless figures in April 1998 -- was an indicator that the economies of the 19 EU nations using the euro had bounced back after the Covid pandemic. The seasonally adjusted unemployment rate was markedly less than the 7.3 percent recorded a...

The announcement comes after the IMF affirmed that the Kingdom's economic prospects are positive in the short and medium term.

UAE's Ministry of Finance (MoF) participated in the third Framework Working Group (FWG) meeting within the G20 Finance Track for 2022.

The world economy will take a bigger hit than previously forecast next year due to the effects of Russia's war in Ukraine, the OECD said. In a bleak report titled "paying the price of war", the Paris-based organization noted that the conflict aggravated inflationary pressure when the cost of living...

India, the incoming President of the Group of Twenty (G-20) announced that it will invite the UAE as one of the "guest countries" to the G-20 summit in New Delhi on September 9-10 next year.

Common Reporting Standards is a global methodology for the automatic exchange of financial accounts and tax-related information with other financial regulatory organizations across the world through secure channels.

The OECD on Wednesday warned that the world economy would pay a "hefty price" for Russia's invasion of Ukraine as it slashed its 2022 world growth forecast and said inflation to keep rising.

The OECD warned Wednesday that the world economy will pay a "hefty price" for Russia's invasion of Ukraine as it slashed its 2022 growth forecast and projected higher inflation. The Paris-based organization, which represents 38 mostly developed countries, is the latest institution to predict lower GDP growth due to the...

Those countries "that have a common border with either Russia or Ukraine" would be particularly affected, while bearing the brunt of refugee flows from Ukraine, said the OECD report.

The region must urgently strengthen innovation and localization. These two make significant contribution to GDP and jobs, either directly through revenue and direct employment, or indirectly by nurturing a startup ecosystem. Governments should begin this process by identifying and prioritizing sectors that fit with the country’s resources, strengths, and strategic...

The Organisation of the Petroleum Exporting Countries (OPEC) marked its 5th anniversary of the historic ‘Vienna Agreement’ on Tuesday. The agreement, reached at the 171st Meeting of the OPEC Conference held on 30 November 2016 in Vienna, built on the successful ‘Algiers Accord’, reached in Algiers, Algeria, on 28 September...

The OECD warned Wednesday that the Omicron coronavirus variant threatens the global economic recovery as it lowered the growth outlook for 2021.

The US Treasury has said in a statement that the deal with Turkey "represents a pragmatic solution.”

With the latest international climate conference just days away, the proposed ban will halt support to new coal power stations that don't have systems that trap the carbon emissions responsible for global warming.

At least 136 countries have backed a landmark agreement to set a new minimum tax rate for companies around the world.

The forecast for China remained unchanged at 8.5 percent. The growth prospects of Argentina, Brazil, Mexico, South Africa, South Korea and Turkey have also improved. Prospects of Australia, Britain, Japan and Russia were lowered

Despite the rise in the GDP of the Organization for Economic Co-operation and Development (OECD) economies to 1.6 percent in Q2 2021 from 0.6 percent in the previous quarter, it still remains below pre-pandemic levels.

Turkey has sought a change in a UN climate framework so it won’t have to supply technology to developing countries

World economy will expand by 5.8 percent this year OECD chief describes the shortage of vaccines in low-income economies 'very disturbing' The Organisation for Economic Co-operation and Development (OECD) raised its 2021 global GDP growth forecast Monday but warned that “too many headwinds persist” as not enough COVID vaccines are...