Business
What is the OECD?
Discover the OECD, the Organisation for Economic Co-operation and Development, an international body that shapes global economic and social policy.
What is it?
The Organisation for Economic Co-operation and Development (OECD) is an international organization that works to build better policies for better lives. Founded in 1961, its mission is to promote policies that will improve the economic and social well-being of people around the world. The OECD provides a forum in which its 38 member countries, typically democracies with market-based economies, can compare policy experiences, seek answers to common problems, identify good practices, and coordinate domestic and international policies.
Why is it trending?
The OECD is frequently in the news for its influential economic forecasts, data analysis, and policy recommendations. Its regular reports on global GDP growth, inflation, and unemployment are closely watched by governments, investors, and the public. Recently, the OECD has been central to major global initiatives, such as establishing a global minimum corporate tax rate to combat tax avoidance by multinational corporations and providing policy guidance on navigating post-pandemic economic recovery and the green transition.
How does it affect people?
While the OECD doesn't make laws, its influence significantly affects daily life. Its recommendations can shape national policies on everything from taxes and pensions to education and environmental protection. For instance, the OECD's PISA education rankings can trigger school reforms in various countries. Its economic outlooks can influence government spending, interest rates, and business confidence, which in turn impacts job availability, wages, and the cost of living for ordinary citizens.