LEADER
The crisis and beyond Building a stronger, cleaner and fairer economy Han Seung-soo, Prime Minister of the Republic of Korea and Chair of the 2009 OECD Ministerial Council
It is therefore crucial that we swiftly deal with the current financial and economic crisis while, at the same time, preventing it from turning into a social crisis.
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OECD Observer
No 273 June 2009
©Pascal Lauener/Reuters
The global economy today is facing difficulties like we have not seen for at least half a century. A global financial crisis which began with a sub-prime mortgage meltdown has already had profound repercussions on economies around the world, with the contraction in industrial output, trade volumes and foreign investment becoming increasingly pronounced worldwide. Unemployment rates stand at high levels in many countries, with some in double digits.
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mid such financial, economic and social challenges, the global community has been making every effort to reform the ailing financial system and stimulate the real economy. The recent G20 summit in London played a central role, convening both developed and emerging economies together to come up with concerted actions that could resolve this crisis. In line with these global efforts, the OECD is supporting its members and other countries through analyses and policy dialogue to assist them in overcoming the current economic turbulence and put the world economy back on a long-term growth and development path.