OECD says more people back at work in July as economies recover slowly – dpa international

Bus stop outside a Dublin café in July (Simon Roughneen)

DUBLIN — Unemployment across the Organisation for Economic Co-operation and Development (OECD) fell for the third consecutive month in July, the group’s Paris-based secretariat said on Thursday. As countries continued to mostly ease coronavirus pandemic restrictions, joblessness dropped by 0.2 per cent to 6.2 per cent of the OECD-area workforce. However, unemployment remained almost 1 per cent above the 5.27 per cent recorded in February last year, the month before the World Health Organizaton declared a pandemic and most countries imposed lockdowns that froze swathes of their economies. Overall, around 1.6 million people were taken off unemployment registers across the OECD in July, leaving over 41 million people without a job.

OECD says most big economies yet to shake off virus effects despite recent growth – dpa international

In Dublin, the capital of Ireland, where the government has been slow to lift coronavirus restrictions compared to neighbours (Simon Roughneen)

DUBLIN — Most of the world’s big economies are running below pre-pandemic levels despite “accelerating” growth in the second quarter of this year, according to the Organisation for Economic Co-operation and Development (OECD). Overall gross domestic product (GDP) across the OECD remains 0.7 per cent below that reported at the end of 2019, shortly before the coronavirus pandemic was declared, the Paris-based OECD said on Monday. That’s despite GDP expanding 1.6 per cent across the Group of 7 (G7) economies in the second quarter, up from 0.4 per cent in the first three months of the year. There were “strong variations” among what the OECD calls the “Major Seven” economies, which does not include China, which does not inclide the world’s second biggest GDP after the the US. Britain grew growing the fastest of the 7, at almost 5 per cent from April to June, after a near 2-per-cent contraction during the previous three months, when, like in many Western countries, economically-debilitating pandemic restrictions were in place.

OECD says world economy to grow at an ‘uneven’ 6 per cent this year – dpa international

Businesses such as this retailer in Ireland have been foced to close by pandemic restrictions. Patrons seen here lining up to enter after the end of Ireland's third lockdown in May 2021 (Simon Roughneen)

DUBLIN — The global economy could grow by “nearly 6 per cent” this year, the Organization for Economic Co-operation and Development (OECD) said on Monday, while warning that recovery from pandemic-related losses will be “very uneven.” Growth will be driven by the world’s three main economic powers, with China’s gross domestic product (GDP) set to expand by more than 8 per cent, the Paris-based OECD said. The US should be close behind, registering nearly 7 per cent GDP growth, with the European Union clocking a higher-than-usual 4.25 per cent.But while this year’s projected rebound would amount to “an impressive surge after the 3.5-per-cent contraction in 2020” it is unlikely to return living standards “to the level expected before the pandemic” by the end of next year, the OECD said in its 2021 Economic Outlook, which noted that pandemic-related curbs have made it more difficult to estimate GDP and “may have reduced the comparability of economic outcomes across countries.” 

OECD joblessness fell in November but stays above pre-pandemic level – dpa international

Grocery shopping in a supermarket in Ireland, where restrictions have forced many businesses to close for longer than elsewhere (Simon Roughneen)

DUBLIN — Unemployment among the member countries of the Organisation for Economic Co-operation and Development (OECD) fell to 6.9 per cent in November, the group’s secretariat reported on Wednesday. That is down from 7.1 per cent the month before, but still 1.7 percentage points above pre-pandemic levels. Overall, 45.5 million people were listed as unemployed across the OECD’s 37 member states in November, 10.7 million more than in February, the last month before governments imposed widespread restrictions in response to the novel coronavirus pandemic. The OECD said that unemployment among the eurozone countries decreased slightly from October to November, from 8.4 to 8.3 per cent, after month-on-month joblessness fell in Finland, Italy, the Netherlands and Portugal, but increased in France, Ireland and Spain.

Warning from Europe for Asia’s middle-classes – Asia Times

JAKARTA — As hundreds of millions of Asians enjoy higher living standards in the move from lower to middle class, a warning of the trend’s sustainability came this month from Europe, where middle class expansion has stalled. The Organization for Economic Co-operation and Development (OECD), a Paris-based club that includes most of the world’s wealthiest nations, reported that many of its member states have “seen their standard of living stagnate or decline, while higher income groups have continued to accumulate income and wealth.” The middle class crisis in the West means disappointment for those who hoped that standards of living would continue to improve, as was the case for their forbears during the four or five decades after World II. But more recent times have seen the top 10% of earners’ share of total wealth rocket to nearly half the national average — findings contained in a new OECD report, Under Pressure: The Squeezed Middle Class, that in turn paints a grim picture for the third of member state populations described as “economically vulnerable.”