Key messages
Global growth expected to pick-up modestly with upside risks
- Confidence is increasing and investment and trade are picking up from low levels
- Growth is broad based; recovery in commodity producers helps the modest global upturn
- Signs of rising demand for high-tech goods and investment to upgrade capital
Productivity and wage growth remain subdued; financial stability risks persist
- Headline employment indicators are improving but labour markets have not recovered
- Financial risks from high and rising credit growth, house price increases, interest rate gaps
More needs to be done to share the gains from structural trends and trade
- Changes to technology, consumer preferences and trade are occurring simultaneously
- Job losses from shifts in activity are concentrated in manufacturing and specific regions
An integrated policy approach is needed to make globalisation work for all
- A more level playing field for the international system
- Domestic reforms to boost competition, job creation, skills and innovation
- Targeted policies to help people who are left behind seize new opportunities
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