In the 20th century, a quarter of the world population became three times poorer, while another quarter became six times richer. This is the conclusion reached during the first day of the annual OECD conference in Paris.
OECD members think that beyond any statistics referring to poverty, the 20th century brought about more prosperity than any other previous period, securing a better life and much more developed conditions, globally, within the domain of education.
“Such a rise in the living standard exceeds any kind of estimations and statistics within the history of humankind,” OECD members maintain.
The wave of economic growths began in the last 50 years of this millenium. During this period, economic developments were concentrated around the IMF and the World Bank. “These institutions have ultimately managed to bring about economic growth forecast at the end of the World War II,” reads the annual report by OECD.
OECD, set up in 1948 as the Organisation for Economic Cooperation in Europe, has perfectly illustrated along the years the way economic policies can be sorted out not just on paper. The adjustment of nations to free trade, the spectacular growth in investments and development at the institutional level secured the integration of OECD members in the process of world globalisation. In absolute terms, countries that went through a period of poverty during the ’70s and ’80s have finally succeeded in overcoming any difficulties and reached unexpected economic prosperity.
Thus, the 150% increase in GDP at a global level during the last ten years is the most conclusive answer to questions linked to economic development. In a world economy that sometimes reported excessive capital development, the countries that have not managed to adjust their economic policies have only registered losses. Romania is included in this category.
“Global development penalises countries that are indifferent to transparency and do not adapt to a rapid development,” OECD members state.
On the other hand, OECD members think that countries having managed to rapidly take in the concept of “new economy” are Australia, the United States, Denmark, Ireland, Holland and Norway.