[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-111317-en":3,"doc-seo-111317-105":29,"detail-sidebar-cat-0-en-105":91},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":20,"is_downloadable":20,"audit_status":20,"page_count":21,"language":22,"language_code":23,"site_id":24,"html_lang":23,"table_of_contents":25,"faqs":26,"seo_title":13,"seo_description":14,"update_tm":27,"read_time":28},111317,4810365810221,"Aurora","https://ap-avatar.wpscdn.com/davatar_155a257f0dc6eb9ab79c44ca47cae57d",8,"Research & Report","109th Meeting of the Development Committee - April 19, 2024 - Statement by Mathias Cormann and Carsten Staur","Statement outlines the global economic outlook and key development pressures discussed at the 109th meeting of the Development Committee on April 19, 2024 in Washington, DC. It highlights modest growth projections, structural transitions, rising fiscal burdens from ageing and health costs, digital and climate-related risks, and the challenge of debt distress in low- and middle-income countries. It also addresses the role of gender equality in resilience, and describes OECD commitments to mobilise development finance through better data, policy support, and monitoring global debt trends.","Public Disclosure Authorized Public Disclosure Authorized  \nDEVELOPMENT COMMITTEE  \n(Joint Ministerial Committee  \nof the  \nBoards of Governors ofthe Bank and the Fund  \non the  \nTransfer of Real Resources to Developing Countries)  \nONE HUNDRED AND NINTH MEETING WASHINGTON, DC – APRIL 19, 2024  \nDC/S/2024-0025 April 19, 2024  \nStatement by  \nMathias Cormann  \nOECD Secretary-General  \nand  \nCarsten Staur  \nChair of the OECD Development Assistance Committee  \nOECD  \nStatement by  \nMathias Cormann  \nOECD Secretary-General  \nand  \nCarsten Staur  \nChair of the OECD Development Assistance Committee  \nOECD  \n109th Meeting of the Development Committee  \nApril 19, 2024  \nWashington, DC  \nCharting continued economic progress  \n1. The global economy has continued to grow at a modest pace, despite the negative shock of Russia’s war of aggression against Ukraine and the necessary tightening of monetary policy to tackle high inflation. According to the February 2024 OECD Interim Economic Outlook, global GDP is projected to grow by 2.9% this year and 3.0% in 2025. An expected easing of monetary policy as inflation converges on central bank targets and a steady recovery in real incomes are key factors that should underpin growth.  \n2. Governments are navigating major structural transitions, as they face increasing fiscal challengesand rising spending pressures. Population ageing will exert considerable fiscal strain. Public pension spending is expected to rise by 1.5% of GDP cumulatively by 2060 in the median OECD country, alongside a projected 2.1% increase in public health and long-term care costs. Digitalisation is reshaping markets, enhancing productivity and growth, while also generating disruptions and new risks to be managed. Climate change is disproportionately affecting vulnerable countries and their populations, highlighting the need to accelerate investments in the green transition. Without early and well-coordinated climate and development action, as many as 216 million people could become internal climate migrants by 2050 due to slow onset climate change impacts. Investing in disaster risk reduction and prevention can save up to USD 15 for every USD 1 spent on post-disaster recovery.  \n3. The current economic and financial environment presents particularly challenging conditions for low-and middle-income countries. They face large debt repayment obligations in the years ahead. Over half of the least developed and other low-income countries are at high risk of or already in debt distress, twice the proportion observed in 2013. 45 developing countries allocate more funds to debt servicing than to public health investments, and 19 developing countries allocate more to debt servicing than to education. The financing gap to achieve the Sustainable Development Goals is also estimated to be between USD 2.5 and USD 4 trillion annually. Based on the 2023 OECD Global Outlook on Financing for Sustainable Development, the COVID-19 pandemic and subsequent shocks increased developing countries’ financing gap by 56% from USD 2.5 trillion to USD 3.9 trillion in 2020. Accelerated efforts are needed to increase development finance from both private and public sources in line with international commitments.  \n4. Economies that reduce gender inequalities are more productive and resilient. At the current rate of progress though, it is estimated that closing gaps in legal protection and removing discriminatory laws will take 286 years. Estimates by the World Bank suggest that long-run GDP per capita would be almost 20% higher on average worldwide if gender employment gaps were closed. The OECD offers internationally comparable data, tools and indicators for monitoring progress on gender equality. Through the OECD Gender Data Portal, indicators are updated annually across domains like education, employment, entrepreneurship, public governance, health and development.  \nGlobal efforts in response to development finance challenges  \n5. The OECD remains s","cbCaiagGZGNowBWx","https://ap.wps.com/l/cbCaiagGZGNowBWx","pdf",234508,1,5,"English","en",105,"# Charting continued economic progress\n## Global growth outlook and structural transitions\n## Development finance challenges for low- and middle-income countries\n## Gender equality, productivity, and resilience\n# Global efforts in response to development finance challenges\n## OECD commitment to data, policies, and partnerships\n## Monitoring global debt and the 2024 Global Debt Report","[{\"question\":\"What economic conditions and growth outlook are discussed for the global economy?\",\"answer\":\"The statement describes modest global growth despite shocks and tightening monetary policy, citing OECD projections for GDP growth and factors supporting expansion as inflation converges to targets and real incomes recover.\"},{\"question\":\"What major development finance challenges affect low- and middle-income countries?\",\"answer\":\"It highlights substantial debt repayment obligations, widespread debt distress risk, reallocation away from health and education toward debt service, and a large financing gap for the Sustainable Development Goals.\"},{\"question\":\"How does the statement link gender equality to economic outcomes?\",\"answer\":\"It argues that reducing gender inequalities improves productivity and resilience, provides estimates on the long-run GDP impact of closing gender employment gaps, and points to OECD data tools for tracking 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