Organisation for Economic Co-operation and Development (OECD)

March 1, 2024

The Organization for Economic Co-operation and Development (OECD) is a group of 38 member countries that discuss and develop economic and social policy. OECD members should be typically democratic countries that support free-market economies.

Members are:

  • Austria
  • Australia
  • Belgium
  • Canada
  • Chile
  • Colombia
  • Costa Rica
  • Czech Republic
  • Denmark
  • Estonia
  • Finland
  • France
  • Germany
  • Greece
  • Hungary
  • Iceland
  • Ireland
  • Israel
  • Italy
  • Japan
  • Korea
  • Latvia
  • Lithuania
  • Luxembourg
  • Mexico
  • Netherlands
  • New Zealand
  • Norway
  • Poland
  • Portugal
  • Slovak republic
  • Slovenia
  • Spain
  • Sweden
  • Switzerland
  • Turkey
  • United kingdom
  • United States.

It was established on Dec. 14, 1960 with headquarters in in Paris, France. It includes most of the world's highly developed economies.

The OECD publishes economic reports, statistical databases, analyses, and forecasts on the outlook for economic growth worldwide. Reports are variously global, regional, or national in orientation. The group analyses and reports on the impact of social policy issues–such as gender discrimination on economic growth–and makes policy recommendations designed to foster growth with sensitivity to environmental issues. The organization also seeks to eliminate bribery and other financial crime worldwide.

A very beneficial aspect of the Organization of Economic Cooperation and Development is that the OECD helps member nations figure out how to properly handle funding, budgeting, and other monetarily involved parts of running a nation. The payroll and income tax chart is one example of how the OECD helps countries stay on top of economic growth and responsible use of money.

The Main Economic Indicators is also an OECD book, collection of month-to-month data that encompasses statistics regarding the organization's member nations.

Doing so enables countries to reflect on different numerical factors, like education rates, healthcare affordability, population sizes, life expectancy ages, budgeting, spending habits, and other variables relating to the economy of each OECD country. OECD countries essentially receive a helping hand from the council of officials who facilitate the decisions and the statistical publications of the OECD.

Why was OECD established?

The OECD was initially called the Organization for European Economic Cooperation, OEEC. (Which later became the EU) or It was started in 1948, after World War II, to run the Marshall Plan to reconstruct Europe. Its goal was to help European governments recognize their economic interdependence.

Is OECD part of the UN?

The OECD is an official United Nations observer. The OECD is recognized as a highly influential publisher of mostly economic data through publications as well as annual evaluations and rankings of member countries.

Countries whose membership is under negotiation:

Argentina, Brazil, Bulgaria, Croatia, Peru, Romania 

What is the importance of being a member of OECD?

OECD members become benchmark countries that set quality standards in different areas of trade and investment. In this regard, the OECD creates policy recommendations following the assessments that its experts carry out in member countries.

What is special about OECD countries?

It is a forum the members of which are countries describing themselves as committed to democracy and the market economy, providing a platform to compare policy experiences, seek answers to common problems, identify good practices and coordinate domestic and international policies of its members.

Do they admit only democratic countries?

Yes. The reason why developed economies like Singapore or Qatar or Brunei are not compatible with the OECD is that its governments has no real content of democratic function of Governance, Risk and Compliance.

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