Organization for Economic Co-operation and Development (OECD)

What Is the Organization for Economic Co-operation and Development (OECD)?

The Organization for Economic Co-operation and Development (OECD) is a group of 37 member countries that examine and develop economic and social policy. OECD members are ordinarily democratic countries that support free-market economies.

Understanding the Organization for Economic Co-operation and Development (OECD)

The OECD is differently alluded to as a think tank or a monitoring group. Its stated goal is to shape policies that foster thriving, equity, opportunity and prosperity for all. Throughout the long term, it has dealt with a scope of issues, including raising the standard of living in member countries, contributing to the expansion of world trade, and advancing economic stability.

The OECD was laid out on Dec. 14, 1960, by 18 European nations, plus the United States and Canada. It has expanded over the long haul to include members from South America and the Asia-Pacific region. It includes the vast majority of the world's profoundly developed economies.

In 1948, in the fallout of World War II, the Organization for European Economic Co-operation (OEEC) was laid out to manage the dominatingly U.S.- funded Marshall Plan for post-war reconstruction on the continent. The group accentuated the significance of working together for economic development, fully intent on staying away from additional decades of European warfare. The OEEC was instrumental in aiding the European Economic Community (EEC), which has since developed into the European Union (EU), to lay out an European Free Trade Area.

In 1961, the OECD articles from the December 1960 convention came full circle, and the United States and Canada joined the European members of the OEEC, which changed its name to OECD to mirror the broader membership. The organization is settled in the Chateau de la Muette in Paris, France.

The OECD distributes economic reports, statistical data sets, investigations, and conjectures on the outlook for economic growth worldwide. Reports are differently global, regional, or national in orientation. The group investigates and reports on the impact of social policy issues-like gender discrimination on economic growth - and makes policy recommendations designed to foster growth with sensitivity to environmental issues. The organization additionally tries to wipe out pay off and other financial crime worldwide.

The OECD keeps a supposed "black rundown" of nations that are considered uncooperative tax havens, despite the fact that there are no nations presently on the rundown since by 2009, all nations on the original rundown had made commitments to execute the OECD standards of transparency. The OECD is leading a work with the Group of 20 (G20) nations to encourage tax reform worldwide and take out tax avoidance by beneficial corporations. The recommendations introduced for the project included an estimate that such avoidance costs the world's economies between $100 billion and $240 billion in tax revenue yearly. The group likewise provides consulting assistance and support to nations in central Asia and eastern Europe that carry out market-based economic reforms.

Features

• The organization is settled in the Chateau de la Muette in Paris, France.
• The stated goal of the Organization for Economic Co-operation and Development (OECD) is to shape policies that foster thriving, equity, opportunity and prosperity for all.
• The Organization for Economic Co-operation and Development (OECD) is a group of 37 member countries that examine and develop economic and social policy.
• Members of the Organization for Economic Co-operation and Development (OECD) are ordinarily democratic countries that support free-market economies.
• The Organization for Economic Co-operation and Development (OECD) was laid out on Dec. 14, 1960, by 18 European nations, plus the United States and Canada.