TUAC - TRADE UNION ADVISORY COMMITTEE TO THE OECD

23/08/2011

OECD GDP growth slowed to 0.2% in the second quarter of 2011 from 0.3% in the first quarter, according to OECD figures published on 22 August 2011*. The slowdown is particularly sharp in Germany, France, Canada and the UK.

“These figures show that austerity policies have brought about a collapse in growth that has itself contributed to the financial market panic this summer. Governments need to return to measures to stimulate the global economy in the short term so as to contribute to job creation and ultimately to fiscal consolidation in the medium term.” commented John Evans, TUAC General Secretary.

* The growth estimates are available here.