TUAC Webinar: Release of the OECD Economic Outlook December 2020 – What Policies for the Recovery?

Monday 7 December 2020, 13.00 – 14.30 CET

Registration via ZOOM form.

KEY SPEAKER

Laurence BOONE, Chief Economist, OECD

Year 2020 is closing according to what the OECD labelled as a pessimistic scenario in the June edition of the Economic Outlook, a double-hit recession caused by a resurgence of the COVID-19 pandemic in the second half of the year.

Learning from the aftermath of the Great Financial Crisis and the European sovereign debt crisis (2008-2010), when austerity measures aimed at a quick reduction of public debt led to a deeper economic stagnation, the consensus this time is in favour of prolonged fiscal support. The primary goal is to bring the economy safely back on track, before engaging in any fiscal consolidation exercise.

Yet, the consensus is less clear about the form that such fiscal (and monetary) support should take. Should it be untargeted, with the aim to preserve all economic sectors as they stood before COVID-19 hit, or directed towards the most promising ones? In the latter case, how do we pick winners and losers in a context of prolonged uncertainty? Moreover, should fiscal support be dependent on a broader structural reform agenda? If so, what kind of structural reforms does the OECD envisage in the first place?

This TUAC webinar will see the intervention of OECD Chief Economist Laurence Boone, who will present the main findings of the latest edition of the OECD Economic Outlook (published on 1 December 2020). The presentation will be followed by an open discussion about which policies are required to navigate the global economy out of troubled waters, and that depends on the social and economic goals that policy-makers opt to prioritise.

Followed by Q&A.

Moderated by Pierre HABBARD, General Secretary, TUAC.