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OECD: Rebuilding trust in institutions is 'world's greatest challenge'

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Angel Gurria, OECD Secretary General talks to Euronews
Angel Gurria, OECD Secretary General talks to Euronews
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Rebuilding people's trust in institutions is the world's greatest challenge, Angel Gurria, head of the Organisation for Economic Cooperation and Development (OECD), told Euronews' Jannat Jalil. The lack of trust, he said, is a legacy of the global financial crisis and the subsequent increase in uncertainty and inequality.

Gurria was speaking ahead of the first day of the OECD Forum, which will look at how the dual forces of digitalisation and globalisation are upending social, economic and political systems around the world.

"The way to recover [trust] is by getting back the growth, by getting back the jobs - good quality jobs - and of course by delivering on the services, by attacking and bringing down corruption," he said. "It's not one problem that's addressed by one silver bullet -- you need many silver bullets in order to address it."

Gurria pointed to growing global trade tensions as the culprit in continued economic insecurity, with the projected forecast for global growth losing one percentage point over the last year from around 4 percent to just over 3 percent due to fears over market access leading to a lack of investment. "Investment is the seed of tomorrow's and the day after tomorrow's growth. Consumption is the seed of growth today and when you have uncertainty you don't consume and you don't invest."

Since the financial crisis, Gurria says the OECD has been talking about "inclusive growth", which focuses on opportunities, skills, health and education as ways of helping countries rebuild and recover from the economic downturn, and face new challenges including the digital transformation of the workforce.

The OECD's annual economic report will be released on Tuesday.

Watch the interview in the player above