Remarks by Angel Gurría, OECD Secretary-General, delivered at the Economic Council of Finland
10th February 2011, Helsinki, Finland
Prime Minister, ladies and gentlemen,
It is my great pleasure to be in Helsinki today and to speak to you about the issue of global imbalances and the key policy challenges to tackle them.
The global crisis has left the OECD area with a legacy of lower potential output, high unemployment and a high government debt burden. Finland was also hard hit by the crisis, but, in contrast to many other OECD countries, the impact on the labour market was extremely muted. Through the worst of this recession the unemployment rate increased by 3 percent points despite a massive fall in output. This, compared to other countries, is a testament to excellent policy making. I would like to commend the Finnish authorities and the responsible attitude of the social partners on this.
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