Although this is already the sixth year sinbsp;the outbreak of the Financial Crisis, eies in various tries are still on the path of recovery.Despite signs of eibsp;upturn in some developed tries subsp;as the US and Japan, the speed and scale of global eibsp;development as a whole still show signs of hard struggle.The rious impabsp;of the financial crisis on the global ey is tinuing.Unemployment remains a challenging issue for tries of the world.To put that in perspective, the unemployed population in all OECD member states and regions reached 46 million in 2015, 11.25 million more than what it was before the financial crisis.
Inequality incread in many parts of the world and became a factor hampering politibsp;and eibsp;development.For a long time, many tries have been beleaguered by high fisbsp;deficits, whibsp;will tinue to deteriorate due to long-term damages inflicted by an aging population and climate ge.In addition, loss of faith in govers, institutions and markets as a result of the destructive blows dealt by the financial crisis is lf-evident.
Although this is already the sixth year sinbsp;the outbreak of the Financial Crisis, eies in various tries are still on the path of recovery.Despite signs of eibsp;upturn in some developed tries subsp;as the US and Japan, the speed and scale of global eibsp;development as a whole still show signs of hard struggle.The rious impabsp;of the financial crisis on the global ey is tinuing.Unemployment remains a challenging issue for tries of the world.To put that in perspective, the unemployed population in all OECD member states and regions reached 46 million in 2015, 11.25 million more than what it was before the financial crisis.
Inequality incread in many parts of the world and became a factor hampering politibsp;and eibsp;development.For a long time, many tries have been beleaguered by high fisbsp;deficits, whibsp;will tinue to deteriorate due to long-term damages inflicted by an aging population and climate ge.In addition, loss of faith in govers, institutions and markets as a result of the destructive blows dealt by the financial crisis is lf-evident.
The 2014 G20 Summit propod a major goal to “lift the G20’s GDP by at least an additional two pert by 2018.” However, the measures that the G20 is taking to reabsp;that goal are far from adequate.A ries of issues remain unresolved, including slaess in eibsp;development, structural imbalanbsp;problematibsp;eibsp;stimulus packages and QEs implemented by developed eies.Moreover, onbsp;tries resorted to QEs for global eibsp;recovery, revenues go down successively in major ways.If the G20 were to realize the goal of an additional two pert eibsp;growth by 2018, new measures need to be taken to maintain stable macroeibsp;policies and address cyclibsp;weakness in the developmental process of the world ey.In addition, more attention needs to be paid to systemibsp;reform so as to gradually restore pre-crisis eibsp;growth potential.Acc to estimates by the OECD, pared with the pre-crisis period, potential output in the OECD member states and regions decread by about 3.25 pert during the crisis period.