Delegates discuss the global economy issues at G20-OECD Global Forum on International Investment 2015 in Istanbul, Turkey, on Oct. 5, 2015. The Organization for Economic Cooperation and Development (OECD) urged G20 countries for more dynamic and constructive measures to catalyze investment in order to speed up the global economic growth, in a global forum here on Monday. (Xinhua/He Canling)
ISTANBUL, Oct. 5 (Xinhua) -- The Organization for Economic Cooperation and Development (OECD) on Monday urged G20 countries to take more dynamic and constructive measures to boost investment for more global economic growth.
A more "coherent and cohesive" trade and investment regime is urgently needed as the global growth and economic prospect have declined again for a 5th consecutive year, OECD officials cautioned at a so-called "G20-OECD Global Forum on International Investment."
"Much of these declines can be attributed to lackluster of investment, lackluster of trade and lackluster of credit," said OECD Secretary-General Angel Gurria in his opening speech. "It is a lackluster period."
The global recovery is still anemic with unemployment at record highs, despite ample liquidity in financial markets, participants at the forum agreed.
Global flows of foreign trade investment remain at 40 percent below their pre-crisis level, meaning that there is still halfway to go to reach the previous level, according to OECD data.
Under these conditions, "the 'comeback' of investment cannot be delayed if growth is to prove sustainable, both economically and environmentally," the OECD said.
In the meantime, Gurria praised the major emerging countries as they have generated a record level of investment in recent years.
"Economic geography of investment is evolving and diversifying. That is a positive development," Gurria said, adding that around half of global investment is now absorbed by economies in Asia, Africa, Eastern Europe and Latin America.
At the forum, which was organized in parallel with a meeting of G20 trade ministers, the ministers, heads of international organizations, policy makers and academics were scheduled to discuss ways to boost investment under the main topic of "sparking an investment comeback."
G20 trade ministers will gather together on Tuesday to discuss the slowdown in global trade and the creation of a better multilateral trading system to boost investment.
