Global watchdog warns advanced economies slowing reforms

Angel Gurria, Secretary-General of The Organization for Economic Co-operation and Development, OECD, speaks during the meetings of finance ministers and central bankers from the Group of 20 wealthy and developing nations in Istanbul, Turkey, Monday, Feb. 9, 2015. The OECD is warning that developed countries have slowed efforts to reform their economies since the aftermath of the world financial crisis. The OECD said in a new report that the lagging attention to reform is preventing many advanced economies from returning to the growth rates they enjoyed before the crisis.(AP Photo) Angel Gurria, Secretary-General of The Organization for Economic Co-operation and Development, OECD, speaks during the meetings of finance ministers and central bankers from the Group of 20 wealthy and developing nations in Istanbul, Turkey, Monday, Feb. 9, 2015. The OECD is warning that developed countries have slowed efforts to reform their economies since the aftermath of the world financial crisis. The OECD said in a new report that the lagging attention to reform is preventing many advanced economies from returning to the growth rates they enjoyed before the crisis.(AP Photo)

By Associated Press February 9, 2015 2 min read

ISTANBUL (AP) – Global growth is threatened by developed countries’ flagging efforts to reform their economies, a major international organization warned on Monday.

The Organization for Economic Co-operation and Development, a think tank dealing with the world’s developed countries, says in a report that the lagging attention to reform is preventing many advanced economies – particularly Europe and Japan – from returning to the growth rates they enjoyed before the financial crisis.

OECD Secretary General Angel Gurria called the development “not very encouraging.”

“There is this danger that we can move into long-term low growth or pretty flat growth,” he said in a press conference.

The report was released as finance ministers and central bankers from the Group of 20 wealthy and developing nations began a two-day meeting in Istanbul. In a statement accompanying Monday’s report, the OECD’s chief economist, Catherine Mann warned of “growing difficulties by governments in pushing for reforms.”