Key messages

Global growth expected to pick-up modestly with upside risks

  • Confidence is increasing and investment and trade are picking up from low levels
  • Growth is broad based; recovery in commodity producers helps the modest global upturn
  • Signs of rising demand for high-tech goods and investment to upgrade capital

Productivity and wage growth remain subdued; financial stability risks persist

  • Headline employment indicators are improving but labour markets have not recovered
  • Financial risks from high and rising credit growth, house price increases, interest rate gaps

More needs to be done to share the gains from structural trends and trade

  • Changes to technology, consumer preferences and trade are occurring simultaneously
  • Job losses from shifts in activity are concentrated in manufacturing and specific regions

An integrated policy approach is needed to make globalisation work for all

  • A more level playing field for the international system
  • Domestic reforms to boost competition, job creation, skills and innovation
  • Targeted policies to help people who are left behind seize new opportunities
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