OECD Advocates Increased Property Taxes to Address Debt Issues

27 Sep 2024 CW Team

In its economic outlook report titled "Turning the Corner," the Paris-based organization projected that global gross domestic product (GDP) would grow by 3.2 per cent, up from the previous estimate of 3.1 per cent.

The Organisation for Economic Co-operation and Development noted in its biannual report that global output growth has shown resilience and inflation has continued to moderate.

Central banks in the United States and Europe have begun to lower interest rates as inflation, which surged following the Covid pandemic and Russia's invasion of Ukraine, is finally easing.

The OECD highlighted "relatively robust" growth in countries such as the United States, Brazil, Britain, India, and Indonesia, and it revised Russia's GDP growth forecast upward by 1.1 percentage points to 3.7 per cent. However, it slightly reduced the growth outlook for Germany, Europe's largest economy, to 0.1 per cent, and indicated that Japan's GDP would contract by 0.1 per cent. Argentina, on the other hand, is expected to experience a more significant contraction of four per cent.

While the OECD has raised its world GDP outlook, it expressed concerns about the increasing debt levels and urged governments to make "stronger efforts" to manage spending and increase revenue.

The report emphasized that decisive fiscal actions are necessary to ensure debt sustainability, maintain the ability of governments to respond to future shocks, and generate resources to address upcoming spending pressures.

It also noted that governments are facing considerable fiscal challenges due to higher debt and the additional spending demands stemming from aging populations, climate change mitigation and adaptation measures, plans to increase defense spending, and the need to fund new reforms. According to a United Nations report published in June, global public debt reached a record $97 trillion last year, having doubled since 2010.

The OECD slightly increased its global economic growth forecast for 2024 on Wednesday, while also advocating for higher property and environmental taxes to address the rising debt levels in numerous countries. In its economic outlook report titled Turning the Corner, the Paris-based organization projected that global gross domestic product (GDP) would grow by 3.2 per cent, up from the previous estimate of 3.1 per cent. The Organisation for Economic Co-operation and Development noted in its biannual report that global output growth has shown resilience and inflation has continued to moderate. Central banks in the United States and Europe have begun to lower interest rates as inflation, which surged following the Covid pandemic and Russia's invasion of Ukraine, is finally easing. The OECD highlighted relatively robust growth in countries such as the United States, Brazil, Britain, India, and Indonesia, and it revised Russia's GDP growth forecast upward by 1.1 percentage points to 3.7 per cent. However, it slightly reduced the growth outlook for Germany, Europe's largest economy, to 0.1 per cent, and indicated that Japan's GDP would contract by 0.1 per cent. Argentina, on the other hand, is expected to experience a more significant contraction of four per cent. While the OECD has raised its world GDP outlook, it expressed concerns about the increasing debt levels and urged governments to make stronger efforts to manage spending and increase revenue. The report emphasized that decisive fiscal actions are necessary to ensure debt sustainability, maintain the ability of governments to respond to future shocks, and generate resources to address upcoming spending pressures. It also noted that governments are facing considerable fiscal challenges due to higher debt and the additional spending demands stemming from aging populations, climate change mitigation and adaptation measures, plans to increase defense spending, and the need to fund new reforms. According to a United Nations report published in June, global public debt reached a record $97 trillion last year, having doubled since 2010.

Infrastructure Urban

11 Mar 2026

India Expands Semiconductor Training To 500 Institutions

Under the Chips to Startups programme of the India Semiconductor Mission, the Union minister responsible for Railways, Information and Broadcasting, and Electronics and IT reported notable progress in talent development. He indicated that over the past four years substantial steps have been taken towards a 10-year target of training 85,000 engineers in semiconductor design. World-class EDA tools have been deployed in 315 academic institutions across the country to provide students with practical exposure to chip design. These EDA tools are supported by leading global firms and are accessible t..

Infrastructure Urban

11 Mar 2026

Delhi Institutions Support India Semiconductor Mission

The Government of India has prioritised talent development through training, upskilling and workforce development under the Chips to Startups initiative of the India Semiconductor Mission, with officials noting progress in four years towards a 10-year target of training 85,000 engineers in semiconductor design. Electronic design automation tools provided by Synopsys, Cadence, Siemens, Renesas, Ansys and AMD have been deployed in 315 academic institutions, enabling students to gain practical chip design experience. Chips have been fabricated and tested at the Semiconductor Laboratory, Mohali, a..

Infrastructure Urban

11 Mar 2026

NHA Announces Winners Of NHCX Hackathon At IIT Hyderabad

The National Health Authority (NHA) has concluded the NHCX Hackathon under the Ayushman Bharat Digital Mission (ABDM) to stimulate innovation around the National Health Claims Exchange (NHCX). The winning teams presented their solutions at the NHCX Innovation Meet held at IIT Hyderabad during a two-day event in March 2026 that also served as the hackathon grand finale. The hackathon itself ran from 22 to 28 February 2026 and aimed to accelerate paperless, transparent claims processing across India. The event was organised with a range of ecosystem partners, including the Insurance Regulatory a..