OECD calls for urgent, joint action to arrest slowdown

Tokyo

THE Organisation for Economic Cooperation and Development (OECD) called on Thursday for an "urgent policy response" by advanced and emerging economies, acting in concert, to rescue the global economy from continued stagnation, as it trimmed its growth projections for most economies.

The unusually strong call to action came in its Interim Economic Outlook report as finance ministers and central bank governors from the Group of 20 (G20) advanced and key emerging economies prepared to meet in Shanghai next week amid continuing turbulence in financial markets, "where risks are substantial".

Bank of Japan governor Haruhiko Kuroda also urged the G20 to adopt coordinated policy actions to counter the impact of financial-market volatility on the global economy. He told Japan's parliament o…