The Organisation for Economic Co-operation and Development (OECD) is an international organization that was established in 1961.
The OECD is comprised of 38 member countries, primarily from North America, Europe, and the Asia-Pacific region, which cooperate to promote economic growth, stability, and improved living standards among its member countries. Most OECD nations are high-incomed and ranked very high on the Human Development Index (HDI).
The primary goals and functions of the OECD include:
Economic Analysis and Research: The OECD conducts economic research and analysis, providing data and reports on a wide range of economic and social issues. It publishes numerous reports and studies on topics such as economic outlooks, trade, taxation, education, healthcare, and environmental sustainability.
Policy Recommendations: The organization provides member countries with policy recommendations and best practices to help them address various economic and social challenges. These recommendations are often based on in-depth analysis and research.
Data Collection and Standardization: The OECD collects and publishes a vast amount of economic and social data. It works to standardize statistical information and indicators, making it easier for member countries to compare and benchmark their performance.
Multilateral Cooperation: The OECD serves as a platform for member countries to collaborate on various issues, including economic policies, trade agreements, environmental sustainability, and social welfare. It provides a forum for discussions and negotiations.
Conventions and Agreements: The OECD develops and facilitates the adoption of international agreements and conventions in areas such as tax information exchange, anti-bribery, and environmental protection.
Peer Review Mechanisms: The organization conducts peer reviews, where member countries assess and provide feedback on each other's policies and practices. This process helps promote transparency and accountability.
Education and Skills: The OECD evaluates education systems and promotes policies that enhance the quality and accessibility of education and skills development.
Environmental Initiatives: The OECD is involved in efforts to address environmental challenges and promote sustainable development. It conjures ecological issues and provides policy recommendations.
The OECD is headquartered in Paris, France, and its work spans a wide range of policy areas, including economics, finance, trade, education, healthcare, labor, science, technology, and the environment.
The organization's reports and recommendations often have a significant impact on the policy decisions of member countries and are influential in shaping global economic and social policies.
Recently, OECD released its ‘International Migration Outlook: 2023’ report, according to which 407,000 Indians moved to OECD nations in 2021. It was 86 percent higher than 220,000 Indians in 2020. China and Romania followed India, with 283,000 and 215,000 immigrants, respectively.
Out of those Indians who moved to OECD countries, 133,000 were granted nationality of these countries, the highest among all countries. These acquisitions took place mostly in the United States of America (56,000), Australia (24,000), and Canada (21,000).
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