Open Markets: A Call from the OECD to Governments
In an interview with CNBC’s Silvia Amaro on March 17, 2023, Mathias Cormann, the Secretary-General of the Organisation for Economic Co-operation and Development (OECD), emphasized the importance of maintaining open markets in the face of economic challenges.
The Role of Open Markets in Economic Recovery
According to Cormann, open markets play a crucial role in economic recovery. He stated, “In times of economic uncertainty, it’s important to keep markets open. This will help ensure that our economies remain resilient and that we can bounce back as quickly as possible from any economic shocks.”
The Consequences of Protectionism
Cormann warned against protectionist measures, which he believes could harm the global economy. He explained, “Protectionism is not the answer. It will lead to a race to the bottom, where countries try to outdo each other with trade barriers, and everyone loses. Instead, we need to work together to find solutions that benefit all of us.”
The Impact on Businesses and Consumers
The Secretary-General’s message extends to businesses and consumers as well. He believes that open markets provide opportunities for businesses to grow and create jobs, while consumers benefit from a wider range of choices and lower prices. He stated, “Protectionism will hurt businesses, particularly small and medium-sized enterprises, which are the backbone of our economies. And consumers will pay the price in the form of higher prices for goods and services.”
The Global Implications
Cormann’s call for open markets has global implications. As the Secretary-General of an international organization, he recognizes the interconnectedness of the global economy. He believes that a coordinated approach is necessary to ensure that the benefits of open markets are shared by all. He stated, “We need to work together to keep markets open, to ensure that trade flows freely, and to address any distortions that may arise. This will help promote economic growth, reduce poverty, and improve living standards around the world.”
The Effects on Individuals
On a personal level, the implications of open markets can be significant. For individuals, open markets mean access to a wider range of goods and services at lower prices. They also provide opportunities for education, travel, and cultural exchange. Cormann stated, “Open markets mean greater opportunities for individuals to improve their lives, to learn new skills, and to broaden their horizons. They also foster greater understanding and cooperation between people of different cultures and backgrounds.”
The Role of International Cooperation
Cormann’s message is clear: open markets are essential for economic recovery and growth. However, he recognizes that achieving this goal requires international cooperation. He stated, “We need to work together to ensure that our markets remain open, and that trade flows freely. This will require dialogue, compromise, and a commitment to finding solutions that benefit all of us. But the rewards will be worth it.”
- Open markets promote economic recovery and growth
- Protectionism is harmful to businesses and consumers
- Global cooperation is necessary to keep markets open
- Individuals benefit from open markets in terms of access to goods, services, education, and cultural exchange
Conclusion
In conclusion, Mathias Cormann’s call for open markets is a reminder of the importance of international cooperation and the benefits that come with it. In an increasingly interconnected world, open markets provide opportunities for economic growth, job creation, and improved living standards. However, achieving this goal requires a commitment to dialogue, compromise, and a focus on finding solutions that benefit all. As individuals, we can support this effort by advocating for open markets and engaging in cross-cultural dialogue. Together, we can create a world where trade flows freely, and where everyone has the opportunity to thrive.
Let us all heed the Secretary-General’s message and work towards maintaining open markets, for the benefit of us all.
End of article.
