Daily Current Affairs – 2020
Topic: For Prelims and Mains
Organization for Economic Co-operation and Development – OECD
Topics: GS II ( International Organization)/Pre & Main
Why in News?
Colombia has become the latest & 37th countries to join the OECD in 2020.
The Organisation for Economic Co-operation and Development (OECD) is an international, intergovernmental economic organization of 37 countries.
- OECD was founded in the year 1961 to stimulate world trade and economic progress.
- The OECD’s headquarters are at the Château de la Muette in Paris, France.
- Most OECD members are high-income economies with a very high Human Development Index (HDI) and are regarded as developed countries.
- OECD members are democratic countries that support free-market economies.
- The 37 Member Countries consist of Australia, Austria, Belgium, colombia Canada, Chile, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Israel, Italy, Japan, South Korea, Latvia, Lithuania, Luxembourg, Mexico, Netherlands, New Zealand, Norway, Poland, Portugal, Slovak Republic, Slovenia, Spain, Sweden, Switzerland, Turkey, the United Kingdom, and the United States.
The objectives of the OECD include fostering economic development and cooperation and fighting poverty through the promotion of economic stability.
- It also ensures that the environmental impact of growth and social development is always considered.
- Over the years, OECD has raised the standards of living in multiple countries.
- It has also contributed to the expansion of world trade.
- The OECD member states collectively comprised 2% of global nominal GDP (US$49.6 trillion) and 42.8% of global GDP (Int$54.2 trillion) at purchasing power parity in 2017.
- OECD is funded by its member countries.
- National contributions are based on a formula that takes account of the size of each member’s economy.
- Countries may also make voluntary contributions to financially support outputs in the OECD program of work.
Is India a member of the OECD?
No, India isn’t a member of OECD yet. This is because India is being cautious about what kind of signal its membership in OECD would give to other emerging countries located in the South Asian continent.
Fact for Prelims
Shahtoot Dam :
India has signed an agreement with Afghanistan for building the Shahtoot Dam in Afghanistan.
- It is a proposed dam in the Kabul river basin, one of the five river basins in Afghanistan.
- This project will provide drinking, irrigation and Environmental water for Kabul province.