OECD

Posted in Finance, Accounting and Economics Terms, Total Reads: 590
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Definition: OECD

The Organisation for Economic Co-operation and Development or OECD (established in 1961, and headquartered in Paris, France), is an international economic alliance or organisation of 34 countries founded with the aim to stimulate economic progress and world trade. It defines itself as a forum of countries committed to democracy and the free market economy, providing a platform to nations to discuss policy practices, seek answers to common problems, identify good economic and trade practices, and co-ordinate amongst the domestic and international policies of its members.

Most OECD members are high-income economies with a very high Human Development Index (HDI) and are usually referred to as developed countries.

The member countries include: AUSTRALIA, AUSTRIA, BELGIUM, CANADA, CHILE, CZECH REPUBLIC, DENMARK, ESTONIA, FINLAND, FRANCE, GERMANY, GREECE, HUNGARY, ICELAND, IRELAND, ISRAEL, ITALY,JAPAN, KOREA, LUXEMBOURG, MEXICO, NETHERLANDS, NEW ZEALAND, NORWAY, POLAND, PORTUGAL, SLOVAK REPUBLIC, SLOVENIA, SPAIN, SWEDEN, SWITZERLAND, TURKEY, UNITED KINGDOM, UNITED STATES.

In addition to its member countries, the OECD also has working relationships with non-member nations; including India, since 1995. The OECD first adopted a resolution in 2007 to strengthen the co-operation with India, Brazil, China, Indonesia and South Africa, through a programme of enhanced engagement to expand its relations with SE Asia.


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