Full Form of OECD? Check History, Objective, Members Countries etc.

Today we will talk about OECD, its History and its full form? And will give complete information about what its functions are. The Organisation for Economic Co-operation and Development is an intergovernmental economic organisation with 38 member countries, founded in 1961 to stimulate economic progress and world trade. OECD could be a forum of states describing themselves as committed to democracy and free enterprise, providing a platform to check policy experiences, identify good practices and coordinate domestic, seek answers to common problems, and international policies of its members.

What is OECD?

The Organisation for Economic Co-operation and Development (OECD) is a global organisation that works to make better policies for better lives. They draw on 60 years of experience and insights to better prepare the planet of tomorrow. They aim to shape policies that foster prosperity, equality, opportunity and well-being for all.

  • OECD provides a stage for its member countries to match policy experiences, identify and share best practices, seek answers to common problems and coordinate domestic and international policies of its member nations.
  • The OECD member states collectively included 62.2% of worldwide nominal GDP (US$49.6 trillion) and 42.8% of global GDP (Int$54.2 trillion) at buying power parity in 2017.
  • OECD members are high-income economies with a very high Human Development Index (HDI) and are regarded as developed countries.

OECD Overview

The OECD is an intergovernmental economic organisation with 38 member countries

OECDOrganisation for Economic Co-operation and Development (OECD)
HeadquartersParis, France
Formation16 April 1948
Secretary-GeneralMathias Cormann
TypeIntergovernmental organisation
Websitehttps://www.oecd.org/
Member36 Member

History

  • The Organisation for European Economic Co-operation (OEEC) was formed in 1948 to administer American and Canadian aid within the framework of the European Recovery Program for reconstructing Europe after war II.
  • In the 1950s, the OEEC provided the framework for negotiations to determine conditions for putting in place a European trade Area to bring the European Economic Community of the six and the other OEEC members together on a multilateral basis. In 1958, a European atomic energy Agency was founded under the OEEC.
  • OEEC was renamed the OECD in 1961 when the USA and Canada joined to reflect a broader membership.

OECD Objectives

The objectives of the OECD involve fostering economic development and cooperation and fighting poverty by promoting financial stability.

  • It also assures that the environmental impact of growth and social development is often considered.
  • Over the years, OECD has built the standards of living in multiple countries and added to the expansion of world trade.

Organisational Structure of OECD

OECD Organisational Structure

Member Countries

There are currently (May 2021) 38 members of the OECD.

CountryMembershipGeographic location
Australia7 June 1971Oceania
Austria29 September 1961Europe
Belgium13 September 1961Europe
Canada10 April 1961North America
Chile7 May 2010South America
Colombia28 April 2020South America
Costa Rica25 May 2021North America
Czech Republic21 December 1995Europe
Denmark30 May 1961Europe
Estonia9 December 2010Europe
Finland28 January 1969Europe
France7 August 1961Europe
Germany27 September 1961Europe
Greece27 September 1961Europe
Hungary7 May 1996Europe
Iceland5 June 1961Europe
Ireland17 August 1961Europe
Israel7 September 2010West Asia
Italy29 March 1962Europe
Japan28 April 1964East Asia
South Korea12 December 1996East Asia
Latvia1 July 2016Europe
Lithuania5 July 2018Europe
Luxembourg7 December 1961Europe
Mexico18 May 1994North America
Netherlands13 November 1961Europe
New Zealand29 May 1973Oceania
Norway4 July 1961Europe
Poland22 November 1996Europe
Portugal4 August 1961Europe
Slovakia14 December 2000Europe
Slovenia21 July 2010Europe
Spain3 August 1961Europe
Sweden28 September 1961Europe
Switzerland28 September 1961Europe
Turkey2 August 1961West Asia/Europe
United Kingdom2 May 1961Europe
United States12 April 1961North America
Source: Wikipedia

Frequently Asked Questions

Q. What means OECD?

A. The Organisation for Economic Co-operation and Development (OECD) is an international organisation that works to build better policies for better lives.

Q. Who funds the OECD?

A. its member countries fund OECD. National contributions are based on a formula that takes account of the size of each member’s economy. Governments may also make voluntary contributions to support outputs in the OECD program of work financially. Is India a member of the OECD? No, India isn’t a member of OECD yet. This is because India is being wary about what kind of signal its membership in OECD would give to other emerging countries located in the South Asian continent. But it is a crucial partner to OECD.

Q. Where is the headquarter of OECD?

A. Paris, France

Q. How many OECD members are there?

A. 38 Member countries

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