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.
The OECD is an intergovernmental economic organisation with 38 member countries
|OECD||Organisation for Economic Co-operation and Development (OECD)|
|Formation||16 April 1948|
- 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.
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
There are currently (May 2021) 38 members of the OECD.
|Australia||7 June 1971||Oceania|
|Austria||29 September 1961||Europe|
|Belgium||13 September 1961||Europe|
|Canada||10 April 1961||North America|
|Chile||7 May 2010||South America|
|Colombia||28 April 2020||South America|
|Costa Rica||25 May 2021||North America|
|Czech Republic||21 December 1995||Europe|
|Denmark||30 May 1961||Europe|
|Estonia||9 December 2010||Europe|
|Finland||28 January 1969||Europe|
|France||7 August 1961||Europe|
|Germany||27 September 1961||Europe|
|Greece||27 September 1961||Europe|
|Hungary||7 May 1996||Europe|
|Iceland||5 June 1961||Europe|
|Ireland||17 August 1961||Europe|
|Israel||7 September 2010||West Asia|
|Italy||29 March 1962||Europe|
|Japan||28 April 1964||East Asia|
|South Korea||12 December 1996||East Asia|
|Latvia||1 July 2016||Europe|
|Lithuania||5 July 2018||Europe|
|Luxembourg||7 December 1961||Europe|
|Mexico||18 May 1994||North America|
|Netherlands||13 November 1961||Europe|
|New Zealand||29 May 1973||Oceania|
|Norway||4 July 1961||Europe|
|Poland||22 November 1996||Europe|
|Portugal||4 August 1961||Europe|
|Slovakia||14 December 2000||Europe|
|Slovenia||21 July 2010||Europe|
|Spain||3 August 1961||Europe|
|Sweden||28 September 1961||Europe|
|Switzerland||28 September 1961||Europe|
|Turkey||2 August 1961||West Asia/Europe|
|United Kingdom||2 May 1961||Europe|
|United States||12 April 1961||North America|
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