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Under a major global transparency initiative, more than 90 jurisdictions around the world have exchanged information on 47 million offshore accounts since 2018, with a total value of some EUR 4.9 trillion. The Automatic Exchange of Information (AEOI) initiative marks the largest exchange of tax information in history.

Latvia should boost productivity growth to improve living standards, according to the OECD Economic Survey of Latvia, which also urges policies for well-being and reducing regional inequalities. Meanwhile, strong price signals and innovation would help reduce environmental pressures, the OECD Environmental Performance Review of Latvia says.

OECD and partner countries formally adopted the first set of intergovernmental policy guidelines on Artificial Intelligence (AI) at the organisation’s annual Ministerial Council Meeting today, agreeing to uphold international standards that aim to ensure AI systems are designed to be robust, safe, fair and trustworthy.

Global growth slowed sharply in late 2018 and is now stabilising at a moderate level. Trade conflicts and dangerous financial vulnerabilities threaten a renewed weakening of activity by undermining investment and confidence worldwide, the OECD’s latest Economic Outlook says. It expects the global economy to grow by 3.2% in 2019 and 3.4% in 2020.

Small and medium-sized enterprises (SMEs) have been a driver of employment growth in recent years, mainly through the creation of new firms, a new OECD report says. However, most SME job creation has been in sectors with below average productivity levels, with SMEs typically paying employees around 20% less than large firms.