UK Accounting Glossary
Organization for Economic Co-operation and Development (OECD) is an international organization of 30 countries. Each member country of OECD admit percepts of a free-market economy and representative democracy. This organization is headquartered in Paris.
The OECD, or Organization for Economic Cooperation and Development is an international organization focused on economic and social issues. The OECD was created in 1961 from the reorganization of a Europe-only predecessor organization. Twenty countries were OECD founding members, and on average another country has subsequently joined every few years. OECD member nations are developed countries that share a commitment to the principles of democratic government and free-market economics. The OECD coordinates international efforts related to cross-border problems affecting member states such as money laundering, tax evasion, and corruption. The OECD is also known for its publications and statistics in a number of areas including education, sustainable development, and science and technical innovation. The OECD is headquartered in Paris.
OECD member nations are represented by a delegation headed by an ambassador. Ambassadors together form a council. OECD staff are not bound by the laws of the host country. OECD started its functioning as Organization for European Economic Cooperation (OEEC) from 1948
OECD renders a platform in which country governments may organize international and domestic policies, seek answers to common problems and discover good practices. Organization’s writ runs over a wide range of issues including environmental, social and economic issues. Forum of OECD acts as an effective peer pressure tool and may lead to member nations implementing ‘soft law’ Soft laws are non-binding instruments that are regarded as precursors to binding treaties.
Communication between OECD member nations are routed through a secretariat located in Paris. Secretariat assimilates data, monitors and analyzes trends and estimates developments in member countries’ economies. OECD is a known first-class statistical agency and regularly publishes high-quality statistics on a wide range of subjects. Statistics are available to the public in the following manner:
OECD current annual budget hovers around Euro 400 million. Funds are contributed by member countries. Contributions made by each country are based on each member country’s GNP. United States makes the biggest contribution to OECD funds.
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This glossary post was last updated: 7th February 2020.