OECD takes a look at the pain of the economic crisis

Nov. 5, 2013 at 1:56 PM
share with facebook
share with twitter

PARIS, Nov. 5 (UPI) -- The Organization for Economic Cooperation and Development in Paris said Tuesday more than just numbers on ledgers suffered due to the financial crisis.

The economic research organization that represents 34 of the world's largest economies said the economic crisis "has had a profound impact on people's well-being, reaching far beyond the loss of jobs and incomes, and affecting citizens' satisfaction with their lives and trust in governments."

In a recently concluded study titled, "How's Life?" the OECD put that subjective value back into numbers.

"Between 2007 and 2012, reported average life satisfaction declined by more than 20 percent in Greece, 12 percent in Spain and 10 percent in Italy," the organization said.

On the other hand, "moderate increases in life satisfaction improved in Germany, Israel, Russia, Mexico and Sweden," the report says.

Trust in government has also suffered in recent years, dropping by 10 percentage points in the five years leading up to 2012, OECD said.

"This report is a wake-up call to us all," OECD Secretary-General Angel Gurriua said. "It is a reminder that the central purpose of economic policies is to improve people's lives. We need to rethink how to place people's needs at the heart of policymaking," he said in a statement.

Related UPI Stories
Trending Stories