The Organisation for Economic Co-operation and Development has piled pressure on the Group of 20 to come up with an urgent policy response to stuttering global growth, adding to a call from the International Monetary Fund as leading finance ministers and central bankers meet in Shanghai.
Highlighting the turbulent state of the world economy and markets, OECD secretary general Angel Gurria said in Shanghai on the sidelines of the G-20 meeting that growth was still muted even eight years after the global financial crisis.
"The problem is structural reforms are decelerating just at the time when they should be accelerating," he said.
"We are in the eighth year (after the global financial) crisis and we have not reached the 4 percent cruising speed that we had before the crisis...the speed, the appetite, the courage for reforms has waned; we should pick it up and do exactly the opposite," he added.
Central bankers he said, "have done almost as much as they could" and it should now be up to governments to stimulate the private sector so that it would invest again.