The global growth story is no longer new, but the broad-based economic recovery underway a decade after the 2008 financial crisis still needs some propping up from fiscal policy, according to the head of the Organization for Economic Cooperation and Development (OECD).
About three-quarters of OECD members are basing their fiscal policy on some kind of stimulus, Secretary-General Jose Gurria told CNBC's Joumanna Bercetche on Tuesday during the organization's yearly forum in Paris. This means that policy is driving "a good part" of the growth, he said.
On the other hand, monetary policy remains historically loose in many OECD countries, particularly across Europe and Japan.
"So you're having a situation where this is not yet on its own," said the secretary-general, a Mexican economist and diplomat who negotiated the North American Free Trade Agreement (NAFTA) in 1994. "This is not yet moving by itself. It still needs some props, still needs some crutches. Policy crutches."
"Perhaps less obvious than before, but still it means that if you would move the stimulus, perhaps this would flatten out and it means therefore that we just have to insist on the structural policy side," he added.