Description
The Organisation for Economic Co-operation and Development (OECD) is an intergovernmental organisation with 38 member countries, founded in 1961 to stimulate economic progress and world trade. It is a forum whose member countries describe themselves as committed to democracy and the market economy, providing a platform to compare policy experiences, seek answers to common problems, identify good practices, and coordinate domestic and international policies of its members.
The majority of OECD members are high-income economies ranked as "very high" in the Human Development Index, and are regarded as developed countries. As of 2024 their collective population is 1.38 billion people with an average life expectancy of 80 years and a median age of 40, against a global average of 30. As of 2017, OECD Member countries collectively comprised 62.2% of global nominal GDP (USD 49.6 trillion) and 42.8% of global GDP (Int$54.2 trillion) at purchasing power parity. The OECD is an official United Nations observer. OECD nations have strong social security systems; their average social welfare spending stood at roughly 21% of GDP.
The OECD's headquarters are at the Château de la Muette in Paris, France, which housed its predecessor organization, the Organization for European Economic Co-operation. The OECD is funded by contributions from member countries at varying rates and had a total budget of €338.3 million in 2023, and is recognised as a highly influential publisher of mostly economic data through publications as well as annual evaluations and rankings of member countries.
