OECD: Australia more vulnerable now than before GFC

A SENIOR economist with the Organisation for Economic Co-operation and Development (OECD) has issued a stark warning about the risks still facing the global economy.

Australian-born Adrian Blundell-Wignall, who is based in Paris as the OECD's director of financial and enterprise affairs, says his home country is more vulnerable now than it was when the global financial crisis (GFC) hit.

Dr Blundell-Wignall told a Australian Business Economists event in Sydney about the risks and potential solutions.

First on his list is the continuing growth of emerging economies, which he says now account for 50 per cent of global production.

Dr Blundell-Wignall says currency and capital controls by economies such as China have kept costs down, but the growth cannot continue.

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