Argentina has faced significant social and economic challenges for decades, including low growth rates, high financial costs, low investment rates, macroeconomic instability, and high inequality. In light of these persistent issues, the country aims to join the Organization for Economic Cooperation and Development (OECD), a forum of 38 democratic countries, to improve its economic situation. Argentina has been a candidate for OECD membership since 2022, and in March 2024, the OECD Council adopted Argentina’s roadmap for membership. This accession process is expected to strengthen institutions and align public policies with OECD standards, which could potentially lead to economic improvements.
The foreign minister of Argentina, Diana Mondino, has emphasized the necessity of structural reforms and a long-term vision for economic improvement. She pointed out that previous OECD members, such as Mexico, South Korea, and Chile, benefited from similar reforms that enhanced their economic stability. Currently, Argentina's OECD risk rating stands at seven, the worst possible rating, which raises investment costs and deters foreign investment. By pursuing OECD membership, Argentina hopes to address these challenges and create a more favorable economic environment for both domestic and international investors [6bb8917c].
In a related context, Indonesia is also targeting to officially become a member of the OECD within the next three years. Coordinating Minister for the Economy, Airlangga Hartarto, announced that the process involves the participation of employers' associations and other stakeholders. Indonesia is focusing on compiling an "Initial Memorandum" that includes 26 sectors in the OECD steering commitment. The hope is that with OECD membership, Indonesia can elevate its economic standing to become the fifth largest economy in the world. The OECD Secretary General, Mathias Cormann, is currently conducting technical reviews for these sectors to ensure alignment with OECD standards [3c0b95c9] [b4edcc3a].