OECD Economic Outlook, Interim Report March 2009
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OECD Economic Outlook, Interim Report March 2009

This interim OECD Economic Outlook analyses the current crisis and examines the economic policies required to foster a sustained recovery in member countries. This issue covers the outlook to end-2010 for both OECD and major non‑OECD economies. A particular spotlight is put on fiscal policy in a special chapter entitled The Effectiveness and Scope of Fiscal Stimulus. It addresses the following issues: How  governments in OECD countries changed the stance of fiscal policy in response to the crisis and What is the scope for additional fiscal stimulus in OECD countries to cushion the recession and help the recovery.

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The financial crisis has triggered a sharp recession, which is projected to deepen in 2009. With sizeable fiscal and monetary stimulus, growth is likely to resume in early 2010 but the pace of recovery will be curbed by substantial negative wealth effects and the ongoing, albeit diminishing, credit squeeze. Deflation is a distinct possibility at some point.
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