OECD Economic Outlook, Volume 2007 Issue 1
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OECD Economic Outlook, Volume 2007 Issue 1

This issue of OECD's twice-yearly OECD Economic Outlook provides analysis of recent economic developments and economic projections for OECD and major non-OECD countries through the end of 2008. Its comprehensive statistical annex is a useful reference tool for international economic comparisons. Two special reports are included: one covers the effects of globalisation and how to maximise its benefits and minimise its adjustment costs. The second covers fiscal consolidation.
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GDP grew by 3.7% in 2006, with activity gathering considerable momentum in the final quarter, when investment rebounded vigorously. Private consumption is underpinning growth, due to improving labour market conditions, rising real earnings and robust credit growth. The trade surplus remains sizeable, predominantly on the back of higher export prices and despite a recovery -driven surge in imports. Headline inflation is well below the mid-point of the target range, and inflation expectations are well anchored.
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