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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Output has slowed to below its potential growth rate, reflecting a dramatic contraction in house building. As this flattens out, GDP growth should progressively return to trend. Core inflation has been high, partly due to rising housing costs and the flow-on of higher energy prices to other goods and services. But, as long as expectations of inflation remain relatively low, these effects should fade and inflation should edge down.
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