The OECD Economic Outlook is the OECD’s twice-yearly analysis of the major economic trends and prospects for the next two years. The Outlook puts forward a consistent set of projections for output, employment, prices, fiscal and current account balances.
Coverage is provided for all OECD member countries as well as for selected non-member countries. This issue includes a general assessment, chapters summarising developments and providing projections for each individual country, a chapter on medium and long-term scenarios for growth and imbalances, and a and a statistical annex.
- 19 June 2012
Growth in 2012 will be driven mainly by fiscal stimulus. Weak external demand will slow exports, while a stagnant labour market and renewed declines in house prices will constrain household consumption. In 2013, as the international environment becomes more supportive and confidence improves, private demand will gradually replace public investment as the driver of growth. With continued slack in the economy, core inflation is projected to be subdued.