OECD Economic Outlook, Volume 2012 Issue 1
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.
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Italy
Since late 2011, Italy has introduced significant structural reforms while making progress in fiscal consolidation. The economy has re-entered recession, under pressure from weak European economies and the short-term consequences of fiscal tightening. Activity seems likely to continue to decline over the next year but will turn up in late 2013. Assumed rising oil prices and another increase in VAT will lead to temporarily higher inflation, but underlying price increases are moderate.
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