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
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GDP growth has been driven mainly by exports and investment. Private consumption has remained subdued, reflecting persistent high unemployment and the effect of fiscal consolidation. Economic activity is now projected to grow by about 2½ per cent in 2012 and 3% in 2013 as world trade recovers. However, employment prospects remain poor as firms try to increase productivity growth to regain competitiveness.