OECD Economic Outlook, Volume 2013 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 special chapter on growth prospects and fiscal requirements over the long term, and a statistical annex.
Italy
Italy’s recession will continue throughout 2013 as the effects of fiscal tightening and restrictive credit conditions bear down on economic activity. Employment and hours worked will continue to fall, constraining household budgets and consumption spending. Despite recapitalisation, continuing losses hinder the banking sector from supporting investment and consumption, though some relief will come from the government’s settlement of its payment arrears. Notwithstanding strengthening exports and less fiscal consolidation, growth will remain low in 2014.
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