OECD Economic Outlook, Volume 2011 Issue 2
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 and an extensive statistical annex.
Greece
The economy fell deeper into recession in 2011 despite a rebound in exports, as sizable, but necessary, fiscal adjustment continued, domestic demand plunged and unemployment rose sharply. After contracting further in 2012, output is projected to begin to rise in 2013 led by wide-ranging structural reforms, strengthened external demand, improved competitiveness and higher investment. Substantial economic slack and high unemployment will push inflation to very low levels. To enhance credibility and ensure public debt begins to fall durably, fiscal consolidation must continue and structural reforms be implemented as envisaged. Risks to the outlook are substantial and remain skewed to the downside.