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2008 OECD Economic Outlook, Interim Report March 2009

image of OECD Economic Outlook, Interim Report March 2009

This interim OECD Economic Outlook analyses the current crisis and examines the economic policies required to foster a sustained recovery in member countries. This issue covers the outlook to end-2010 for both OECD and major non‑OECD economies. A particular spotlight is put on fiscal policy in a special chapter entitled The Effectiveness and Scope of Fiscal Stimulus. It addresses the following issues: How  governments in OECD countries changed the stance of fiscal policy in response to the crisis and What is the scope for additional fiscal stimulus in OECD countries to cushion the recession and help the recovery.

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Canada

The economic downturn that started in late 2007 through slowing exports turned into a full-fledged recession in the fourth quarter of 2008 as weakness spread and deepened in all sectors of the economy. Output, employment and inflation are all declining sharply. Slack is projected to grow and disinflationary pressures to continue over the entire projection period.

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