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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Euro Area

The euro area has entered a deep recession, propelled by very tight financial conditions, declining asset prices, a sharp drop in external demand and heightened uncertainty. Activity is expected to contract throughout 2009 and pick up only slowly in 2010, as the tensions in financial markets gradually dissipate. Rising unemployment and an increasingly negative output gap will dampen inflationary pressures throughout the projection period, with core inflation projected to fall to near zero during 2010.

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