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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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Russian Federation

Sharply lower oil prices sap domestic demand both directly and indirectly. GDP growth has been negative since summer 2008 and is projected to recover only weakly. Notwithstanding some passthrough of the exchange rate depreciation, inflation should fall in 2009-10. The budget will switch from large surpluses to even larger deficits, while the impact of lower commodity prices on exports will be partly offset by weaker imports, leaving the current account still in surplus. 

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