OECD Economic Outlook, Volume 2007 Issue 1
This issue of OECD's twice-yearly OECD Economic Outlook provides analysis of recent economic developments and economic projections for OECD and major non-OECD countries through the end of 2008. Its comprehensive statistical annex is a useful reference tool for international economic comparisons. Two special reports are included: one covers the effects of globalisation and how to maximise its benefits and minimise its adjustment costs. The second covers fiscal consolidation.
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General Assessment of the Macroeconomic situation
Cyclical differences have continued to unwind among the major OECD regions (Table I.1). In the United States the correction in the housing market has pushed GDP growth below its potential rate. Growth in the euro area has continued at a fast clip and has been increasingly balanced between the different aggregate expenditure components. In Japan, despite some variability in recorded quarterly growth, the underlying pace of output remains above that of potential, driven mainly by exports and business investment.
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