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2007 OECD Economic Outlook, Volume 2007 Issue 1

image of 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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Germany

The economy recovered strongly in 2006 and growth is expected to slow down only slightly to 2.9% this year and 2.2% in 2008. Employment growth has been strong and the unemployment rate is expected to fall by almost 2 percentage points to 6.3%. The value-added tax rate increase should only temporarily damp consumption in 2007, while investment growth is projected to remain solid, also reflecting the recent recovery in construction activity. With growth significantly above potential for two years in a row, the output gap will be closed this year, with inflation rising towards 2% in 2008.

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