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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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Iceland

Economic growth has slowed markedly, but inflationary pressures and a large external deficit persist. A tight monetary stance is projected to curb domestic demand despite fiscal policy moving towards expansion. While inflation should converge towards the official target, the external deficit is likely to remain uncomfortably high over the projection period. Renewed financial market nervousness and downward pressure on the exchange rate could therefore complicate the adjustment process and make for a hard landing of the economy.

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