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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Recent rapid economic growth is expected to continue and be close to 9% in fiscal year 2006, despite a poor performance from the agricultural sector. Investment has been particularly buoyant during this expansion, contributing to a substantial increase in the economy’s potential growth rate. Monetary and fiscal policies have both become tighter, which will lead to slower growth in the non-agricultural sector. A return to a normal harvest, however, should limit the extent of the slowdown in the whole economy. Inflation, as measured by the GDP deflator, is expected to remain stable at 5%, in line with official objectives. The current account has moved back into a deficit of 1.3% of GDP in 2006 and seems likely to reach 2.0% of GDP in fiscal year 2008.

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