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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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Luxembourg

Real GDP growth accelerated to 6.2% in 2006. Exports of financial services continued to be the main driving force, thanks to positive international financial market developments, confirming that the economy has weathered well the introduction of taxes on interest income. Stronger activity in the business services sector also contributed to the recovery. Improved employment trends for resident workers have gradually lowered the unemployment rate. Following slower growth of export markets, the recovery is set to weaken temporarily but should strengthen again in 2008 on the back of robust international financial markets and stronger domestic demand.

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