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2007 OECD Economic Outlook, Volume 2007 Issue 2

image of OECD Economic Outlook, Volume 2007 Issue 2
Twice a year, the OECD Economic Outlook analyses the major trends and examines the economic policies required to foster high and sustainable growth in member countries. Developments in major non-OECD economies are also evaluated. This issue covers the outlook to end-2009. Together with a wide range of cross-country statistics, the Outlook provides a unique tool to keep abreast of world economic developments. In addition to the themes featured regularly, this issue contains a special chapter entitled Corporate saving and investment: Recent trends and prospects.

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General Assessment of the Macroeconomic Situation

2007 is set to become the fourth year of above-trend growth in the OECD area (Table 1.1), but activity is now moderating. One cause of this moderation is the cooling of housing markets, which will act to slow down growth going forward and involves some downside risk. Adding to downside risk, the financial turmoil that began over the summer has not yet played itself out, with the eventual fallout on the real economy still hard to gauge. At the same time increases in the prices of oil, food and other commodities have led to a pick-up in headline inflation rates in many countries.

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