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2008 OECD Economic Outlook, Volume 2008 Issue 1

image of OECD Economic Outlook, Volume 2008 Issue 1
This June 2008 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. The special chapter examines the implications of supply-side uncertainties for economic policy.

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China

Economic growth has eased slightly, to 10.6% year-on-year in the first quarter of 2008. It is expected to slacken further over the remainder of 2008 and in 2009, as the contribution from net exports declines, and the current account surplus is set to fall to 9½ per cent of GDP by 2009. Domestic demand growth is projected to remain robust over the forecast horizon, with buoyant incomes driving up consumption. Inflation has increased sharply, driven by soaring food prices, but is expected to ease somewhat going forward provided food prices stabilise, offsetting rising non-agricultural prices.

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