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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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India

Growth slackened over the course of 2007, to 8.5% by the fourth quarter of the year, partly as a result of tighter monetary policy. It would have eased more but for strong farm output. Even so, consumer and wholesale price inflation picked up, reaching nearly 8% by the spring of 2008. With a more restrictive monetary policy stance and a more normal harvest, output growth is projected to gradually slow to below 8% in 2008 and then to recover slightly in 2009. Higher oil and commodity prices are likely to push the current account deficit to 2% of GDP this year. With world food prices stabilising, the rise in the consumer price index is expected to ease back to 5.5% in 2009.

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