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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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New Zealand

Strong growth, booming commodity prices, tight labour markets and capacity constraints have driven up inflation recently, requiring a very tight monetary policy stance since mid-2007. Real exchange rate appreciation, tight credit and widening credit spreads, together with drought conditions, are provoking slower growth in 2008. A widening output gap should reduce inflation pressure by year-end, allowing monetary policy to be eased and growth to pick up in 2009.

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