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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The expansion, which has been increasingly underpinned by domestic demand, continued in 2007. Growth is expected to slow somewhat in 2008 and 2009 owing to a weaker world economy and tighter credit market conditions. Accordingly, the unemployment rate is likely to remain at its current high level. A sizeable negative output gap is expected to contain underlying inflation pressures despite higher food and energy prices.

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