2009 OECD Economic Outlook, Volume 2009 Issue 1

image of OECD Economic Outlook, Volume 2009 Issue 1
This June 2009 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 2010. Its comprehensive statistical annex is a useful reference tool for international economic comparisons. This issue finds that a recovery is in sight but that damage from the crisis is likely to be long-lasting.

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Economic activity is projected to contract in 2009. The world economic crisis has hit Chile mainly through a deterioration in its terms of trade, as copper prices have fallen sharply, and through tighter financial conditions. The investment boom, led by mining and energy, has suddenly come to a halt and plummeting consumer and business confidence have led to sharp adjustments in private consumption and inventories. Inflation is declining rapidly and will undershoot the central bank’s target band at the end of the year. After several years of surpluses, the current account has turned negative.

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