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 conditions in Finland deteriorated abruptly through the winter. Falling exports explain the major part of the decline in GDP although destocking, household consumption and dwelling investment also contributed. Growth will drop sharply in 2009 and recover only slowly in 2010 as world trade picks up. The unemployment rate has begun to climb sharply, and is expected to rise through the projection period. Inflation has remained above the euro area average on the back of the high wages negotiated through 2007.

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