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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Domestic demand collapsed following the failure of Iceland’s three main banks in October 2008, plunging the economy into a very deep recession. The economy is projected to shrink until early-2010, when it should be buoyed up somewhat by investment in large energy-related projects. The unemployment rate is likely to soar to 10% next year. Inflation should fall to very low levels and the current account should improve to near balance in 2010.

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