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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GDP growth slowed in the first quarter of 2009 to 4.4% on year-on-year basis from 5.2% in the previous quarter. A weakening in investment was only partly offset by rising consumption and especially government spending. Imports contracted faster than exports, delivering positive, although small, trade and external current account surpluses. Inflation is retreating rapidly following a large fall in regulated fuel prices. Activity is projected to gather further steam from mid-year.

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