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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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Japan

The global crisis triggered a deep recession that is likely to be the most severe in Japan’s post-war history. The contraction in world trade led to a sharp plunge in exports and business investment, while falling employment and wages have reduced private consumption, leading to a projected output decline of almost 7% in 2009. Fiscal stimulus is expected to lift output growth into positive territory from the second half of 2009, although at a rate that remains below 1% through 2010.

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