2009 OECD Economic Outlook, Volume 2009 Issue 2

image of OECD Economic Outlook, Volume 2009 Issue 2
This November 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 2011. This issue contains a special chapter entitled “The automobile industry in and beyond the crisis”. It examines how closely the automobile and business cycles are related, how the automobile industry been affected by the crisis and what are the prospects for car sales.

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The severe recession triggered by the global crisis has bottomed out, thanks in part to a rebound in exports, although production remains well below capacity. In addition, fiscal stimulus is partially offsetting the impact of falling employment and wages on domestic demand. Growth is projected to pick up gradually to around 2% in 2011, due in part to the new government’s plan to increase public spending. Nevertheless, the unemployment rate is likely to stay around 5½ per cent through 2011 and deflation will persist.

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