2010 OECD Economic Outlook, Volume 2010 Issue 1

image of OECD Economic Outlook, Volume 2010 Issue 1

The OECD Economic Outlook analyses the current economic situation and examines the economic policies required to foster a sustained recovery in member countries. This issue covers the outlook to end-2011 for both OECD countries and selected non-OECD economies. Together with a wide range of cross-country statistics, the Outlook provides a unique tool to keep abreast of world economic developments.

In addition to the themes featured regularly, this issue contains three special chapters. The first covers prospects for growth & imbalances beyond the short-term, the second covers return to work after the crisis, and the third examines counter cyclical economic policy.


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Return to Work after the Crisis

The recession that struck nearly all OECD economies during 2008 and 2009 was very deep by historical standards (Figure 5.1).1 It had profound but very differentiated impacts on OECD labour markets. Most prominently, unemployment rose sharply in a number of countries but in others it has increased surprisingly little. This diverse range of individual country experiences is shaping the policy challenge that individual countries are facing in getting people back to work. Based on historical experience, the challenge is strong. Unemployment ultimately returned to pre-recession levels in only about two-thirds of past OECD recession...

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