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2010 OECD Economic Outlook, Volume 2010 Issue 2

image of OECD Economic Outlook, Volume 2010 Issue 2

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-2012 for both OECD countries and selected non-OECD economies. Together with a wide range of cross-country statistics, the Outlook provides a unique resource to keep abreast of world economic developments.

In addition to the themes featured regularly, this issue contains a special chapter entitled “Fiscal consolidation: Requirements, timing, instruments and institutional arrangements. It addresses the following questions: How much budget consolidation is required in individual OECD countries to stabilise the ratio of government debt to GDP and what are the requirements to bring gross debt ratios to 60% of GDP? What factors should determine the appropriate speed of consolidation? What instruments should be employed for consolidation and what kind of public spending should be cut and what kind of taxes should be raised? What fiscal rules and institutions are most likely to foster consolidation?

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Korea

Although Korea’s strong recovery from the 2008 global recession slowed in the latter half of 2010, double-digit export growth and buoyant domestic demand are projected to boost growth to a 5% rate by late 2011. The decline in the unemployment rate to less than 3½ per cent in mid-2010 and high capacity utilisation are putting upward pressure on wages and inflation.

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