2011 OECD Economic Outlook, Volume 2011 Issue 2

image of OECD Economic Outlook, Volume 2011 Issue 2

The OECD Economic Outlook is the OECD’s twice-yearly analysis of the major economic trends and prospects for the next two years. The Outlook puts forward a consistent set of projections for output, employment, prices, fiscal and current account balances.

Coverage is provided for all OECD member countries as well as for selected non-member countries. This issue includes a general assessment, chapters summarising developments and providing projections for each individual country and an extensive statistical annex.

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The economy is slowing under the influence of renewed international turmoil, which is dragging down exports and investments. Growth is projected to pick up gradually around mid-2012, supported by favourable monetary conditions and higher international demand for Belgian goods. However, needed fiscal consolidation will damp the recovery. Unemployment is likely to rise over most of the projection period. Nevertheless, wage and price increases will remain higher than in other European countries as a result of the automatic wage indexation mechanism, eroding external competitiveness.

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