2012 OECD Economic Outlook, Volume 2012 Issue 2

image of OECD Economic Outlook, Volume 2012 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, with the worsening external environment hitting exports of capital goods particularly hard. Falling confidence, weak real income growth and continued fiscal consolidation will hold back activity and employment in 2013. The expected global recovery in 2014 and strengthening confidence should revive exports, consumption and investment and gradually bring down unemployment. The tax-driven hikes in inflation to well above the euro area average should fade in 2014.

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