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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While marked progress has been made in resolving the financial and banking crises, economic growth is projected to remain low, but positive, during the next two years. The weak European economy, accounting for a majority of Irish exports by destination, will make it difficult to offset the drag from ongoing fiscal consolidation, household deleveraging, low credit availability and subdued sentiment. Weak growth makes it unlikely that unemployment will decline substantially from the current high levels. Ample spare capacity will keep inflation low.

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