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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.

English French, German

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Portugal

A large, but necessary, fiscal consolidation, continued bank deleveraging and weak external demand are projected to leave the economy in recession for some time. Inflation is set to fall to a very low level as economic slack increases. As global conditions improve and exports pick up, growth is projected to turn positive by the end of 2013, although unemployment will remain at very high levels for longer. Improvements in competitiveness are projected to eliminate the current account deficit by the end of the projection period.

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