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 recession is projected to intensify with the economy contracting again in 2013. Growth is projected to return in 2014. Jobs will continue to be shed and the unemployment rate could rise to over 26%. Significant fiscal consolidation, weaker demand from trading partners and difficult financial conditions will take their toll. Inflation is expected to remain subdued after a VAT-related spike in prices. Notwithstanding ongoing underlying consolidation, the fiscal deficit is projected to fall only gradually owing to weak economic growth.

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