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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.

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United Kingdom

The global economic slowdown, euro area uncertainty, necessary fiscal retrenchment and private deleveraging are generating headwinds for the economy. Output remains about 3% below its pre-crisis peak. Growth is projected to recover gradually and gain momentum towards the end of 2013, as exports and household spending pick up as confidence recovers. Although employment grew strongly in 2012, unemployment is expected to rise slightly in 2013, as the subdued recovery and continued uncertainty may make firms hesitant to hire.

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