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2015 OECD Economic Outlook, Volume 2015 Issue 1

image of OECD Economic Outlook, Volume 2015 Issue 1

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, a special chapter on investment and a statistical annex.

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General Assessment of the Macroeconomic Situation

Global growth is projected to strengthen in the course of 2015 and 2016, but will remain modest relative to the pre-crisis period and its global distribution will change from that in recent years. The acceleration is underpinned by very supportive monetary conditions, a slower pace of fiscal consolidation, financial repair and lower oil prices. Investment, a crucial component to the outlook, has yet to take off. The appreciation of the US dollar against most currencies has led to a significant realignment in exchange rates since mid-2014. The ensuing relative price effects are shifting global demand more toward Europe, Japan and some emerging market economies (EMEs). Growth in EMEs is slowing due to specific factors in China, Brazil and Russia and it could continue to be weak in the absence of structural reforms to undo bottlenecks.

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