2021 OECD Economic Outlook, Volume 2021 Issue 2

image of OECD Economic Outlook, Volume 2021 Issue 2

The global recovery from the COVID-19 pandemic is uneven and becoming imbalanced. The OECD Economic Outlook, Volume 2021 Issue 2, highlights the continued benefits of vaccinations and strong policy support for the global economy, but also points to the risks and policy challenges arising from supply constraints and rising inflation pressures.

This issue includes a general assessment of the macroeconomic situation, and a chapter summarising developments and providing projections for each individual country. Coverage is provided for all OECD members as well as for selected partner economies.

English Also available in: French


Economic growth is projected to slow from 3.5% in 2021 and 2.9% in 2022 to a more sustainable rate of 1.5% by 2023. Private consumption expenditure will slow as support from a declining saving rate diminishes and government expenditure will fall as COVID-19-related support terminates. The unemployment rate will fall below the pre-COVID-19 rate by 2022, but the inflation rate will remain considerably higher. The main downside risk to the outlook is that vaccination rates, booster shots for vulnerable groups and intensive-care-unit capacity do not turn out to be sufficient to avoid future containment measures.

English Also available in: French



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