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Climate change must be tackled decisively to avoid future costs, especially to reduce the likelihood of catastrophic changes. Stabilising greenhouse gas concentrations will eventually require a zero net carbon emission economy.
Previous Economic Outlook Release
Economic recovery is progressing in the world’s advanced economies, but stagnating world trade and deteriorating conditions in financial markets are curbing growth prospects in many of the major emerging economies, according to the OECD’s latest Interim Economic Outlook.
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Uncertainty dissuades investment. Although by some measures, economic uncertainty has fallen over the past three years, long-standing uncertainties persist, including how population ageing and climate change will be dealt with.
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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.
Latin American economic growth is set to recover during the second half of 2015 and gain further speed in 2016, though with notable differences across countries.
This paper compares two competing empirical specifications across all OECD economies, where competing specifications correspond to the 'former' and 'new' specification for deriving measures of the unemployment gap which underlie the OECD’s Economic Outlook projections.
Corrigenda to statistical annex tables, Sources and Methods of the OECD Economic Outlook.
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General assessment of the macroeconomic situation
The global economy remains stuck in low gear, but is expected to accelerate gradually if countries implement growth-supportive policies. Widening differences across countries and regions are adding to the major risks on the horizon.