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Gross domestic product (GDP) in the OECD area slowed to 0.2% in the second quarter of 2011, down from 0.3% in the previous quarter.
Composite leading indicators (CLIs) for June 2011, designed to anticipate turning points in economic activity relative to trend, continue pointing to a slowdown in activity in most OECD countries and major non-member economies.
Greece is in deep crisis after years of fiscal laxity and weak structural reforms. To return to sustainable growth, the fiscal consolidation and product and labour market reforms underway should continue, be closely monitored, with the burden of the adjustment fairly shared, according to the OECD Secretary-General.
Consumer prices in the OECD area rose by 3.1% in the year to June 2011, compared with 3.2% in May - the first decrease in inflation since November 2010.
International migration fell in 2009, reflecting lower demand for workers in OECD countries for the second consecutive year after a decade of growth, according to a new OECD report.
The road ahead will not be easy, though: financial market concerns about sovereign debt are extending to a growing number of countries and now they threaten to include Belgium. Thus fiscal sustainability and higher growth are the backbone of our main recommendations in this Survey. With a public debt at 97% of GDP, a renewed and sustained effort to prefund ageing costs is needed, including revisiting intergovernmental prefunding
Composite leading indicators (CLIs) designed to anticipate turning points in economic activity relative to trend, point to a slowdown in most major economies for May 2011.
Austria should seize the opportunity provided by its robust, export-led recovery to strengthen spending reforms and reinforce domestic drivers of economic growth, said Angel Gurría.
Austria should eliminate subsidies which encourage early retirement and target social transfers more effectively, according to the OECD’s latest economic survey.
Real GDP in the OECD area grew by 0.5% in the first quarter of 2011. Although private consumption remained the main driver of growth in the OECD as a whole, its contribution to growth fell in nearly all major economies.