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The Danish economy is going through a deep and protracted recession but the authorities have taken substantial measures to combat it. Further policies are required to minimise adverse long-term consequences on growth.
This paper shows that world demand (to which trade has become more responsive in recent decades) can explain most of the collapse in world trade, but that tight credit conditions have likely amplified the short-term trade response.
This working paper begins with a discussion of the factors that made the banks, non-financial firms and households vulnerable to deterioration in global financial markets. It then describes the failure of the banks, its direct impact on government debt, the IMF SBA and the economic outlook.
As attention shifts to fiscal consolidation, sustaining output growth will depend increasingly on private domestic demand, requiring reforms, particularly in the labour market and the non-manufacturing sector.
Iceland’s main banks, which had pursued risky expansion strategies, failed in the wake of the global financial crisis, plunging the economy into a deep recession. Prudential supervision needs to be improved.
Despite improved fundamentals, Mexico is hit hard by the financial crisis, being exposed to several simultaneous external shocks. A welcome, but weak, stimulus was passed for 2009, and policy will likely need to be supportive also in 2010.
Austria entered the most severe recession in decades. This triggered prompt policy measures to stabilise the real economy and financial markets, which will deteriorate significantly the fiscal position.
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Special chapter from Economic Outlook No. 85, June 2009.
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An extract on housing from the OECD Economic Outlook No. 84's general assessment.
Notes to statistical annex tables 38-54, Sources and Methods of the OECD Economic Outlook.