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The global economy is moving forward, but divergence between countries and regions reflects the uneven progress made toward recovery from the economic crisis, according to the OECD’s latest Economic Outlook. Historically high unemployment remains the most serious challenge facing governments.
Special Chapters of the OECD Economic Outlook.
Global economic activity is picking up, but the continuing crisis in the euro area is delaying a meaningful recovery, the OECD said in its latest Interim Economic Assessment.
A simple econometric framework is presented linking current account balances of euro area countries to intra and extra euro area competitiveness, cyclical positions, fiscal positions and the oil price.
Following a sharp drop amidst the global economic crisis and a subsequent recovery, the spot price of crude oil has been broadly stable for the past couple of years. This paper discusses the factors that drive oil demand and supply and, hence, the price of the resource.
Big changes are needed to strengthen the capital positions of euro area banks. European banks remain at the heart of the euro area crisis. Despite actions to strengthen banks and build a banking union, confidence in the euro area banking system remains weak, and is likely to remain so until underlying concerns over low capitalisation of some banks are addressed.
The euro area crisis finds its roots in the credit booms seen in many countries following the introduction of the euro in 1999. Easy credit led to strong growth in a range of sectors, notably housing, as well as higher levels of public spending. Inflation in these over-heating economies was higher than the euro area as a whole. Rising prices led to rising costs and a loss of international competitiveness.
Description of economic and statistical concepts, data sources and various techniques curently used by the Department in undertaking its assessment of global economics.
Notes to statistical annex tables 25-33, Sources and Methods of the OECD Economic Outlook.
OECD Secretary-General Angel Gurría presents the 2012 Economic Outlook on Tuesday, 27 November in Paris.