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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.
The global economy is expected to make a hesitant and uneven recovery over the coming two years. Decisive policy action is needed to ensure that stalemate over fiscal policy in the United States and continuing euro area instability do not plunge the world back into recession, according to the OECD’s latest Economic Outlook.
This workshop will convene leading experts from health and finance backgrounds in government, academia, and international organisations to take stock of progress in health expenditure forecasting and to discuss future directions, in light of policy needs and recent advancements in techniques, detailed data and computing power.
While the recovery has been broadly balanced, risks to Switzerland’s outlook increase. This Survey discusses policies to increase growth more durably, reduce incentives to leverage wealth, reduce financial market risks, and render environmental policy more cost-effective.
English, PDF, 1,176kb
The global economy currently faces serious challenges and policy action is needed to restore confidence and put the economic recovery onto a sustainable growth path.
The next 50 years will see major changes in country shares in world GDP.
Turkey’s current account deficit widened to almost 10% of GDP in 2011 and has been narrowing only gradually since. An important question is to what extent Turkey’s current account deficit is excessive.