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Germany recovered rapidly from the 2008-09 recession, with GDP topping pre-crisis rates during 2011 and unemployment falling significantly. Public finances are sound, but further reforms are needed to transform its growth model to thrive as a knowledge-based economy.
Composite leading indicators (CLIs) point to a positive change in momentum for the OECD as a whole, driven primarily by the United States and Japan, but similar signs are beginning to emerge in a number of other developed economies.
The OECD’s latest economic survey of Norway, to be published on Wednesday 15 February 2012, discusses how sound macroeconomic policies and well-managed petroleum wealth have helped the country successfully weather the global economic crisis.
This easing in the annual rate of inflation mainly reflected the slower growth in energy prices, which increased by 8.1% in the year to December, down from 11.6% in the year to November.
Switzerland has made a broadly balanced recovery from the economic crisis, but slower activity in Europe and pressures on the Swiss franc weigh on the near-term outlook, according to the latest Economic Survey of Switzerland.
Countries can use labour market reforms, more targeted tax and transfer systems and better education policies to simultaneously curb the income gap between rich and poor while boosting economic growth.
Private consumption was the main contributor for the OECD as a whole, adding 0.3 percentage point, with net exports and gross fixed capital formation each contributing 0.2 percentage point.
The assessment is little changed compared to last month for most countries, but the CLIs for Japan, United States and Russia are showing stronger signs of a positive change in momentum and remain above long-term trend.
The OECD’s latest economic survey of Chile, to be published on Tuesday 17 January 2012, discusses the country’s recovery from the global economic crisis and looks at the major challenges as growth slows worldwide.
Consumer prices in the OECD area rose by 3.1% in the year to November 2011, compared with 3.2% in the year to October 2011.