Oecd Economic Outlook

This issue of OECD's twice-yearly OECD Economic Outlook provides analysis of recent economic developments and economic projections for OECD and major non-OECD countries through the end of 2008. Its comprehensive statistical annex is a useful reference tool for international economic comparisons. Two special reports are included: one covers the effects of globalisation and how to maximise its benefits and minimise its adjustment costs. The second covers fiscal consolidation.

Editorial: Achieving Further Rebalancing Chapter 1. General Assessment of the Economic Situation -Overview -An Increasingly Synchronised Expansion -Forces Acting and Risks -Solid Growth Ahead -Challenges for Macroeconomic Policy -Appendix 1.A1. Policy Options to Address Future Public Spending Pressures -Appendix 1.A2. The Medium-Term Reference Scenario Chapter 2. Developments in Individual OECD Countries and Selected Non-OECD Countries -United States -Japan -Euro Area -Germany -France -Italy -United Kingdom -Canada -Australia -Austria -Belgium -Czech Republic -Denmark -Finland -Greece -Hungary -Iceland -Ireland -Korea -Luxembourg -Mexico -Netherlands -New Zealand -Norway -Poland -Portugal -Slovak Republic -Spain -Sweden -Switzerland -Turkey -Brazil -China -India -Russian Federation Chapter 3. Making the Most of Globalisation -Drivers of Globalisation -Effects on Material Living Standards -Effects on Labour Markets -Effects on Inflation and Capital Flows -Implications for Macroeconomic Policies -Globalisation and Progress in Structural Reform Chapter 4. Fiscal Consolidation: Lessons from Past Experience -Introduction and Main Results -Stylised Features of Fiscal Consolidation Episodes -Identifying Factors that Support Fiscal Consolidation -Experience Regarding the Design and Implementation of Fiscal Rules -Appendix 4.A1. Definition of the Main Variables Special Chapters in Recent Issues of the OECD Economic Outlook Statistical Annex -Demand and Output --1. Real GDP --2. Nominal GDP --3. Real Private Consumption Expenditure --4. Real Public Consumption Expenditure --5. Real Total Gross Fixed Capital Formation --6. Real Gross Private Non-Residential Fixed Capital Formation --7. Real Gross Private Residential Fixed Capital Formation --8. Real Total Domestic Demand --9. Foreign Balance Contributions to Changes in Real GDP --10. Output Gaps -Wages, Costs, Unemployment and Inflation --11. Compensation per Employee in the Private Sector --12. Labour Productivity for the Total Economy --13. Unemployment Rates: Commonly Used Definitions --14. Standardised Unemployment Rates --15. Labour Force, Employment and Unemployment --16. GDP Deflators --17. Private Consumption Deflators --18. Consumer Price Indices --19. Oil and Other Primary Commodity Markets -Key Supply-Side Data --20. Employment Rates, Participation Rates, and Labour Force --21. Potential GDP, Employment and Capital Stock --22. Structural Unemployment and Unit Labour Costs -Saving --23. Household Saving Rates --24. Gross National Saving -Fiscal Balances and Public Indebtedness --25. General Government Total Outlays --26. General Government Total Tax and Non-Tax Receipts --27. General Government Financial Balances --28. Cyclically-Adjusted General Government Balances --29. General Government Primary Balances --30. Cyclically-Adjusted General Government Primary Balances --31. General Government Net Debt Interest Payments --32. General Government Gross Financial Liabilities --33. General Government Net Financial Liabilities -Interest Rates and Exchange Rates --34. Short-Term Interest Rates --35. Long-Term Interest Rates --36. Nominal Exchange Rates (against the US dollar) --37. Effective Exchange Rates -External Trade and Payments --38. Export Volumes of Goods and Services --39. Import Volumes of Goods and Services --40. Export Prices of Goods and Services --41. Import Prices of Goods and Services --42. Competitive Positions: Relative Consumer Prices --43. Competitive Positions: Relative Unit Labour Costs --44. Export Performance for Total Goods and Services --45. Shares in World Exports and Imports --46. Geographical Structure of World Trade Growth --47. Trade Balances for Goods and Services --48. Investment Income, net --49. Total Transfers, net --50. Current Account Balances --51. Current Account Balances as a % of GDP --52. Structure of Current Account Balances of Major World Regions --53. Export Market Growth in Goods and Services --54. Import Penetration -Other Background Data --55. Quarterly Demand and Output Projections --56. Quarterly Price, Cost, and Unemployment Projections --57. Contributions to Changes in Real GDP in OECD Countries --58. Household Wealth and Indebtedness --59. House Prices --60. House Price Ratios --61. Central Government Financial Balances --62. Maastricht Definition of General Government Gross Public Debt --63. Monetary and Credit Aggregates: Recent Trends