Taking account of the deepest and most widespread recession in the OECD and world economies for more than 50 years, this report analyses recent developments and focuses on policy actions required to foster a sustained recovery.
The report covers the outlook to end-2010, providing detailed economic projections for the major seven (G7) economies and the OECD area as a whole. Developments in major non-OECD economies are also evaluated. The Report also contains a chapter entitled “The Effectiveness and Scope of Fiscal Stimulus”, which provides cross-country comparable data on fiscal responses related to the crisis in OECD countries and addresses the following issues:
• What fiscal policy measures have so far been announced in response to the crisis and how effective will they be in boosting activity?
• What are the costs and benefits of further fiscal action?
• Should further fiscal stimulus be undertaken and if so by which countries?
• What issues do arise in timing fiscal stimulus programmes?