Economic growth is likely to slow in 2008 and 2009, as residential construction falls. Private consumption may decelerate, reflecting lower employment gains and tighter credit conditions. From a peak in late 2007, inflation should decline as demand pressures moderate.

Spain’s economy has been performing well, but more needs to be done to foster continuing convergence within the euro area, the latest Spain economic survey warns.

The Secretary-General and the OECD community strongly condemn the barbaric act perpetrated in Madrid on 11 March. The fight against terrorism is a priority for OECD members. Only international co-operation and a reinforced determination will put an end to this plague undermining our democracies.

New economies, new politics, new technologies, new media. New products and services, new software and hardware. New, new, new. . . the modern world is devoted to innovation, the promotion and exploitation of new ideas and discoveries.