Losing balance and momentum?

OECD Observer

The outlook for OECD economy has recently become more downbeat. Six months ago, cautious optimism seemed warranted, with enough signs to suggest that the OECD-wide economy was regaining momentum. But these have faded somewhat.

As chief economist Jean-Philippe Cotis puts it, the smooth scenario where the recovery was expected to spread more evenly across the OECD has just not materialised. True, some elements may be in place, such as a relatively successful “soft landing” in the United States and a rebound of activity in Japan.

However, what is badly lacking is sustained momentum in the euro area, where a string of aborted recoveries reflects more than just circumstantial reasons, such as the Iraq war, oil and commodity price shocks, or exchange rate fluctuations.

©OECD Observer July 2005

Economic data

GDP growth: -1.8% Q1 2020/Q4 2019
Consumer price inflation: 0.9% Apr 2020 annual
Trade (G20): -4.3% exp, -3.9% imp, Q1 2020/Q4 2019
Unemployment: 8.4% Apr 2020
Last update: 9 July 2020

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