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The economic situation in developed countries in 2016 and the outlook for 2017-2018

Author

Listed:
  • Simona Moagǎr-Poladian
  • Mihai Nițoi

Abstract

OECD countries recorded in 2016 the lowest GDP growth, on average, since 2009. The low growth rate in industrial production, below the world average, the slight increase in productivity and real wages, the persistence of financial risks induced by high external debt in certain developed countries, and the major debt reductions that strengthened government spending were among the most important factors behind the modest increase in growth in 2016. On the other hand, the factors with a positive impact were the shrinking unemployment rate and the low-priced energy and oil, that triggered a decline in imports and a slight increase in the inflation rate in several countries that were affected by a deflation risk (Japan and some countries in the Euro area).According to projections for the 2017-2018 period, OECD countries are expected to overcome the trap of slow real GDP growth rates, through a slight acceleration in real GDP growth across all OECD member countries, based on a revival of external demand and industrial output.

Suggested Citation

  • Simona Moagǎr-Poladian & Mihai Nițoi, 2017. "The economic situation in developed countries in 2016 and the outlook for 2017-2018," Conjunctura economiei mondiale / World Economic Studies, Institute for World Economy, Romanian Academy, pages 11-19.
    • Handle: RePEc:iem:conjun:y:2017:p:11-19
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