Chapter 1

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OECD Economic Outlook, Volume 2018 Issue 1 OECD 201811Chapter 1GENERAL ASSESSMENTOF THE MACROECONOMIC SITUATION1. GENERAL ASSESSMENT OF THE MACROECONOMIC SITUATIONOECD ECONOMIC OUTLOOK, VOLUME 2018 ISSUE1 PRELIMINARY VERSION OECD 201812IntroductionThe expansion is set to persist over the next two years, with global GDP projected to riseby close to 4% in 2018 and 2019. Growth in the OECD area is set to remain around 2 per centper annum, helped by fiscal easing in many economies, and will strengthen to close to 5%elsewhere (Table ). Although job growth is likely to ease in advanced economies, theOECD-wide unemployment rate is projected to fall to its lowest level since 1980, with labourshortages intensifying in some and price inflation are accordingly projected torise, but only moderately, given the apparent muted impact of resource pressures on inflationin recent years and the scope left in some economies to strengthen labour force participationand hours worked.

OECD Economic Outlook,Volume 2018 Issue 1 © OECD 2018 11 Chapter 1 GENERAL ASSESSMENT OF THE MACROECONOMIC SITUATION