Acknowledgements 7

Editorial Confronting the Crisis 9

1 General assessment of the macroeconomic situation 13
Introduction 13
Growth is slowing and financial conditions have tightened 15
Global growth is projected to weaken further with inflation slowing gradually 29
Key risks and vulnerabilities 33
Policy requirements 47
Bibliography 64
Annex 1.A. Policy and other assumptions underlying the projections 67

2 Developments in individual OECD and selected non-member economies 69
Argentina 70
Australia 73
Austria 76
Belgium 79
Brazil 82
Bulgaria 86
Canada 89
Chile 93
China 96
Colombia 100
Costa Rica 103
Croatia 106
Czech Republic 109
Denmark 112
Estonia 115
Euro area 118
Finland 122
France 125
Germany 129
Greece 133
Hungary 136
Iceland 139
India 142
Indonesia 146
Ireland 150
Israel 153
Italy 156
Japan 160
Korea 164
Latvia 167
Lithuania 170
Luxembourg 173
Mexico 176
Netherlands 179
New Zealand 182
Norway 185
Peru 188
Poland 191
Portugal 194
Romania 197
Slovak Republic 200
Slovenia 203
South Africa 206
Spain 209
Sweden 212
Switzerland 215
Türkiye 218
United Kingdom 221
United States 225