OECD Economic Outlook, Volume 2007 Issue 1
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General Assessment of the Macroeconomic situation
Cyclical differences have continued to unwind among the major OECD regions (Table I.1). In the United States the correction in the housing market has pushed GDP growth below its potential rate. Growth in the euro area has continued at a fast clip and has been increasingly balanced between the different aggregate expenditure components. In Japan, despite some variability in recorded quarterly growth, the underlying pace of output remains above that of potential, driven mainly by exports and business investment.
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