OECD Economic Outlook, Volume 2022 Issue 2
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The global economy is facing mounting challenges amidst the largest energy market shock since the 1970s and the cost-of-living crisis for many households from rising inflation pressures. The OECD Economic Outlook, Volume 2022 Issue 2 highlights the unusually imbalanced and fragile outlook, the significant downside risks associated with energy market developments and rising financial vulnerabilities as interest rates are raised, and the associated policy challenges. Well-designed and timely policy actions are required to maintain economic stability, enhance energy security and strengthen the prospects for future growth.
This issue includes a general assessment of the macroeconomic situation, and a chapter summarising developments and providing projections for each individual country. Coverage is provided for all OECD members as well as for selected partner economies.
Also available in: French
Iceland
Economic growth will slow to 2.5% in 2023 and 2.3% in 2024. Private consumption will weaken as wage growth moderates and dissaving comes to an end. Business and housing investment are likely to decrease as financial conditions continue to tighten, and public investment will also decline in 2023-24. Export growth will remain strong thanks to robust growth of foreign tourism. The unemployment rate will rise gradually to around 4.5%. Headline inflation peaked at around 10% in late summer and is expected to subside over the projection period.
Also available in: French
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