Activity is expected to pick up gradually in the course of 2010.
The policy measures taken since last September are mitigating the downturn and stabilising financial markets. Further financial-sector support might be needed to deal with downside risks should they materialise. The deterioration in the fiscal position calls for spelling out soon a credible medium-term consolidation strategy. Fiscal reforms should be continued to facilitate consolidation efforts.
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©OECD Observer No 274, July 2009