OECD Economic Outlook, Volume 2013 Issue 2.

Table of contents
 Summary of projections
 Editorial: Stronger growth ahead, but more risks
 Chapter 1. General assessment of the current economic situation
 Summary
 Introduction
 Table 1.1. The global recovery will gain momentum only slowly
 Recent activity and financial developments
 The growth slowdown in EMEs, spillovers and feedback effects
 Figure 1.1. Government bond yields have increased, while equity prices and exchange rates have gyrated
 Figure 1.2. Financial conditions fell especially sharply in external deficit EMEs. Figure 1.3. Banking sector vulnerabilities have surfaced in some EMEsFigure 1.4. External vulnerability indicators in selected EMEs
 Figure 1.5. Recent business sentiment outcomes are mixed
 Box 1.1. Global spillovers from the growth slowdown in emerging market economies
 Direct trade exposures to non-OECD economies are large in some countries
 A domestic demand slowdown in the non-OECD could have sizeable adverse
 Banks\' foreign claims on emerging market economies
 Financial conditions in OECD countries. Figure 1.6. Aggregate financial conditions have tightened slightly in the euro area and the United StatesFigure 1.7. Market participants now expect earlier and faster monetary policy tightening
 Demand and activity developments in OECD economies
 Figure 1.8. Household financial liabilities are now declining in more economies
 Table 1.2. Housing market developments continue to diverge
 The near-term projections
 Box 1.2. Policy and other assumptions underlying the projections
 Box 1.3. Progress on structural reform in the vulnerable euro area countries. Responsiveness to Going for Growth recommendationsThere has been progress in reforming labour markets
 Table 1.3. OECD labour market conditions are likely to improve slowly
 Figure 1.9. Labour market slack is diverging and large overall
 Table 1.4. World trade will strengthen only gradually
 Figure 1.10. Relative unit labour costs are continuing to adjust in the euro area
 Risks to the outlook
 Fiscal risks in the United States
 Box 1.4. Quantifying the possible macroeconomic effects of a binding US debt ceiling
 US fiscal consolidation only
 US fiscal consolidation financial markets shock. Addressing remaining risks in the euro areaFigure 1.11. Capital needs in euro area banks to reach a 5% leverage ratio are still large
 Fiscal policy risks in Japan
 Economic policy requirements in the major economies
 Monetary policy
 Box 1.5. The impact of government bond yield increases on banks
 The impact of government bond yield increases on banks\' balance sheets
 Fiscal policy
 Table 1.5. Fiscal positions will continue to improve
 Box 1.6. Fiscal consolidation needed after 2015 under the EU fiscal rules
 Binding fiscal rules over the medium term.