GDP is projected to fall in 2009, as residential construction continues to contract, before recovering modestly in 2010. Unemployment will continue to increase substantially. Inflation should recede as a large negative output gap opens up and commodity prices moderate, while falling imports should significantly reduce the current account deficit.

Cristina Narbona Ruiz takes up her post as the new ambassador for Spain. She succeeds Fernando Ballestero Díaz.

Both the size and the relative incidence or frequency of the foreign-born population have increased in all OECD countries since 1995. So while there have been large increases in traditional migration countries such as the US and New Zealand, there have also been sharp rises in Denmark, Korea, Ireland, Italy, Norway and Spain, where inward migration has recently taken off.

Economic growth is likely to slow in 2008 and 2009, as residential construction falls. Private consumption may decelerate, reflecting lower employment gains and tighter credit conditions. From a peak in late 2007, inflation should decline as demand pressures moderate.

Spain’s economy has been performing well, but more needs to be done to foster continuing convergence within the euro area, the latest Spain economic survey warns.

The Secretary-General and the OECD community strongly condemn the barbaric act perpetrated in Madrid on 11 March. The fight against terrorism is a priority for OECD members. Only international co-operation and a reinforced determination will put an end to this plague undermining our democracies.

New economies, new politics, new technologies, new media. New products and services, new software and hardware. New, new, new. . . the modern world is devoted to innovation, the promotion and exploitation of new ideas and discoveries.