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4. Impact of an OECD-Wide RecessionThis section presents the main simulation results for the ―oecdall‖ crisis scenario, whilesection 5 summarizes results for the other scenarios listed in Table 2.The downturn in high-income regions reduces OECD+ final demand and intermediateinput demand for goods and services from all regions and entails a terms of tradedeterioration for all other countries vis-à-vis the OECD+ bloc. Due to the slowdown ofeconomic activity, the average world market price of fuels drops markedly relative toother goods and services, and the world market price of other primary commodities alsofalls relative to agricultural goods and processed food, manufactures and tradedservices.11
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