OECD Economic Outlook, Volume 2005 Issue 2
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OECD Economic Outlook, Volume 2005 Issue 2

Twice a year, the OECD Economic Outlook analyses the major trends and examines the economic policies required to foster high and sustainable growth in member countries. Developments in major non-OECD economies are also evaluated. The present issue covers the outlook to end-2007. Together with a wide range of cross-country statistics, the Outlook provides a unique tool to keep abreast of world economic developments.  In addition to the themes featured regularly, this issue contains an analytical chapter addressing the recent run-up in house prices.
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Publication Date :
19 Jan 2006
DOI :
10.1787/eco_outlook-v2005-2-en
 
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Author(s):
OECD
Pages :
73–74
DOI :
10.1787/eco_outlook-v2005-2-13-en

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Growth of GDP is expected to fall to 1.8% in 2005, as the impact of increased oil prices and the slowdown of demand in major export markets more than offset the positive stimulus from deficit-financed tax reductions. With growth gathering pace slowly, reaching 2¼ per cent in 2007, unemployment will remain high by historic standards. The impact of oil prices on inflation will fade by 2007.

The government deficit is projected to decline only modestly by 2007. However, further substantial reductions in government spending will be necessary to lower the relatively high level of government debt in relation to GDP significantly, and make more room for future increases in ageing-related spending.

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