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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Growth is expected to be 4¾ per cent in 2005, with an exceptionally large contribution from net exports. For 2006 and 2007 the trade component will fall while domestic demand is expected to strengthen and GDP growth is projected to be 4½ per cent. This will bring inflationary pressure and a slight tightening of monetary policy.

Though growth performance has strengthened since the early years of the decade, better progress in improving the business environment and labour-market efficiency would help reduce downside risks. In fiscal policy, even though there are good prospects of fulfilling the Maastricht criteria, further reform to the financing and provision of public services is needed to reduce the risk of unsustainable public finances in the longer term.

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