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2002 OECD Economic Outlook, Volume 2002 Issue 2

image of OECD Economic Outlook, Volume 2002 Issue 2

Twice a year, the OECD Economic Outlook analyses the major trends that will mark the next two years. The present issue covers the outlook to the end of 2004 and examines the economic policies required to foster high and sustainable growth in member countries. Developments in selected major non-OECD economies are also evaluated in detail.

In addition to the themes featured regularly, this issue contains four analytical chapters addressing the following important questions: the deterioration in budgetary positions in most OECD countries, raising the labour force participation of older workers,  the benefits that OECD countries could achieve from undertaking reforms to promote product market competition, and inflation rates in some of the larger, slow-growing economies have not declined sufficiently to offset higher rates elsewhere in the euro area.

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Slovak Republic

Strong domestic demand has enabled Slovakia to maintain buoyant growth during the past two years despite global weakness. However, the current account deficit has been uncomfortably large. A pick-up in export demand is now projected to sustain growth at around 4 per cent through 2004, resulting in a modest decline in unemployment, and a narrowing of the current account deficit.

It is essential that the new government reform the social security and social welfare systems in order to improve work incentives and reduce the budget deficit. Fiscal consolidation would also increase the scope for the central bank to cut interest rates further. Pushing ahead with privatisation will also be important in enhancing efficiency and in generating capital inflows.

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