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2003 OECD Economic Outlook, Volume 2003 Issue 1

image of OECD Economic Outlook, Volume 2003 Issue 1

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 addition to the themes featured regularly, this issue contains five analytical chapters addressing the following questions: the telecommunications sector,  sources of divergence in growth trends among the major economies, recent patterns and developments in foreign direct investment,  and whether further trade and regulatory policy reforms would affect foreign direct investment flows and economic integration among OECD countries.

English French, German

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Czech Republic

Output growth is projected to strengthen progressively from 2 per cent in 2002 to 3½ per cent by 2004, driven by strong consumption and exports, especially those of foreign-investment firms. Massive currency appreciation has engendered a very sharp disinflation and price increases are expected to remain subdued.

Fiscal policy has become increasingly expansionary and needs to be tightened from the expenditure side in order to balance the macroeconomic policy mix. A determined pursuit of corporate governance and labour market reforms is needed to facilitate the re-employment of workers whose jobs are being made redundant by industrial restructuring.

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