2003 OECD Economic Outlook, Volume 2003 Issue 2

image of OECD Economic Outlook, Volume 2003 Issue 2

This issue of the OECD Economic Outlook analyses the major trends that will mark the next two years. It  covers the outlook to the end of 2005 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. Three analytical chapters look at fiscal policy and its influence on economic activity, fiscal relations across levels of government, and  crubing the growth in government spending and raising its  cost effectiveness.

English Also available in: German, French


Output growth was weak in the first half of the year but is expected to gain momentum gradually this year and through 2005 in line with the broadening of the recovery in Europe. The unemployment rate will fall slightly and inflation will continue to be low. Tax reductions scheduled for 2005, which will be mostly debt-financed, will mean a delay in reaching the objective of a balanced budget and are likely to have a procyclical impact. Priority should be given to cuts in government expenditure to create room for the planned tax reductions, while also reducing impediments to increased labour market participation...

English Also available in: French

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