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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.

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Greece

The economy performed strongly in the first half of 2003, as buoyant domestic demand more than offset the weakness of exports. With monetary and other conditions remaining supportive and net exports recovering thanks to the international rebound, output growth is projected to gather additional momentum, before easing somewhat in 2005. The labour market should improve further, but the inflation gap vis-à-vis the euro area average is likely to widen. Fiscal consolidation, especially tighter control of government primary expenditure, needs to be persevered with, to ensure the reduction of the still high debt-to-GDP ratio. There is also a need to strengthen the longer-term underpinnings of growth and competitiveness, through more decisive action to address labour market rigidities and to open up network industries to competition...

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