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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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Hungary

Growth is projected to rise from 3 per cent in 2003 to close to 4 per cent in 2005 and become better balanced. While exceptional consumption growth carried through to the first quarter of 2003, it is set to slow considerably. Exports are estimated to have picked up in the second half of 2003 and are projected to accelerate further. Successful entry to the euro area, planned for January 2008, requires strong consensus and coordination on macroeconomic policy and determined fiscal discipline. Measures to strengthen the budget process need to be implemented soon, and the authorities should use consolidation as a vehicle for deep reforms to public expenditure...

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