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


GDP growth has been low for a third year in a row owing to the weakness of financial markets and stagnation in the euro area. It is likely to strengthen in 2004 as exports and business investment pick up. In the wake of the recent sluggish adjustment of the labour market, employment growth is expected to follow the business cycle with a considerable lag. The government should take advantage of the economic upturn to put fiscal policy on a sustainable path, by reducing growth in current public spending in line with lower medium-term growth prospects...

English Also available in: French

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