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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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Slovak Republic

Output is likely to accelerate in 2004, driven by strong private investment and exports, and growth should reach almost 4½ per cent in 2005. Headline inflation is expected to surge once again in 2004, as administered prices are increased towards cost-recovery levels, but to converge subsequently towards the average inflation rate in the European Union. Unemployment will continue to fall, but remain at a high level. The planned consolidation of public finances is welcome. Compliance with the Economic and Monetary Union fiscal rules in 2006, as envisaged by the government, is within reach and would help balance the policy mix. The ambitious structural reforms under way are commendable and, if pursued, would foster sustained increases in output and employment...

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