2004 OECD Economic Outlook, Volume 2004 Issue 1

image of OECD Economic Outlook, Volume 2004 Issue 1

OECD's June 2004 assessment of economic developments and prospects.  In addition to the regular economic assessments and statistical information, this issue includes articles examining whether housing and mortgage market arrangements explain different degrees of economic resilience shown by OECD economies, through what mechanisms the US external deficit could adjust, to what extent stock market gyrations and one-off measures distort traditional measures of the fiscal stance, and how structural reform could enhance income convergence in Central European countries.

English Also available in: French, German


Output is expected to accelerate modestly, in line with the recovery in the euro area, which would not be enough for unemployment to fall significantly. The economy will benefit from a positive fiscal stimulus and strong growth in neighbouring accession countries. Tax reductions will raise the structural deficit in 2005, notwithstanding ongoing efforts to reduce public sector spendin . Further reductions in government outlays are necessary in view of relatively high debt levels and remaining ageing-related spending commitments. Further steps to improve incentives to work among older workers and women would help to offset the adverse longer-term economic effects of ageing...

English Also available in: French

This is a required field
Please enter a valid email address
Approval was a Success
Invalid data
An Error Occurred
Approval was partially successful, following selected items could not be processed due to error