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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.

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Developments in Selected Non-member Economies

Growth in non-OECD Asian economies picked up at the end of 2003. As a result, the region recorded slightly faster growth last year than in 2002, despite the impact of the Severe Acute Respiratory Syndrome epidemic. Concerns about over-investment have been prominent in China, while elsewhere in the region financial markets have focused on incipient inflationary pressures. The projection period is likely to see slower growth in China, where the authorities appear to be targeting a growth rate of 7 per cent per annum, though this target is likely to be exceeded...

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