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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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Luxembourg

The economic outlook started to improve in the second half of 2003, and growth should reach 3½ per cent by 2005 as world trade expands and financial markets gradually recover. Private consumption, business confidence and investment are also projected to pick up. However, the economic recovery will not be strong enough to stabilise the unemployment rate. The government should review its spending programmes in line with more moderate medium term growth prospects and use this opportunity to introduce measures to tackle structural unemployment...

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