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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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Slovak Republic

Strong GDP growth is being led by exports, but is now expected to broaden. Headline inflation will remain high during 2004, as a result of a final step of administered price increases towards cost-recovery levels, but should decelerate significantly thereafter. Unemployment, although falling, will remain above 15 per cent. The recent reduction of policy rates by the central bank, in the context of ongoing fiscal consolidation, has helped to balance the policy mix. The ambitious reforms under way with respect to taxes, labour markets, public services, and social assistance have the potential to foster strong medium term growth and employment...

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