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2004 OECD Economic Outlook, Volume 2004 Issue 2

image of OECD Economic Outlook, Volume 2004 Issue 2

OECD's December 2004 assessment of economic developments and prospects.  In addition to the regular economic assessments and statistical information, this issue includes articles examining oil price developments and savings behaviour and the effectiveness of fiscal policy.

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Turkey

Driven by buoyant private business investment and household consumption, GDP growth reached nearly 12 per cent at an annual rate in the first half of 2004 and should approach 10 per cent for the year. It is likely to slow to a more sustainable rate of around 6 per cent in 2005 and 2006, with exports and domestic demand remaining robust. The authorities should adhere to their strict monetary and fiscal policies and fully implement their ambitious structural reform agenda, continuing to improve domestic and international confidence. Fiscal gains from strong growth should be devoted to public debt reduction in order to improve fiscal sustainability and rein in the growing current account deficit. ...

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