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2005 OECD Economic Outlook, Volume 2005 Issue 1

image of OECD Economic Outlook, Volume 2005 Issue 1

Presents OECD's assessment of the economic outlook to the end of 2006 for the OECD area and China, Brazil, and the Russian Federation.  It finds that Japan and the US have rebounded but that Europe is lacking in sustained momentum, and it carefully examines why. This issue of the OECD Economic Outlook also includes several medium-term scenarios projecting to 2010. The special chapter covers measuring and assessing underlying inflation.

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Austria

Growth of GDP is expected to be about 2% in 2005, much the same as in 2004, with the positive stimulus from deficit-financed tax reductions offset by slower growth of export markets on a year-over-year basis. With growth picking up to 2¼ per cent in 2006, unemployment may begin to fall, notwithstanding strong labour supply growth, while the impact of higher oil prices on inflation is likely to fade.

Although legislated pension harmonisation marks progress towards long-term sustainability of government finances, further reductions in general government outlays will be necessary to offset the impact of tax reductions on the deficit and make progress in moving it back to balance.

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