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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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Czech Republic

Output growth of 4% in 2004 surpassed expectations and is projected to be marginally higher than that in 2005 and 2006. Growth in the export sector is expected to fall off somewhat but will nevertheless remain robust while household consumption spending is likely to pick-up. Though inflation is currently low, pressures are expected to build and are projected to be met with some tightening of the monetary stance in 2006.

Though the prospects for reaching the Maastricht criteria for euro entry are good, faster progress is needed in structural reforms to make fiscal consolidation sustainable in the longer term. More rapid progress is also needed in making improvements to the business environment.

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