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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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General Assessment of the Macroeconomic Situation

Against the backdrop of rising and volatile oil prices, coupled with exchange rate shifts, OECD-wide growth slowed in the course of 2004. Performance, however, diverged across countries. Momentum slackened less in the United States, the United Kingdom and France than in Japan, Germany and Italy, where activity decelerated markedly, even contracting...

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