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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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Hungary

Activity expanded briskly in early 2004 but then slowed in the second half of the year. Growth is expected to pick up again from mid-2005, driven by accelerating export demand and investment activity. Inflation has fallen sharply since mid-2004 and is expected to fall further.

Although the macroeconomic policy mix has improved recently, significant further progress is required to meet the 2010 target date for euro adoption. While falling inflation expectations leave scope for further monetary easing, this needs to be assisted by a strong commitment to fiscal consolidation, including bolder steps on structural spending measures.

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