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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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Slovak Republic

The expansion in domestic demand that began in the first half of 2004 has gathered pace, and GDP growth is expected to remain in the 4¾ to 6% range over the projection horizon. However, employment growth has disappointed, and the unemployment rate is not expected to fall below 17% until late 2006.

Fiscal policy outcomes have been good, but the plan to adopt the euro in January 2009 will remain credible only if strict adherence to planned expenditure cuts is achieved. Moreover, any sign of overheating or renewed exchange rate appreciation may require tighter fiscal policy.

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