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2005 OECD Economic Outlook, Volume 2005 Issue 2

image of OECD Economic Outlook, Volume 2005 Issue 2
Twice a year, the OECD Economic Outlook analyses the major trends and examines the economic policies required to foster high and sustainable growth in member countries. Developments in major non-OECD economies are also evaluated. The present issue covers the outlook to end-2007. Together with a wide range of cross-country statistics, the Outlook provides a unique tool to keep abreast of world economic developments.  In addition to the themes featured regularly, this issue contains an analytical chapter addressing the recent run-up in house prices.

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Brazil

Output growth has gained momentum since the second quarter and should pick up further over the near term. Private consumption has been resilient, and investment is on the rise. Both the trade and the external current accounts remain in healthy surpluses, despite the rising demand for imports as a result of the strengthening of the real.

Prudent macroeconomic management needs to continue to anchor expectations. Rapid disinflation has paved the way for on-going monetary easing, and the end-year inflation target is now within reach. Fiscal performance remains strong, benefiting from buoyant revenue, and a further fall in the public debt-to-GDP ratio in 2005-07 would be desirable.

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