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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General Assessment of the Macroeconomic Situation
Despite the run-up in energy prices, growth in the OECD area has remained robust, with the expansion broadening again to regions that have experienced weak spells in the past. The US economy has stayed buoyant, the expansion in Japan has spread to domestically-oriented activity and there are signs that a rebound is underway in the euro area, where weak domestic demand has so far been acting as a drag. Labour market outcomes have been positive overall, and underlying inflation has remained subdued....
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