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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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Norway

Since mid-2003, mainland Norway has experienced a robust cyclical upswing. After booming at nearly 4% in 2005 thanks to strong domestic demand, mainland real GDP growth is projected to slow towards potential in 2006 and ease further in 2007 in response to the withdrawal of monetary stimulus.

With oil revenues surging and pressures for higher public spending rising in 2006, it will become increasingly important to adhere to strict budgetary discipline so as to preserve the credibility of the fiscal rule, following up on declarations of the new government. Gathering inflationary pressures call for a return to a neutral monetary stance.

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