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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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Poland

The first half of 2005 saw lower-than-expected economic growth as domestic demand weakened. With electoral uncertainty removed, the future should bring a gradual revival of private consumption and investment activity, while net exports may provide less support to growth. Slow but steady improvement in the labour market should help sustain consumer confidence.

Despite lower economic growth, budget revenues came out above expectations and the general government deficit will be lower than planned. However, reform of public expenditure is still needed in order to ensure medium-term fiscal sustainability. A firm commitment to such reform by the new government might allow earlier relaxation of monetary policy, which has been quite tight recently.

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