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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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Switzerland

Despite the slowdown in foreign demand in late 2004 and the rise in oil prices in the second half of 2005, the Swiss economy is expected to grow by 1¼ per cent in 2005, which is close to potential. Activity should accelerate in 2006, as the European recovery gathers strength, prompting an improvement on the employment front without generating inflationary pressures.

In the absence of tension on prices, maintaining accommodating monetary conditions in the short term is appropriate until the recovery is firmly established. Control over public expenditure needs to be reinforced, however, particularly in the area of social spending, if sustainable fiscal consolidation is to be ensured. The recent series of measures directed to bolstering competition needs to be pursued in order to stimulate productivity growth.

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