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2006 OECD Economic Outlook, Volume 2006 Issue 1

image of OECD Economic Outlook, Volume 2006 Issue 1
OECD's twice-yearly assessment of the major economic trends and policies in member countries and selected non-members. This issue covers the outlook to the end of 2007.  Together with a wide range of cross-country statistics, the Outlook provides a unique tool to keep abreast of world economic developments. This issue also contains a special chapter on Future Budget Pressures Arising from Spending on Health and Long-Term Care.

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Still buyant overall, but vulnerable

Since we published our last Outlook, the world economy has once more confirmed its ability to withstand shocks and maintain momentum. Asia has forged ahead, with China enjoying double-digit expansion and India growing very rapidly as well. After years of deflationary weakness, Japan has embarked on a new path, with personal consumption and labour income joining exports and business investment as the main drivers of growth. In the United States, hurricanes had a damaging but only transient impact on activity, which was already bouncing back early in 2006. In Continental Europe, activity weakened again late last year, partly reacting to rising oil prices, but accelerated in early 2006.

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