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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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Hungary

Sustained by strong exports and domestic demand, real GDP growth is expected to strengthen somewhat further this year, and remain close to 4½ per cent in 2007. However, employment has disappointed and the unemployment rate is not projected to fall below 7% despite moderate wage inflation. The new government should set more realistic fiscal targets and implement them rigorously. Otherwise there is a risk of financial turbulence that could prove costly for the economy. A stronger commitment to fiscal consolidation would not only reduce short-term risks but also help growth prospects over the longer term.

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