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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Despite a marked slowdown in exports, growth was strong in 2005 as government consumption and investment picked up. With private consumption firming, domestic demand is projected to continue to underpin rapid economic growth at 5% in 2006 and 2007. The current pattern of real wage increases in excess of productivity growth could compromise future economic performance and entails inflationary risks. It is important that wage settlements in the current bargaining round reflect productivity developments. Rolling back anti-competitive regulation in services should be a priority as it would spur productivity growth and restrain inflation.

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