OECD Economic Outlook, Volume 2006 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-2008. 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 a special chapter entitled Has the rise in debt made households more vulnerable?, which addresses the following questions:
- What factors explain the observed rise in household debt in many OECD countries?
- Have asset price movements offset the impact on households’ financial positions?
- Are some sectors or groups particularly vulnerable to adverse asset market or income developments?
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Euro Area
After several false starts, the economic recovery has taken hold. Activity in the first half of 2006 grew at the fastest pace for some years. Exports and investment have been the main drivers but there are signs that households have started to boost spending as well. Consumption should underpin the recovery going forward, with business and residential investment playing less of a role than they have done recently. Overall, GDP is projected to grow in the 2 to 2½ per cent range through 2007 and 2008.
Also available in: French
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