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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General Assessment of the Macroeconomic Situation
Growth rates have become more similar across OECD regions. This is the outcome of the US economy slowing as the housing market corrects, the expansion in Japan continuing and the euro area upswing becoming self-sustained (Table I.1). Continued buoyancy in the emerging-market economies, a drop in oil prices from their recent highs and supportive conditions in financial markets should help to sustain the upswing across the OECD area. The US expansion is projected to gradually regain strength as excess supply in the auto and residential construction sectors is worked off. In the euro area domestic demand should maintain its recent momentum while Japan finally and durably exits from deflation as residual slack is being absorbed.
Also available in: French
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