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OECD Economic Surveys: United States 2004

image of OECD Economic Surveys: United States 2004

OECD’s 2004 review of the US economy examines the key challenges the US faces for sustaining economic growth.  In particular, the challenges of insuring fiscal sustainability and budget discipline, maintaining price stability, and improving confidence in financial markets are carefully analysed.  This edition’s special feature covers product market competition and economic performance.

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Assessment and Recommendations

The US economy has performed very well since the early 1980s. Since then, real GDP growth has been the highest among G7 countries and well above the OECD average. In per capita terms real incomes remain much higher than in nearly all Member countries. Productivity gains picked up markedly in the second half of the 1990s, and there has been a further acceleration of late. Following a period of sluggish growth and massive policy stimulus, the economy has now enjoyed nearly a year of strong expansion, growing by about 5 per cent (annualised) over the past three quarters...

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