Twice a year, the OECD Economic Outlook analyses the major trends that will mark the next two years. The present issue covers the outlook to the end of 2003 and examines the economic policies required to foster high and sustainable growth in Member countries. Developments in selected major non-OECD economies in East Asia (particularly China), Central and Eastern Europe (Russian Federation) and South America (Brazil) are also evaluated in detail.

In addition to the themes featured regularly, this issue contains five analytical chapters addressing the following important issues: the medium-term economic consequences of the 11 September 2001 terrorist attacks in the United States, whether the recent downturn in world activity been unusually mild from a historical perspective, how changes in the internationalisation of production have affected the structure and patterns of trade and growth, how regulations that impair competition and labour market adaptability affect productivity and innovation, and whether a tax on foreign exchange transactions would reduce market volatility.