Export-led Recovery Provides Little Relief for Current Account. Economic Outlook for 1997 and 1998

By 1998, GDP growth should return to its medium-term trend, thereby narrowing the gap vis-à-vis the OECD average. The labor market, while maintaining overall stability, may still not be able to offer a sufficient number of new employment opportunities. In the approach to European Monetary Union, economic policy and financial markets will be going through a critical phase.